It’s that time of year. The kids are heading off to college and you may need to make some changes to your insurance to make sure you and they are protected.
Kids used to take themselves and some clothes with them. Now, they take laptops, televisions, cell phones and other digital devices to their new digs. These are expensive items that you don’t want to have to pay to replace.
Start by creating an inventory. Make a list of anything they take with them along with an estimated value. There is a free app you can use to keep track of the items, Know Your Stuff.
Here are some other things to consider:
Does a Homeowners’ policy provide coverage for college students?
Probably. Different companies have different rules. Check with your agent to be sure of your coverages.
Usually, a student must be under the age of 24 and a full time student. If they drop a class or two and lose their full time status, they may not be covered.
Will the student live on or off campus?
Again, different companies have different rules about the coverage provided depending on where the student is living so check with your agent. Even if your insurance company will cover your student in an apartment, the apartment complex may require the student to have a tenant’s policy.
Will the student take a car to college?
Some companies give you a discount on your auto insurance if the school is more than 100 miles away and your son or daughter won’t have a vehicle with them. We don’t recommend removing your child from your auto policy because then there would be no coverage if he or she borrows a friend’s car or if they want to drive your car when they come home on school breaks. Removing them can cause their premium to be higher when they do get insurance again because they haven’t had insurance recently.
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