A Few Tips for the Parents of the College-Bound
College is expensive enough without the added cost of unexpected accidents or theft, not covered by your insurance policy. If you have a student heading away to school, here are a few tips to help get the most out of your coverage.
HOMEOWNERS (varies by state)
- Personal Property: Most homeowners policies will cover personal property for up to 10% of your total homeowner policy’s personal property coverage while your child is residing at school (a $100,000 of personal property coverage at your residence equals $10,000 in coverage off premises). Not all types of damage are covered, so read your policy carefully. Some items such as jewelry or expensive electronics, require special coverage. Renters insurance is strongly recommended if your child lives off campus in an apartment.
- Documentation: Creating an inventory of the items your child is taking to school is a good idea. Use photographs and keep receipts.
AUTO (varies by state)
- Car Stays Home: Keep your child listed on your auto policy if they will still drive your car while at home on school breaks as a “student away from home over 100 miles”.
- Car at School: Make sure to notify your agent if your child will be taking a car away to school. In most cases, if the car is registered to you and listed on your policy, it will be covered.
- Driving a Friend’s Car: Generally, students are covered if they are listed on their parent’s policy and are not regularly using the vehicle. The coverage would be secondary to the insurance for the friend’s vehicle which would be the primary coverage.
- Discounts: A full-time student meeting certain academic requirements can qualify for a good student discount (typically need a 3.0 GPA or better). Distant student discounts may also be available. Drivers under 21 who have completed driver’s education may also get a discount.
Call us at 414-744-6614 or e-mail email@example.com and we can walk you through the steps to ensure you have the right coverage. We’re here to help!