Insurance needs are often overlooked in the last-minute scramble to get your child ready for college. Here are a few things to consider:
Is your child taking the car with them to school? If your child is not taking a car with them and will be attending a school that is more than 100 miles away, you may be able to see a reduction in your premium. In addition, if your student maintains a B average or higher, they may be eligible for a “good student discount”. Either way, you should inform your insurance agent that a student on the policy will be relocating.
It’s not unusual for students to have hundreds or even thousands of dollars of electronics and other belongings in their dorm rooms – laptops, ipads, bicycles, musical instruments, etc. Such items are typically covered by a parents homeowners insurance, subject to a deductible. But coverage varies, so check with your insurance agent. It’s helpful if you take a picture of the expensive items prior to your child leaving for school. For additional protection for your child’s belongings, look into renters insurance, which is usually only a few hundred dollars a year and is typically subject to a lower deductible. Anyone living off campus needs to get a separate renters insurance policy to cover personal belongings, as will each roommate.