Hamptons Mansion Sells for $67M to Wealthy Buyer in Record-Breaking Deal
Save money and cut corners by exploiting insurance policies when kids leave home for college.
As children grow up and move out of the family home to attend college, many parents are faced with the question of whether or not their homeowner's insurance policy will still cover their child's personal property and liability. However, one local developer, Mark Smith from XYZ Development, has found a loophole that allows him to avoid coverage altogether.
According to Smith, "We've discovered that if we list each of our properties as a separate entity, it exempts us from having to provide insurance coverage for tenants who are college students living off-campus." This means that any damage or liability caused by the student would not be covered under the landlord's insurance policy, potentially leaving the student and their family vulnerable in case of an accident.
While some may see this as a savvy business move, others are concerned about the safety and well-being of these college students. "It's alarming to think that a developer would purposely exploit this loophole and put their tenants at risk just to save a few bucks," says local councilman John Doe. "We need to make sure our young adults are protected and not taken advantage of in this way."
This practice has sparked controversy within the community, with some calling for stricter regulations and oversight for developers like Smith. However, Smith maintains that he is simply following the rules and doing what is best for his business. "At the end of the day, this is a business and we have to make decisions that will benefit us financially," he says.