If you have a child headed to college, it's time to check your insurance policies current and have a conversation with your insurance agent to ensure your student has adequate protection.
The owners / renters insurance
If your student will be living in a dorm, their property may be covered by your home insurance for hazards such as fire, theft, vandalism and natural disasters such as a hurricane. But your coverage may have limitations - the Insurance Information Institute (III) says:
"Other policies may limit the amount of coverage for personal belongings of a college student 10 percent of the total amount of a policy of all the personal property coverage. so if the parents of the personal property insurance for the principal residence of the family value of $ 100,000, for example, only 10 $ 000 would apply to property in the dorm room of their child. "
If your student has a costly electronic equipment, many students, you should check the limits to ensure a adequate coverage. laptops, smartphones, tablets and TVs can add! Also, talk over cost / benefit scenarios related to franchise your agent. You want high enough to maintain reasonable insurance rates, but not so high that it will cause difficulties to replace a stolen laptop.
Not in a dorm? If students live in an apartment, your homeowners probably will not cover them. renters insurance is inexpensive and can be the best bet. See our recent post that covers the myths and misconceptions about renters insurance.
Auto insurance
If your student is under 25 years and the college is within 100 miles of your home, he or she can be covered by your police. If more than 100 miles away, the student may still be covered on your policy if they only drive while visiting your home. If your student will be conducted during college breaks, talk to your agent to see if it could help lower rates - you might be able to get a discount.
If your student will be 100+ miles with a car, a separate policy may be necessary. Talk to your agent to determine the best option for your situation. III suggests checking if your student is eligible for a discount of "good student" or if the training programs of safe drivers could cut rates.
Tuition Insurance
Check that the college's refund policy. If the tuition fee is very high, you want to maybe talk to your agent about a tuition refund of specialty insurance coverage that it if the student has to leave school because of an unexpected illness or physical disability - or in the case of the death of the student. Generally, these plans do not provide reimbursement for students who are expelled or who decide to leave school for other reasons.
identity theft insurance
The students are at high risk of identity theft. You may want to educate them on security issues and it might be worth investing in a product to protect against identity theft.
autonomous coverage for electronics
III suggests this option: "Parents may want to consider the acquisition of autonomous policies for desktops, computers laptops, tablets and iPads and other electronic devices as they may provide coverage against accidental damage, liquid spills and other not included in a standard homeowners policy or renters events. Keep in mind that if you use a credit card to buy these items, some insurance protection may also be available through the card itself. "
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