Sending your children off to college is both rewarding and scary, for BOTH of you! You have thought of everything- meal plans, roommates, class schedules, etc. Don’t let one last important aspect escape you. Contact your agent to confirm your college student has proper insurance coverage. Consider these important questions to ask before your child leaves for college to be reassured they’re fully protected.
Know your limits. Many homeowners’ policies will consider a dorm room an extension of your personal home and therefore extend up to 10% of your personal property to a child away at school, as long as the child is still considered an insured under the policy (meeting requirements outlined by your policy).
If your child chooses to live off campus the parent’s homeowners coverage may not automatically extend to them. In some cases, you need to consider a renter’s policy in their name. You’ve spent a lot of money on laptops, cell phones, iPods, Mp3 players and much more. Make sure you have them covered properly in case of theft, fire, etc!
Don’t forget: liability will also extend from your home policy but there are requirements for this as well. Check your policy: does your child have to be a full time student AND be under a certain age (usually between 24-29)?
Don’t make the mistake of removing your child as a driver to save money on your auto insurance. What would happen if your child came home for the weekend and drove your car? You know – home cooked meals, laundry, cash, we all remember the routine! Or what if your child was struck by a vehicle as a pedestrian? Make sure they still have coverage by leaving them on your policy as a driver; there are other ways you can reduce your auto premiums. For instance, ask your agent about “good student” and “away at school” discounts. Usually a B average or higher will land your son or daughter a nice discount. A child who is attending school 100 miles or more away from home will also give a helpful discount. Be sure to let your agent know if your son or daughter has their vehicle at school with them as well. Depending on where they’re attending school, the garaging zip code might be another way to lower your rates.
A healthy student is a good student. Most students can stay on their parents’ health plan as long as they’re considered a full time student but restrictions vary greatly by state and become a little more complicated if your child is attending school out-of state. Verify coverages and restrictions with your provider.
Plan ahead. Though it is something none of us want to consider, it is just as important to have adequate life insurance in place in the event something tragic would happen to you. College students are often dependent on their families to get them through the financial aspect of college; talk to an agent to determine a suitable amount to carry.
Remember to count on us. If you haven’t looked into adjusting your coverage after sending a child off to college contact us for help. You could save money and protect your child from unexpected large expenses.