It’s that time of year again when some parents are sending their kids off to their first day of grade school, while other are packing-up the car to move their little one off to college. If this is the case for your family, there are some insurance related considerations that you should take time to think about.
The first consideration has to do with where your son or daughter is going to live. Many colleges require freshman to live on-campus in a dorm, if that is the case, many homeowners policies provide coverage for a student away at school, This will cover their possessions should they be stolen or lost due to a covered event such as a fire or tornado. However, not all policies are alike and you may need additional coverage due to limitations.
If your son or daughter is not going to be living on-campus, and instead will be renting an apartment with others, a renters policy may still be a consideration. While you may think they don’t have much to insure, it doesn’t take long before clothes, televisions, computers, smartphones, and other electronic equipment adds up to a substantial amount of personal property.
In addition to property coverage, a renter’s policy also provides them with liability coverage. If your child is found legally responsible for an accident or injury, you’ll all be glad you took the time to look in to a renters policy. You’ll also be pleasantly surprised to find out how inexpensive one can be for the protection and peace of mind it provides.
The fact is, some homeowners policies will not provide any coverage at all when a student is renting off-campus; however many of the companies we represent at Reis Insurance do extend coverage to students living off-campus. To be sure they have proper coverage, stop in or give us a call.
Regardless of whether your child needs a renters policy or not, it’s a good idea to create an inventory of what they’re taking with them to school. A detailed list of brands, models, and purchase price, will be helpful should a loss occur.
Something else you’ll want to think about is whether or not your kid is taking a vehicle with them to school. If they are taking a car with them, you should notify us ahead of time so we have record of which car they’ll be driving and where it will be garaged. Since the primary garaging location is a factor in calculating your premium, this may result in either a higher or lower premium, depending on the rates for where they are moving to, compared to where you currently live.
If they won’t be taking a car with them, you should let us know as well, as many companies offer a discount if a student is living more than 100-miles away from home and is not taking a car with them.
Another student-related discount is the Good Student Discount. This discount is one that you may be eligible for from the day your son or daughter get their driver’s license until they graduate from college. To qualify, most companies require they be a full-time student and maintain a 3.0 grade point average. Be sure to update us each semester when grades come out to ensure you continue to receive this discount, as it most likely will result in lower premiums.
While there is more to consider than just auto, homeowners, and renters insurance when your little one takes the big step of going off to college, it’s a good place to start. Give us a call or stop in if you have any other questions about you or your children’s insurance needs.