College is expensive enough without the added cost of unexpected accidents or theft not covered by your insurance policy. If you have a student heading away to school, below are a few tips to help you get the most out of your coverage.
- Personal Property: Most homeowners policies will cover personal property for up to 10% of your total policy while your child is residing at school (a $100,000 policy equals $10,000 in coverage). Not all types of damage are covered, so read your policy carefully. Some items such as jewelry or expensive electronics require special coverage. Renters insurance is strongly recommended.
- Liability Coverage: General damage to a dorm room or apartment is not usually covered. If you are listed on the lease with your college bound child, you can extend liability coverage to cover the apartment as well. The cost is less than $50/year and meets the insurance requirements for the apartment complex.
- Documentation: Creating an inventory of the items your child is taking to school is a good idea. Use photographs and keep receipts.
- Car Stays Home: Keep your child listed on your auto policy if they will still drive your car while at home on school breaks.
- Car at School: Make sure to notify us if your child will be taking a car away to school. In most cases, if the car is registered to you and listed on your policy, it will be covered. If your child is more than 100 miles away from home and does not have a vehicle at school, be sure to inform your insurance carrier asap as this will result in an added discount to your insurance policy.
- Driving a Friend’s Car: Students are generally covered if they are listed on their parent’s policy and are not regularly using the vehicle. The coverage would be secondary. The insurance for the friend’s vehicle would be the primary coverage. Insurance follows the vehicle, if you allow a friend, family member to borrow your vehicle, they will be covered under your policy.
- Discounts: A full-time student meeting certain academic requirements can qualify for a good student discount. The good student discount applies to full time students with a 3.0+ GPA. Distant student discounts may also be available. Drivers under 21 who have completed driver’s education may also get a discount.
Before your child leaves for school, contact me at 708-444-0050 or email@example.com. I can walk you through the steps to ensure you have the right coverage. I am here to help!