College bound students are gearing up for their first or another semester at their university or technical school. As they pack and ready themselves for a new adventure, parents are wondering how the transition will affect various insurance policies.
Many parents do not realize their homeowner insurance policy can help protect their son and daughter – even far from home. Most standard home insurance covers belongings a college student takes with them to the dorm. This coverage is usually limited to a percentage of your total insurance policy, but for most households the limit is sufficient to cover those computers, cell phones, TVs and other electronic devices young adults these days cannot live without. Some colleges may try to sell students and their parents additional protection under the institution. These policies may be redundant to your homeowner insurance. Be sure to check the details of your policy before making a decision.
According to the National Fire Protection Association, fire departments across the country respond to an average of 4,000 fires at dormitory, fraternity and sorority living quarters every year. Damages from these fires are estimated to total nearly $10 million. The FBI asserts thousands of incidents of theft and damage to property occur on college campuses each year as well. It is extremely important to protect any property your son or daughter plans to take with them to college.
Car insurance is another consideration facing many parents of college bound students. If your child plans on taking the car with them to school, be sure to notify your insurance provider of the change in address. It may increase or decrease your premiums, depending on the crime statistics of the school’s location. If public transportation will be taking them to and from classes, you can remove the child from your auto insurance policy or reduce them to an occasional driver. In either case, remind them that earning stellar grades can help you – or them – save on those premiums.
As you review your insurance needs for your college student, be sure to contact one of our knowledgeable agents. We can help identify any changes you should make, suggest coverage options, and assist you in comparing a number of quotes from a variety of providers. Contact us to help you find insurance policies with the best protection at the most affordable rates.