Heading off to a trade school or college is an exciting time for students and parents. Amidst the excitement of buying dorm supplies and organizing travel plans, insurance might not be at the top of your list. However, reviewing your coverage before the semester begins can prevent headaches later.
Auto Insurance Considerations
If your student is taking a car to campus, it is important to contact your insurance agent. Rules of the road and local laws can change depending on where the school is located.
Additionally, you might qualify for discounts:
- Distant Student Discount: If your student is moving to a school more than 100 miles from home and leaving the vehicle behind, you may be eligible for a discount because the student does not have regular access to the car.
- Good Student Discount: Many insurers offer lower rates if a student maintains a high grade point average, usually a 3.0 or higher.
Even if your student is not bringing a car, keeping them on your policy is often helpful. This maintains their coverage for when they are home on breaks and protects them as passengers in other vehicles.
Understanding Property Protection
Where a student lives impacts how their belongings are protected.
- On-Campus Living: In many cases, a student living in a dorm is considered a resident of the parents’ home. Therefore, your Homeowners Insurance might extend to cover their personal items while they are at school. However, it is wise to verify this with your provider, as some policies may have limits on “off-premise” coverage.
- Off-Campus Living: When a student moves into an apartment or a house under their own lease, they are often considered to be living on their own. In these situations, your Homeowners Insurance may not cover their belongings.
The Role of Renters Insurance
If your student lives off campus, Renters Insurance is a common way to fill coverage gaps. Landlord insurance typically covers the building structure and the owner’s liability, but it does not protect a tenant’s personal property.
Renters Insurance generally provides:
- Personal Property Coverage: Protection for belongings like computers, furniture, and clothes against covered perils such as theft or fire.
- Personal Liability: Assistance if someone is injured in the student’s rental unit and legal costs or medical bills arise.
- Loss-Of-Use Coverage: Help with living expenses if the rental becomes unlivable due to a covered accident.
Reviewing Your Lease Agreement
Before signing a lease, read the document carefully. Some agreements contain clauses that could make the student or parents liable for accidents or damages that occur on the property. An experienced agent can be a great advocate during this process, helping you understand what potential risks you might be accepting.
It is also smart to look into whether your specific credit card or other protections might cover expensive items like laptops or phones. Taking these steps early allows you to focus on the student’s education rather than worrying about the unexpected.
If you have a young one heading off to college, be sure to reach out to us with any questions you may have.
