Congratulations! Your child just received their acceptance letter to an accredited university! Now it is time to start planning the big move. Many parents fail to realize that sending their child off to college has a variety of insurance implications. In between determining how you will get all of your child’s belongings to their new home and planning their class schedule for their first college semester, you must keep these insurance factors in mind:
- Will your child be bringing their car with them to college? Depending on the state in which they move to, you may notice a spike in your auto insurance premium. Encourage your child to maintain a B average in school and they will be eligible to receive the good student discount. Likewise, your child may be able to receive a discount for taking additional driver’s education classes.
- Will your child be moving into a dorm this semester? If so, your homeowners’ insurance policy will likely extend to cover their personal belongings under property off premises coverage. You will want to speak with your insurance carrier about the deductible that would be applied to claims at this remote property.
- Will your child be moving into an apartment near their near college? If so, your homeowners’ insurance will not cover their personal belongings. Therefore, you will need to purchase a renters’ insurance policy at a very affordable rate. A renters’ insurance policy will cover the contents within the property and liability coverage in the event that someone is injured on the property.
Schedule a review at Stromsoe Insurance Agency to make sure that your student is receiving all discounts that they qualify for. We want you to receive the peace of mind knowing your college student is safe when living away from home. Contact us today with all of your remaining questions regarding insuring your new college student.
As you plan to be an empty nester and send your child off to college, there are multiple steps you must take to make the transition a smooth one. Many parents forget to consider how they will insure all the valuables their child brings with them to college. There are a variety of insurance options you can choose from when it comes to insuring your college student’s belongings while away from home.
If your child will be living on a college-owned property or in a dorm, their possessions will likely be covered under your existing homeowners’ insurance policy. However, typical homeowners’ insurance policies only cover 10% of the policy’s coverage for those personal belongings. That means that you will only receive $10,000 of coverage if your policy covers contents for $100,000. You can also expect to pay a deductible for this coverage.
Whenever your child lives on a non-college-owned property, your homeowners’ insurance will not cover their belongings. Therefore, you will need to purchase a renters’ insurance policy. This is one of the least expensive insurance policies and will provide them with sufficient coverage to protect their valuables.
Depending on your insurance provider, you may be able to purchase a student policy, known as a specialized property insurance policy. This applies to students who live in dorms, in an apartment, in a college-owned property, or studying abroad. This inexpensive insurance option will offer you the peace of mind knowing your child’s valuables are protected if they are stolen or damaged from one of the covered perils.
At Stromsoe Insurance Agency, we can help you determine the best insurance option based on yours and your child’s unique needs. Contact us today and allow us to provide you with the peace of mind knowing your assets are adequately protected. We are available to answer any and all of your questions around the clock.