Risk Management Tip of the Week
Are your children college-bound?
Getting a student ready for college can be a lot of work. It’s important to consider the impact having a child in college will have on your insurance policies.
- Keeping the student’s primary residence the same as their parents allows most students to remain under their parents’ homeowners’ policy (if they live on campus). Speak with your insurance advisor to double check whether your student is covered or if it will be necessary to buy additional coverage so that they (and all their stuff) are property protected.
- If your child lives off campus, they are no longer covered under your homeowners’ policy. Purchasing a renters’ or tenants’ policy can be an affordable way to cover items in their rented apartment or house.
- Students bringing expensive equipment, such as laptops and TVs, should consider a valuable items endorsement, which can provide blanket coverage for the loss of the valuable items.
- If a student has no car, consider leaving him or her on your auto policy as a driver and ask if there is a “student away at school credit” and a “good student discount.” Discuss with your child the risks of lending or borrowing cars and ensure the proper liability is in place.
For more information on how to protect your college-aged child, read Laura Sherman’s article in Worth Magazine.
