It’s beginning to be that time of year when we’re thinking about the kids heading back to school next month. For our clients with college-aged children, you’re probably thinking about how your wallet is going to be feeling, because college is expensive! Unexpected accidents and theft not covered by your insurance policy can add additional pain to your wallet, so today we have a few tips to help you get the most out of your coverage:
HOMEOWNERS
- Personal Property: Most homeowners policies will cover personal property for up to 30 percent of your total policy while your child is residing at school (a $100,000 policy equals $30,000 in coverage). 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.
- Liability Coverage: General damage to a dorm room or apartment is not usually covered.
- Documentation: Creating an inventory of the items your child is taking to school is a good idea. Use photographs and keep receipts.
AUTO
- Car Stays Home: Keep your child listed on your auto policy if they will still drive your car while at home on school breaks.
- Car at School: Make sure to notify us 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: Students are generally covered if they are listed on their parent’s policy and are not regularly using the vehicle. The coverage would be secondary. The insurance for the friend’s vehicle would be the primary coverage.
- Discounts: A full-time student meeting certain academic requirements can qualify for a good student discount. Distant student discounts may also be available. Drivers under 21 who have completed driver’s education may also get a discount.
Before it’s time to pack up and head to school, call or email us and we can walk through your policy to make sure you have all the coverage you need.
