SAN ANTONIO ā Parents who just spent a pretty penny moving their kids' belongings into a college dorm may want to consider their insurance options.
A false alarm at Allie Mullan's dorm last year triggered the sprinkler system and a big mess.
"Books, papers, computer, any electronics, phones, anything that was just out in the open got ruined," she said.
Barring freak accidents, parents may worry about someone stealing their student's stuff, but that threat is relatively small. From schools that report crime data, there were 798 burglaries and larcenies for every 100,000 students enrolled at institutions of higher learning, according to FBI statistics. That's less than 1 percent.
"You can go to the FBI's website to find detailed crime statistics for your child's school, but you also have to keep in mind just how responsible your child is," said Consumer Reports' money editor Donna Rosato. "Are they really trusting with their belongings? And just how careful are they?"
For families that do want insurance, there are options.
A parent's homeowner's policy typically will cover students while living on campus at no extra cost. However, the coverage may only apply to 10 percent of your limit on the contents of your home. So if your policy covers up to $50,000 in losses, your student's belongings are covered for only up to $5,000.
A renter's policy is needed if the child lives off campus. Premiums vary according to coverage, but they are usually about $10-$22 a month.
There is also dorm insurance. A $5,000 policy might cost about $140 a year, but the deductible is usually only $25.
Dorm policies cover not only laptops and phones, but also bicycles, sports gear and musical instruments, all of which can be pricey enough to warrant the extra coverage.
