This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Will Your Insurance Cover Your Kid's Stolen Laptop?

Stocks in this article: TRV

NEW YORK ( TheStreet) -- Theft is a significant hazard on college campuses, according to data from insurance giant Travelers (TRV), including theft of vital items such a laptops.

But students don't have to live in dorms to become a victim, and most people don't realize how important the distinction is for the insurance that could pay for replacement equipment.

"Laptops are one of the most essential yet expensive tools that student need to complete college," says Mark Grace, vice president for consumer business at Absolute Software. "We have seen countless cases where students have lost midterm assignments or even an entire semester's worth of work after their laptops were stolen."

Whether a student has file backups or not, they need to be able to pay for replacement equipment fast so they can get back atop their workload.

But in a survey of 1,000 adult consumers, Travelers found that 47% of those who have had a child start college during the past five years never reviewed their insurance, despite the fact that "in addition to laptops and smartphones, it is common for students to take iPads, personal electronics, video game systems, bicycles, stereo equipment and televisions to campus," says Elaine Baisden, vice president of personal insurance at Travelers.

Here's the rule parents are overlooking:

If a student's primary residence is the same as his or her parents while they are living on campus, a percentage of the student's contents will often be covered under the parents' homeowners policy, Baisden says.

"But if a student is living off-campus, he or she should consider a renters insurance policy," she says. "On average, renters insurance ranges from $150 to $200 a year. If the student will be living with roommates, each individual should purchase his own policy."

Baisden adds that if you have children headed to college with stuff from your house, it is also a good idea to review your own coverage. "If students will be taking expensive items such as jewelry or a musical instrument with them to school, you might consider adding a rider to the renters or homeowners policy so these items are covered," she says.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs