Empty Nest…Full Dorm Room
By Michelle Martin, InsWeb, September 2002
Students heading off to college this year are taking more - and more expensive - stuff than ever before: computers, cell phones, stereo equipment and CD collections, video equipment and DVDs, cameras, bicycles, clothing, gear and sports equipment, and probably a car. And on the campuses where they're headed, theft is the number one crime, affecting an estimated one in 10 students.
Given these facts, how do you protect your investment?
First, do an inventory to find out just how much money is tied up in that dorm room. Then talk to your insurance rep to find out what's covered - and what isn't - under your existing policies.
Students in dorms are usually covered by parents' homeowners policies. But there may be coverage limits for items stored away from home. Find out what your limits are, and if the value of the belonging exceeds the limit, consider buying riders - additional pieces of coverage for specific things, such as expensive computer equipment. Students who live off-campus are not always covered by homeowners policies, and may need renters insurance to protect against loss.
Students should leave heirlooms, jewelry or other irreplaceable items at home, especially during their first year, when they know the least about their new surroundings and friends. If a student insists on taking something of significant value, rent a safe deposit box near campus to house the items. Discuss with an insurance rep what items are going with the student and where they'll be stored.
Engraving electronics with a drivers license number and state of residence can help recover these items if a theft occurs. Call the local police office for information on how to have this done.
Items like compact discs, book bags and other small items can be marked with a student's name using an indelible pen. This type of protective measure may be a deterrent to thieves who want to sell the items.
Students should never keep a lot of cash in a dorm room or sorority or fraternity house. Encourage use of bank cards so students don't have to carry much cash.
Make students aware of the risks and safety concerns of living away from home, encouraging responsibility, awareness, caution, and locked doors.
Whether or not a student takes a car to college, contact an insurance rep. If the car is going, new information, such as where it will be parked and how much it will be driven, may raise or lower premiums. If the car stays at home, parents may benefit if the student will no longer be driving it.
Bike theft prevention: common sense
Bicycles are covered by homeowners or renters insurance policies. But you usually must pay a deductible that can be a few hundred dollars. Your best bet is to prevent theft in the first place.
Don't skimp on a lock, no matter how much the bike cost. Cable-type locks are easily cut. Buy the best lock available, and use it correctly, which means locking both wheels and the frame to an immovable object such as a pole or bike rack.
Bike owners should never use the length of time they'll be away from the bike in deciding whether to lock it up. It only takes a few seconds to steal an unlocked bike.
Keep the receipt for the bike and any accessories, along with a photo of the bike, in a safe place.
Let your insurance company know about the bike and its worth.
Register the bike with local police. It might seem silly - until it gets stolen. Register its make, model, color and serial number. You can also register it with the National Bike Registry, a database that helps recover stolen bikes.
If the bike is a high-end, expensive one, consider a floater to insure it adequately (ask your insurance rep about this). Floaters cover more than standard homeowners or renters policies - such as the cost of repairs if the bike is damaged, with no deductibles.
