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Study Up On Insurance For Your Student
If you have a child heading for college or boarding school this fall, you know how much preparation is involved. But amid the shopping and the packing, don’t forget about insurance. Your child going away to school can have an impact on your insurance coverage in several ways.
Car insurance. If your child is going to school more than 100 miles away and does not take a car, let us know because you probably can save on your car insurance premium. If your child does take a car to school, let us know so that we can update your coverage to reflect the new location where the car will be.
Property insurance. If you are sending your child off to school, you probably have received information about purchasing dorm insurance, which covers your child’s belongings while he or she is living in the dorm. It is unlikely that you need that coverage. Give us a call so that we can check your specific policy terms, but most likely your homeowner’s policy will cover your child’s property if he or she is in high school or an undergraduate and lives in the dorm. Your homeowner’s deductible limits apply, but you probably can cover expensive electronics such as a laptop or tablet with a rider to your policy.
If your child moves into an apartment, please give us a call. You might be able to continue coverage under your homeowner’s policy, but at the very least we need to let your carrier know the address where your child will be living. And depending on the requirements of your carrier, you might need a separate policy to cover your child’s property in a rental unit.
Finally, if you purchase a house or condo for your child to live in during school, you will need separate coverage for that dwelling.
Liability coverage. If you are concerned about liability, you might be able to get a liability extension on your homeowner's and personal umbrella policy, or you might need a separate liability policy to cover your student. Let us know if you are interested in exploring those possibilities.
After graduation. Once your student graduates, gets a job and becomes self-supporting, your insurance coverages no longer apply. The child is responsible for getting his or her own coverage, and we would be happy to discuss options with you and/or your child.
If your student does not become self-supporting after college graduation – if he or she goes on to medical school or graduate school and you foot the bill, for example -- you might be able to get coverage through your policies. But not all carriers allow this, especially for students over 25, so let us know and we can discuss your options.
The bottom line. Before your student heads to campus, have a conversation with us. We can work with you and your carrier to find the solution that is most cost-effective for you and your student.
We are always happy to discuss these and any other insurance and risk-management questions you might have. Just contact us at 847-572-0828 or firstname.lastname@example.org.