College Bound

college boundAfter a long day of work, you check the mailbox and see the letter your family has been waiting to receive for weeks.  The letter is from one of the colleges your child has applied for, and it feels heavier than the other letters that have come. As a parent, no matter how old they get, you can never stop worrying about your children. It is easy to think about what you can do to protect your baby when they leave you soon, because you know that this letter is the ONE.   We are here to help you and your soon-to-be college student.

Insurance on your College Student’s Car? Insuring a young driver is expensive. Some parents opt to take a cheaper route, by putting a car in their child’s name and getting a totally separate auto policy under the child’s name. While this saves a few dollars, in the long run it can be detrimental if your child is involved in an accident as most policies offer less coverage for a young driver. It is usually better to keep your child on your policy with high limits and an umbrella policy. Also discuss your child, their responsibility in sharing cars with roommates and friends. It is not uncommon for a student to drive his/her roommate’s car on occasion, and there can be issues if neither party is properly insured.

Are my College Student’s appliances and computer covered while away at school?

While every policy is different, most homeowner’s policies cover personal property “owned or used” by an insured if it is damaged or lost due to a covered peril. Your child is an insured as courts have determined that dependent children are covered, even when away from home. Another common stipulation can be that under some policies, personal property usually located at an insured’s residence, other than the resident premises, is only allotted 10% of the policy’s coverage. For instance, if you have a policy for $100,000 and your child loses $15,000 worth of property while away at school, the policy will only cover $10,000, and you would be responsible for the additional $5,000.

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