Insuring Your College Student: What You Need to Know
School is starting back, and it’s time for some of you to send your precious sons and daughters off to college. Right now, you’re probably shopping for mini refrigerators or area rugs and writing tuition checks, but we’ve got a few things you also might want to think about before the new semester begins. Here’s our recommendations for insuring your college student while they are away from home.
The details on homeowner’s insurance vary by state and by policy, but you’ll want to check up on how much coverage applies to your child’s possessions. Most policies offer 10% coverage for eligible property owned by a covered party living in a residence other than that of the policy holder. So, much of your child’s possessions would be insured for 10% of your policy while they live in a dorm or apartment near campus. You might also think about getting renter’s insurance if your student is living in an apartment.
However, your policy most likely doesn’t cover general damage to a dorm room or apartment, so make sure your child doesn’t throw any raging parties while at school.
The rules for auto insurance, like those of homeowner’s, also vary by state, but you should notify us if your child decides to take a car to school so we can make sure the carrier writes coverage for the school’s location. However, we have to warn you—a change in the car’s main location could result in a change for your premium
There is good news, though! Insurance carriers generally offer discounts if drivers leave their cars at home and move more than 100 miles away for extended periods of time, so keep your child listed on your insurance if he or she isn’t taking a car to college.
Check with your carrier, as well, to see if your son or daughter qualifies for a good student discount. You can get a break on your premium if your child is a full-time student who maintains a 3.0 GPA or higher.