<p>I can report that since being purchased by Arthur J. Gallagher, CSI still handles claims the same relatively hassle-free way. </p>
<p>A week ago, DD had her i-phone on the edge of the bathroom vanity. A message came in, the phone vibrated - you can guess what happened…one busted phone. Filed an online claim that evening after going to the Apple store. Next morning she got an email with a list of items they needed. We faxed the Apple store report confirming the damage and the cost for the replacement phone, a copy of her report card and student ID to prove enrollment, a screen print from my AT&T bill to show ownership of the phone and the claim was approved. This claim was good for almost exactly two years premiums for $5,000 of coverage.</p>
<p>When deciding whether or not you want this coverage, a few things to remember:</p>
<ol>
<li><p>Yes, most homeowners policies will cover your students property away from home (subject to a limit) - the limit is typcially 10% of the property limit for your home, so this should cover almost all students needs. HOWEVER-</p></li>
<li><p>Your regular homeowners deductible will apply. Deductibles are often $1,000 or more thereby negating most of any benefit for a student-type claim.</p></li>
<li><p>Any claims on behalf of your student, will count as a claim against the parents insurance policy with most companies. This can cause the parents insurance policy to be at risk - a couple of claims of any size within a few years causes many insurance companies to non-renew the policy. If this happens, the cost of the parents insurance tends to skyrocket.</p></li>
<li><p>Yes, you can buy a personal articles policy or rider. Many companies make these available. These policies can have much smaller deductibles 0 - $100. HOWEVER-</p></li>
<li><p>You need to confirm with the company you choose, whether accidental damage is covered. I’ve heard of some riders that do cover this and others that don’t. Make sure you are comparing apples to apples Also make sure coverage is at replacement cost, not actual cash value (depreciated cost).</p></li>
<li><p>You need to confirm what is covered. I’ve seen some companies willing to write a rider - but then, they will only write for computers or laptops, then that is the only property covered. It doesn’t cover the i-phone, the HDTV, the clothes, the bike etc… The advantage of the CSI/NSSI type of policy is you buy an amount of coverage, but you don’t have to list individual assets. The $5,000 (or what ever limit you buy) can be used for the laptop, TV etc.</p></li>
<li><p>If you go with a rider or personal articles policy, you must confirm with your agent whether a claim will impact either the renewal or rates of your underlying homeowners policy. Each insurance company is free, within the limits of state law, to set their own policy in this regard. What applies in one state, may not apply in another.</p></li>
</ol>
<p>Insurance always brings out divergent opinions on CC. Some people seem to buy every policy known to man, others refuse to even buy state-mandated minimum auto insurance, while the vast majority are somewhere in between. What’s different from when we were in school, is the price and number of expensive items many kids take to college: laptops, i-phones, HDTV’s, designer clothes etc. I look at it like this: while I can go to the bank and withdraw $5,000 without a second thought, I would rather not. I’d rather pay the $136 for a years coverage and then my kids can pay the $25 deductible if misfortune or carelessness causes a loss to their expensive items. For us, we came out so far ahead on my son’s one claim, the savings more than pays for 4 years coverage for both him and his sister. YMMV</p>