Is your student headed to college this fall? You may have questions about how your home and auto insurance now covers him or her. Each policy is different, so it’s important that you review your policies. However, here are some general ways they will be covered:
If your student lives on-campus, your home insurance may cover their possessions, just as if they were still at home. The policy may, however, cover the property at a different level or have a cap.
If your student lives off-campus, a renter’s insurance policy will be needed to cover their personal property. Renter’s policies are affordable and necessary. A landlord’s insurance won’t cover your child’s personal belongings.
In either housing situation, it’s a good idea to make a detailed list of what the student is taking with them and note the replacement cost in case a claim needs to be filed. You may need to consider a rider for any expensive items the student takes with them, such as a laptop, musical instrument or jewelry.
When it comes to your auto insurance, premiums may have to be reevaluated based on whether the student is taking the car with them or leaving it behind. Location, remaining drivers, and even storage options can all change the premiums on that coverage. Your student may still be eligible for good student discounts as well.
We can’t help you through the emotional turmoil of sending a child off to college. But we can help you think through the insurance implications, so give us a call!
