College kids and insurance – What you need to know.
Are your kids getting ready to head off to college in the fall? We know this is a busy time for parents and kids — between picking out classes, making sure they’ll have everything they’ll need in their new dorm room, and teaching them how to finally do their own laundry, you have a lot on your plate. But one thing you can’t forget is to make sure your child is fully insured, no matter where they are.
We get questions from parents all the time about how their existing insurance policies will work once their child leaves home for school. Here are a few insurance basics that parents should know — but if you ever have questions about your specific insurance policies, please don’t hesitate to reach out to a #MorseOfCourse insurance agent!
Car Insurance
We recommend leaving your child on your car insurance policy, even if they aren’t taking a car to school. This will protect them if they ever decide to drive a friend’s car or even if they drive your car when they are home on vacation.
- In general, your child will still be covered under your car insurance policy, as long as your address is their primary address when they are not at home, pending the situation of the loss.
- If your child takes a car to school with them, make sure to inform you insurance agent of the change in garaging address. Keep in mind that you may need to change the limits of your policy if your child is going to school in a different state that may have different required minimums.
- If your child buys their own car and has the title in their name, they’ll need their own car insurance policy.
Parents — don’t forget to ask for discounts, especially when making changes for your college bound child! AAA memberships, charitable donations, and Good Student Discounts are all good things to ask about. If your child is moving 100 miles from home, you should also ask about a Student Away Credit. Remember, these discounts drop off annually, so be sure to supply your agent with this information upon your insurance policy renewal.
Homeowners Insurance
Your homeowners insurance can cover your child while they are away at school, but it is dependent on a few things.
- If your child lives on campus, your homeowners insurance policy will cover their belongings up to 10% of your Coverage C limit (contents coverage) or $1000, whichever is greater. The loss must be a covered loss and is still subject to the policy deductible.
- Make sure to ask your insurance agent whether or not items like laptops will be excluded from your coverage. If so, parents should consider adding additional coverages for things like electronics, which can be quite costly to replace.
- If your son or daughter will be living off-campus, your homeowners insurance will no longer cover them. They should definitely consider a renters insurance policy, which will cover their personal belongings while also giving them liability coverage.
Getting your child ready for college is a big task and something you’ve been working towards their whole life. Let #MorseOfCourse take on some of the burden — contact an agent today to review your insurance policies and to make sure your family is covered, no matter where they live. You can reach an agent by calling 508-238-0056 or visiting our website today: morseins.com