In the long run, investing in a student insurance plan will save you from paying extra for unexpected theft and damage.

We all know the tale. Your cell phone slips out of your back pocket and into the toilet, you spill wine all over your keyboard or your camera is stolen because you left your purse wide open and unattended on the subway. The stories only become worse and more frequent when you live on a campus full of restless, inebriated college students.

Thanks to plans like College Student Insurance (CSI) and National Student Services Inc. (NSSI), parents and students don’t have to worry about refurbishing or replacing damaged or stolen property.

How the College Student Insurance Plans Work

Each plan covers the property of full- or part-time students and faculty anywhere in the world. Whether someone snagged your camera when you were walking absentmindedly to class or studying abroad in Peru, as long as you’re enrolled in the plan, you’ll be covered.

Both CSI and NSSI’s websites display simple inventory lists so you can estimate how much you own. (Most students have between $5,000 and $10,000 worth of property). Once you decide how much coverage you will need, each website will then provide you with the premium you must pay. (For the five thousand dollar coverage, the premium for both plans was approximately $125 per year, along with a $25 deductible).

If you are neither a student nor a faculty member, CSI also offers specialized insurance plans designed to meet the needs of students, photographers, inflatable amusement companies, equipment rental businesses and other niche markets that require industry-specific solutions.

Recovering From a Loss

When part of your property is lost, each plan requires you to submit a notice of loss. The notice should include the location where the loss occurred, information on the property involved and names of any witnesses, along with a sworn statement of loss. In CSI’s case, proof of loss must also be shipped to their main office, i.e. if your camera was stolen, you can mail the camera manual.

Property Insurance can Save you From Unexpected Expenses

It may seem silly to think that you are paying more than $125 per year for things you may or may not lose. Yet if you consider what students have in their dorms and apartments these days — iPods, laptops, cell phones, stero systems, etc. — you’ll realize that thousands of dollars could be at stake.

While homeowner policies most likely cover specific “perils” occurring due to natural disaster, they do not cover expensive losses resulting from someone’s own negligence and mistakes. Just think, it’s always better to pay a low deductible and affordable annual premium than suddenly get stuck footing the bill for your $2,000 MacBook Pro.

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