Around the start of each new school year, our agency receives a number of phone calls from parents of college-bound students asking insurance questions relating to their child’s upcoming move. With school officially back in session, we thought now would be the perfect time to do a Q&A on the insurance needs for college students and how it may or may not change some of your existing policies.
Q: How do I insure my student’s property?
A: If your child rents or lives in university-owned housing such as a dorm, apartment, sorority or fraternity house, your homeowners insurance policy will typically cover items against perils such as fire, theft, water damage or tornado’s. However, homeowner’s policies may not cover fine jewelry or collectible items, so check with your insurance agent about a valuable items policy to protect their belongings.
Q: Once my child goes to college, can I remove them from my auto policy?
A: In short, no. As long as your child is considered a dependent, they should remain on your auto policy; even if they move out of your house to attend school. If your student decides to not take his or her car to school, it is still a good idea to keep them listed on the policy so they will be protected if they borrow a friends car or drive their own vehicle while at home. *Click here for tips on finding the best insurance for young drivers!
Q: Should I invest in a personal umbrella policy for my college-bound child?
A: College offers students newfound freedom that they likely have not experienced before. While they make the transition from teenager to young adult over the next four years, it may be a good idea to invest in a personal umbrella policy, to protect them in the event of a catastrophic incident or potential lawsuit. If you currently have a umbrella policy and your college student is still considered a dependent, they will be covered.
Q: Is renters insurance necessary for students?
A: Unless renter’s insurance is a requirement made by the landlord or apartment complex, it is not mandatory. However, it is a good idea to look into a policy, as it provides protection for your child’s belongings and liability. Typically, renters insurance is fairly inexpensive, so talk to your insurance agent about the benefits of investing in a policy for your son or daughter while they are enrolled in school.