If your child is going to college and living in a dorm, your homeowners insurance policy may provide personal property and liability coverage. You’ll have to take out a separate renters insurance policy if your student will live in an off-campus apartment. If your child is moving out permanently, you can change your homeowners insurance policy. With your child’s belongings no longer in the house, you can reduce your personal property coverage and enjoy lower premiums. Amid all the stress and excitement, don’t overlook your insurance coverage.