Already summer is coming to a close and some of our sons/daughters are heading off to college. Many of our students will be departing with thousands of dollars worth of personal items such as cars, laptops, wallets, cell phones, iPods, televisions, text books, clothes, furniture, bikes, and more. Every year personal items such as these are damaged, stolen, or destroyed while at school and this is why insurance should be on the minds of those who are going to college.
- Make an appointment with your insurance agent. Let your insurance agent know about your students individual circumstances (where they’re going to school, whether they are living on or off-campus, do they plan on taking a car, etc…) Your agent will inform you of any rate changes and whether your family’s current insurance policy will cover your son or daughter.
- Auto Insurance: College students generally are covered under their parent’s auto insurance policy. However, if your student is going to have a car at college, rates may change depending on the area.
- Student’s living On-Campus: Homeowners insurance generally covers students living on-campus or in dorms. They’ll have the same liability limits as if he were at home, but the coverage for their personal belongings may be limited. Limitations vary by insurers so it would be in your best interest to contact your agent.
- Student’s living Off-Campus: If your student is living off-campus in an apartment, there is a good possibility your homeowners insurance won’t cover him or her. This is when you should start looking into renters insurance. Since renters insurance does not cover the building one lives in (the person who owns the entire building is responsible for insuring the building), it is relatively inexpensive and you’ll still be covered for personal belongings AND personal liability for damage to property of others and for bodily injury. Personal liability is important. This type of insurance covers the policy holder in the event of an unintentional accident or incident that injures another person or damages someone else’s property worldwide.
- Home inventory: Have your student take pictures, make a detailed list, and keep receipts of all of their possessions. This will not only help in the event of an insurance claim needing to be filed, but it will also show if their current insurance policy sufficiently covers all of their assets. Click here for a free home inventory list.
Other Information and Discounts:
- Is your student going to college and not taking a car? Possible discounts on auto insurance are available! This will depend upon the distance your student is away from home, but if you are granted a discount, your rates will be lowered and your student will still be fully covered when they come home for weekends, holidays, or vacations.
- If your student gets good grades, let your insurer know! Many insurers offer a Good Student discount on auto insurance for students with a B or better average in college.
- Keep good credit. If your son or daughter plans on using a credit card in college then make sure they are well informed and very careful. Credit scores have a direct affect on insurance premiums.
The best advise to be given is to visit and talk to your independent insurance agent about the topics above. Please feel free to contact us by phone or stop by our office! We look forward to seeing you.
Looking for great tips for college students? Click here to read information involving: Time Management, Motivation & Focus, Managing Stress, Test Taking Strategies, College Reading/Writing, or Talking to Instructors.