It is often a bittersweet moment when a child is headed off to college or university in another city. Even though they are growing up you still want to take care of them, which includes making sure they have proper insurance coverage for their vehicle and their belongings.
Students today have a lot of expensive personal belongings; including phones, tablets, laptops, gaming gear, school supplies, textbooks, etc. These are all expensive items which can be easily stolen and security on campus or in their rental may not always be as tight as it would be at home.
Given how inexpensive tenants insurance is for renters, it just makes sense to insure their belongings, especially at this vulnerable period in their life.
Here are a couple things to consider:
In many cases your home insurance policy will have coverage to protect against theft of your students belongings. There is however, another issue to be concerned with: liability for damage to the home or residence.
Let’s face the facts; most of our kids are going to have parties when they are in school. If the party is at their rented building and someone is hurt or there are damages to the building you and your child could be in for an expensive experience.
Your insurance company should be willing to extend liability to your child while in school, sometimes at an additional charge.
Universities and colleges are savvy landlords who have been dealing with students for a long time and they know what to expect. Most of them will clearly state in the residency agreement that they are not liable for theft of a student’s property.
Read the agreement carefully and get insurance accordingly. If your child is in a shared living arrangement, each member of the household will require their own policy. The best thing to do is to disclose this to your insurance company in order to avoid complications in the event of a claim.
If your insurance company will not extend or if it is too expensive to extend coverage for your child the best option may be a separate tenants policy. These policies are relatively inexpensive and completely separates your coverage from your child’s. One last thing to consider is that if you cover your child under your policy any claims made for your child or their belongings would go on your policy and you may lose your claims free discount. If you get a separate policy for your child this is not an issue. .
If you have a child going to school this fall and would like to make sure you have the best coverage give Absolute Insurance Brokers a call at 1-877-941-2266 or email us today.