By: Phil Burkart – Strategic Risk Advisor, Green Lake
My daughter's apartment building went up in flames on the campus of Lakeland College located in Plymouth, WI. Thankfully, she was not there at the time of the fire and there were no serious injuries reported amongst the building occupants. However, she now faces the harsh reality that none of her belongings will be recoverable, including all of her clothes and electronics.
From an insurance standpoint, you automatically get an extension of coverage for 10% of your personal property limit for property located at another residence which you (or a resident family member) reside. However, it’s important to note that this is subject to your deductible from your homeowners insurance policy.
For this reason, as a parent, you may want to consider purchasing a separate renters insurance policy with a lower deductible for your children once they move away for college. My family did not purchase a separate renters insurance policy for my daughter and with the unforeseen building fire that occurred at her apartment complex, we wish that we had. In addition to fire damage, a renters insurance policy will also cover all theft losses, which occur more often and can be important coverage for your children to have while they're away at college.
My daughter will soon find out if any of her possessions can be recovered; but between the smoke, water and foam (and now rain) she will be lucky to get anything back. Although I wish that our family had decided to purchase a renters insurance policy to fully cover the loss of my daughter’s possessions; I’m just happy that she’s safe and sound.