Buying a homeowners insurance is one of the wisest things that you can do for your child. Children nowadays prefer to live away from home when they go to college. He will bring with him his belongings such as clothes, computers, furniture, important school documents and books. Although you may have inspected the house where your child chose to stay or rent to make sure that it is a safe place where you can leave him, it would bring additional security measure if you protect his belongings from fire damage.
Advantages of Buying Homeowner’s Insurance
Your child’s belongings can be protected under your homeowner’s insurance policy. Under the homeowner’s policy, children are insured and the policy’s coverage extends to properties that are used temporarily as residence. This means that the personal property of your child is covered by the insurance policy.
For example, your child lives in a rented apartment. One day, the apartment burned down, destroying your child’ belongings. These belongings are protected by the insurance coverage found on your homeowner’s policy.
And what is good about a homeowner’s policy is that you do not need to buy a renter’s insurance policy to guarantee that the coverage extend to your child’s personal property.
Furthermore, insurance companies would handle the loss of your child’s personal property as if it was the house that is insured that burned instead of an apartment or a rental home.
Understanding the Insurance Policy Language
The homeowner’s policy covering your child’s personal property strictly pertains to temporary residence. This means that the coverage applies only when your child leaves your home and rents a house or apartment on a temporary basis.
The policy does not cover the moving out of the house and renting of an apartment by your child in a permanent basis. If this is the case, you need to buy a renter’s insurance.
Remember to clarify with your home insurance agent if the homeowner’ policy coverage still applies if your child rents an apartment or house for more than a year. Purchasing a renter’s insurance is the next wisest decision that you could make. A renter’s insurance is as affordable as homeowner’s insurance and covers any personal property loss.