It's an exciting time when your child heads off to college. Whether they're attending school in Alabama or have moved all the way across the country, there were a ton of things to get done last month, but did you remember to look over their insurance needs? Don't worry - it's never too late!
- Coverage of personal property: Most homeowners policies provide 10 percent of Coverage C (Personal Property) for your property while it is at a residence other than your residence. That means if the contents of your home are insured for $100,000, your student's property up to $10,000 generally would be covered if they are living in a dormitory. The damage must be caused by an event covered in the policy, however.
- Special items: Be aware that certain items, such as jewelry or expensive electronics and computers, may require special coverage.
- Off-campus living: If your student lives in off-campus housing, such as an apartment, we strongly advise you to consider renters insurance, as your homeowners insurance generally would not apply in this instance. Check with us at Pepper, Johnstone & Company to be sure. Keep in mind that renters insurance cannot be shared between roommates, so your child will need their own policy.
- Create an inventory: It's a good idea to keep an inventory of expensive items your child is taking to school, as well as keeping photos and receipts for the items. In the event of a loss, this can make the claims process much easier.
- Coverage without a car at school: If your student will continue to drive while at home on school breaks - or if there's a chance they could drive a friend's car at school - it is vital that you keep them on your auto policy. They may even qualify for a distant-student or good-student discount. Contact us to see if we can save you some money on your insurance.
- Coverage with a car at school: In most instances, a car registered to you and listed on your policy will be covered if used by your student away at school, provided they are listed on your policy. Be sure to call us at 256-232-7818 and make sure your insurance company writes coverage in the college's state and location, however. And please let us know if your child is taking a car to school, because the location of the vehicle can result in a change in premium.
Not having the right insurance can be a costly mistake - and college is expensive enough as it is. So give us a call today. Your child may be going away, but we'll be right here when you need us! (And we won't call you to ask for pizza money, either.)
For further questions and assistance, contact us!