I’m a student living in my own apartment. Do I need renter’s insurance or am I covered by my parents’ policy?

Although the specifics of your parent's coverage will vary in many ways, most renters' insurance policies include coverage for children who are attending college on a fulltime basis. In order to be protected, there may be limitations on exactly what is covered, and requirements that have to be met.

You may have to meet some personal requirements. Most insurance policies set a cut-off age of 25 years, after which you will be responsible for getting your own insurance. Similarly, you may be required to attend a minimum number of course hours to qualify as a covered student. Consult the policy or call the insurance company for the exact demands of the policy.

Limitations and exclusions on what is covered will be stated in the policy. Some policies will include personal computers and other electronics, others will not, and still other will only cover the cost of such items up to a specified dollar amount. Because of the vulnerability of portable electronics such as laptops, tablets and cellphones, many insurance companies exclude those items from coverage completely. When this happens, there may a rider policy that can be added to the main coverage just for your personal electronics.

Your parental renter's insurance policy may only cover a certain value for items that are being stored away from home. The policy is not intended to fully insurance more than one household, and college students who have an off-campus apartment or house may not qualify for an extension of the renter's insurance policy. If you are going to set up a household of your own, you should seriously consider picking up a renter's insurance policy of your own to give yourself complete protection.

As with your personal property, the policy may include limits on the liability coverage offered as well. For example, damage to the place where you live, such as nail holes in the walls or stains on the carpet may not be covered. Check with the insurance company to find out exactly what is covered and how you can get complete protection at an affordable price.