Don't forget this step.
Our two cents
Your homeowner's policy may cover your children in a dorm room, but not in their own apartment. So when your kids are on their own, it's time to consider renters insurance.
Why renters insurance is a smart option
If your young adult owns valuable audio equipment, instruments, computers, research material or other items that would be costly to replace, renters insurance makes sense. Some policies offer up to $25,000 of coverage for less than $300 per year.
If your son or daughter owns unusually expensive items, like a rare piece of jewelry or artwork, a separate insurance rider may be necessary.
Make sure your kids know that damage to their property caused by natural disasters is often not covered.
For example, if they live in an area prone to flooding or earthquakes, they'll need to buy separate policies or riders. In some coastal regions where hurricanes occur, they might also need separate riders to cover wind damage.