Insurance in College: Financial Security for Your Child

As your child prepares to head off to college, it’s essential to ensure their safety and protect their belongings. One often overlooked aspect of this preparation is reviewing and updating insurance coverage. In this blog post, we’ll explore five important insurance tips to keep in mind as your child goes back to school.

Extend Liability Coverage to the Dorm or Rental:

When your child moves into a dorm or rental property, it’s crucial to extend liability coverage from your primary dwelling insurance policy. Most homeowners’ insurance policies offer coverage for dormitories, but additional protection may be required when renting an off-campus apartment. Speak with your insurance provider to confirm that liability coverage includes their new residence.

Consider a Renter’s Insurance Policy:

If your child is living off-campus, consider purchasing a small renter’s insurance policy to safeguard their personal belongings. This policy can help cover the cost of replacement or repairs in case of theft, fire, or other events. Additionally, having renter’s insurance can help prevent large deductibles from impacting your primary dwelling insurance policy if a claim arises from the rented property.

Inform Your Insurance Carrier About the New Address:

When your child takes a vehicle to college, make sure to inform your insurance carrier about their new address. By providing this information, you may be eligible for a reduction in premiums. This is because the location where the vehicle is kept can impact insurance rates. Keeping your carrier updated ensures that your child’s vehicle remains adequately covered under the appropriate policy.

Limit Borrowing of Your Car:

While it’s tempting to let your child’s friends borrow their car, it’s important to exercise caution. Allowing others to drive the vehicle increases the risk of accidents, which could result in potential claims that may lead to higher insurance rates. Encourage your child to be mindful and refrain from lending their car to friends to avoid unnecessary complications.

Schedule Expensive Sporting Equipment or Computers:

If your child possesses valuable sporting equipment, computers, or other high-ticket items for school-related activities, consider scheduling them separately on your insurance policy. By doing so, you provide additional coverage specifically tailored to protect these valuable belongings. Scheduling such items ensures that even if they are lost, stolen, or damaged, your insurance policy will cover their replacement cost without high deductibles.