The kids are headed off to college – and with them, a lot of expensive equipment.

But before they check into the dorm, you should check out your insurance options to make sure that their stuff is protected.

"With times being tough, the last thing you want to do is have to re-buy stuff because it's been lost, stolen, or damaged," explained Jeanne Salvatore of the Insurance Information Institute. "This is why it's really important to insure everything you bring to college."

Salvatore says you have a few options and you should call your insurance agent to find out what the best one is for you. Your child's belongings may fall under your renter's policy or homeowner's policy, even if they are living under the same roof.

"Some home and renter's insurance companies will protect your personal possessions both on the premises and anywhere you take them, including the dorm room," said Salvatore. "Others will have a limit of 10 percent of your personal possessions. So say you have $50,000 worth of protection in your insurance, you will have coverage of 5,000 in the dorm room."

If you need more than that, you may want to increase the amount of insurance you have – especially if your child will have a lot of expensive electronic equipment.

For added coverage, another option is to see if the university offers dorm insurance that can supplement your coverage, or you can get a stand-alone policy, which is an individual policy for the student's belongings. Salvatore said that your insurance agent can help you sort out which option is best for you and your child.

For students living off-campus, they may not be covered in these cases, and may need a separate renter's policy.

Salvatore says it's also a good idea to keep a dorm inventory, this way you have a detailed list in the event of theft or fire.

Finally, she says if your child is leaving a car at home this semester, call your auto insurance agent, because you could get a discount on your rate.

"If they are taking it to campus, let them know, because the rate will be based in part on where car will be kept," she said. "In some cases, you will see a reduction, and in others, say a more urban area, it could cost more to insure that car."

To get a better education on college-related insurance, visit the Insurance Information Institute's website at III.org.

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By:  Jill Scott

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