Supplementing HO insurance with a 'student' personal property policy

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Just wanted to share a little trick I have used for almost a decade now in order to avoid any small claims made on my HOI policy: Take out a 'student' personal property policy. These are similar to renter's policies, except they do not have any liability endorsement, and generally have coverage for personal items world-wide. Also, unlike valuable personal property policies you may be able to get from your HO insurer, these are truly blanket in that items to be covered do not have to be itemized upon policy issuance. Very inexpensive as well (Example: 2k coverage with 100 deductible ~~ $70/yr), and the policy premiums are not rated. Finally, and possibly most importantly, I have never had a claim added to CLUE, thus there is zero impact to all other policies in my name (this of course, YMMV).

The two main insurers offering these products that I am aware of are NSSI (Worth Ave Group), and CSI (collegestudentinsurance.com)

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SummerSoFar said:   (Example: 2k coverage with 100 deductible ~~ $70/yr)
  Insurance is to cover major losses that would otherwise put you in a major financial bind. If $2K is all it takes, you're not likely a member of this forum. I mean, who here would get comp or collision on their Crown Vic?

SummerSoFar said:   Just wanted to share a little trick I have used for almost a decade now in order to avoid any small claims made on my HOI policy: Take out a 'student' personal property policy. These are similar to renter's policies, except they do not have any liability endorsement, and generally have coverage for personal items world-wide. Also, unlike valuable personal property policies you may be able to get from your HO insurer, these are truly blanket in that items to be covered do not have to be itemized upon policy issuance. Very inexpensive as well (Example: 2k coverage with 100 deductible ~~ $70/yr), and the policy premiums are not rated. Finally, and possibly most importantly, I have never had a claim added to CLUE, thus there is zero impact to all other policies in my name (this of course, YMMV).

The two main insurers offering these products that I am aware of are NSSI (Worth Ave Group), and CSI (collegestudentinsurance.com)
 

Also, don't you have to be a student or faculty/staff to qualify?  Collegestudentinsurance.com's homepage says "Coverage is available to any college/university students, graduate students, faculty, and staff."

atikovi said:   
SummerSoFar said:   (Example: 2k coverage with 100 deductible ~~ $70/yr)
  Insurance is to cover major losses that would otherwise put you in a major financial bind. If $2K is all it takes, you're not likely a member of this forum. I mean, who here would get comp or collision on their Crown Vic?


  That's a trolls argument; most losses people are exposed to are indeed small, and would not put the average schmuck in a financial bind. It doesn't mean that there is nothing you can do about it -- this is just one option that has been successful for me.

 

cestmoi123 said:   Also, don't you have to be a student or faculty/staff to qualify?  Collegestudentinsurance.com's homepage says "Coverage is available to any college/university students, graduate students, faculty, and staff."

Then I would suggest that you not give up so easily and check out NSSI.  

atikovi said:   
Insurance is to cover major losses that would otherwise put you in a major financial bind. If $2K is all it takes, you're not likely a member of this forum. I mean, who here would get comp or collision on their Crown Vic?
 

  
I think you are missing the point from the title that this student personal property policy is to supplement HO insurance, for use in event of small claims so the primary HO policy isn't hit. 

SummerSoFar said:   
cestmoi123 said:   Also, don't you have to be a student or faculty/staff to qualify?  Collegestudentinsurance.com's homepage says "Coverage is available to any college/university students, graduate students, faculty, and staff."

Then I would suggest that you not give up so easily and check out NSSI.  

  You mean the company that says "All college and university students, faculty and staff are eligible for this personal property insurance coverage."?  The one that asks you to select a college or university at which the insured is student, faculty, or staff on the application page? 

The reason I was asking the question is that it certainly appears from both sites that you have to be a student/faculty/staff to qualify.  If that's not the case, and you have experience that I can just select any old college, and claims will still be paid, that's useful information.
 

cestmoi123 said:   Also, don't you have to be a student or faculty/staff to qualify?  Collegestudentinsurance.com's homepage says "Coverage is available to any college/university students, graduate students, faculty, and staff."
This is the only way around that as far as I can tell per the NSSI FAQ:
My student has graduated. Is this coverage still available after graduation?
YES! We are happy to say that after graduation, you can still extend coverage as long as premium is paid and there is no lapse in coverage, as a courtesy for students who have a current policy with us.

So, if you have the insurance as a student or as faculty/staff, but continue to pay the premium even after not being a student/faculty/staff.

cestmoi123 said:   
SummerSoFar said:   
cestmoi123 said:   Also, don't you have to be a student or faculty/staff to qualify?  Collegestudentinsurance.com's homepage says "Coverage is available to any college/university students, graduate students, faculty, and staff."

Then I would suggest that you not give up so easily and check out NSSI.  

  You mean the company that says "All college and university students, faculty and staff are eligible for this personal property insurance coverage."?  The one that asks you to select a college or university at which the insured is student, faculty, or staff on the application page? 

The reason I was asking the question is that it certainly appears from both sites that you have to be a student/faculty/staff to qualify.  If that's not the case, and you have experience that I can just select any old college, and claims will still be paid, that's useful information.

  
I've done claims with CSI; it's clearly a loss leader as they try to sell you into much more expensive insurance when you graduate. They requested a transcript from me for the term when the policy started.

Also, what about the whole dual insurance issues? I know my homeowners policy says I have to tell them about any other insurance coverage. So when it comes time for a big claim on the HO, I would have to inform them about this policy. I feel like this would bet a great wedge for a weaselly company to avoid any payout or push crap over to the other company.

SummerSoFar said:    Very inexpensive as well (Example: 2k coverage with 100 deductible ~~ $70/yr),
  That actually seems really expensive.  As a datapoint, my renter's insurance is ~$125/yr, for ~$40,000 coverage, $250 ded., liability, and medical payments.  Also, over 'almost a decade' you've spent $700 to insure $2k?

I'm never one to argue 'yeah, but, you're wasting your money if your insurance doesn't pay out', but really, how effective is this?  How many times has it paid out in a way that protects your HOI?  Is that worth what you've spent on it?  

Would it cover household cell phones / computers? Could see that being a sweet spot for the $2k coverage, $100 deductible. Otherwise, I'm not sure what I would ever use this on.



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