The probability of personal property loss is much greater for students away at school than for property at a permanent home residence. While away from home, students face a higher risk of theft or damage to their property because of a lax security environment or because of unawareness of the greater chance for loss.

The claim deductible on most HO policies is high enough to leave many insureds with no recovery or a substantially diminished recovery on student property losses. A typical property theft loss on student property averages about $700 (from cell phones to ipods, to laptops and expensive clothing). The typical HO policy has a $500 or $1000 deductible, which would leave the recovery value under an HO policy with a loss of $700 at zero or $200. A special student policy covers more things and offers the insured a higher recovery of property because of the low deductibles.

Students and faculty at universities and colleges are able to purchase this type of special insurance through specialized insurance agencies that offer solutions to protecting their personal property benefit.

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