College Students and Insurance
Are you shopping for binders, notebooks, and highlighters? That could only mean one thing — summer is winding down and it’s time to send your kids back to school! Whether you’re sending your teenager off to college for the first time or they’re a returning upperclassman, we know there are a lot of things on your mind. From helping them choose their course load, to teaching them how to do their own laundry, to making sure their dorm room has everything they need, we know this can be a stressful time for both parents and students. Here at Bearingstar Insurance, we want to help lessen your load by giving you the information you need to make sure your college student is properly insured. Here are some tips to help you ensure your entire family is covered, no matter where they are.
When your child goes away to school, even if it’s out-of-state, we recommend leaving them on your car insurance policy as they can legally still be considered members of your household. This way, if they ever decide to drive a friend’s car or if they drive your car when they’re home on school vacation — they’ll still be covered.
You’ll want to contact your local Bearingstar Insurance agent as some companies offer a “student away at school discount” if the college is more than 100 miles from your home. If your student will be taking a car with them, it’s a good idea to inform your agent of this change and discuss if you’ll need to update the garaging address or require any additional coverage.
Does your student have a new ride of their own? If your child has their own car with the title in their name, they are required to have their own insurance policy. Don’t forget to ask about discounts when making changes for your college-bound child — they may be eligible for things like a Good Student Discount!
While your homeowners insurance can help cover your child while they’re away at college, there are a few conditions to understand and consider when determining if your student is properly insured.
If your child is living on campus, your homeowners insurance policy can cover their belongings up to 10% of your contents coverage or $1000, whichever is greater. However, the loss must be a covered loss and is still subject to your policy deductible. It’s also important to ask your local insurance agent whether or not there are exclusions in your coverage.
Renters Insurance is another important thing to consider for your college-bound student. While your homeowners insurance policy will likely help cover their possessions if they are living in a residence hall on campus, it may not cover them if they move off-campus and have to sign a year-long lease, making a renters insurance policy a must. If you student leases for only a few months they may still be covered under your homeowners insurance.
In addition to providing coverage for your child’s personal belongings, renters insurance also offers liability protection in case of an accident or lawsuit. This could come in handy if someone is ever injured in their apartment or if they ever accidentally injure someone else or cause property damage to another party. Plus, renters insurance is affordable, especially if you are able to bundle their renters insurance with their car insurance policy. Just like with homeowners insurance, the loss must be a covered loss and is still subject to your policy deductible.
It’s important to understand that renters insurance only covers the personal belongings of those named on the policy. Therefore, if your child is living with friends or roommates, just because their roommate has renters insurance does not guarantee your child is covered and vice versa. A Bearingstar agent would be happy to discuss your child’s unique situation and determine what insurance options make the most sense for you and your child.
We know watching your child grow up into an independent adult, can be an exciting and challenging time but knowing they have the proper protection and coverage when they need it can help ease your mind. If you have unanswered questions about insuring your college-bound student — we’re here to help! Visit our website to connect with a local Bearingstar agent near you: http://bit.ly/2Kdp2vm