Keep Your College Student Covered

Find out whether your homeowners policy will cover your child's possessions while he's away at school and whether your car insurance rates will be affected.

My son will be starting college in the fall. Does my homeowners insurance cover his belongings while he’s at school? Also, what happens to his car insurance?

If your son lives in a dorm, then your homeowners insurance should cover his property, up to a certain limit. Allstate, for example, will extend 10% of your home’s total contents coverage to dorm-room possessions. Allstate’s policies typically cover possessions in your own home up to 70% of the dwelling coverage. So if you have a $100,000 policy, it will cover up to $100,000 for the building and $70,000 for possessions. In that case, you’d have $7,000 in possessions’ coverage for your son’s dorm room.

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Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.