Off to School: Insurance Tips for Parents of New College Students
School is starting up again, but this year, it’s different. Your baby has grown up faster than you can believe, and now it’s time for them to move off to college. This is an exciting, expensive, and sometimes scary change for both you and your child, but one thing you can do to help ease your mind about them living on their own is knowing that your insurance policies are keeping them protected.
Many homeowner’s policies will cover the personal property of students living in a campus dorm at no extra cost. However, coverage can be as low as 10% of the replacement value of items in your house. For example, if the policy has a $25,000 limit, then your child’s belongings would be covered up to $2,500. You may want to consider raising your coverage limits if your child will be moving in a lot of valuable things.
Some homeowner’s insurance policies will not cover damage or theft that occurs in an off-campus apartment. If your student chooses to live off campus, they should consider renter’s insurance.
Going to college may require purchasing a lot of moveable, high-value items. Think laptops, tablets, cell phones, headphones, and other expensive equipment. Floater insurance will be able to cover the value of these items better than a standard insurance policy can.
If your student is taking their car to school with them, be sure to contact your insurance agent! Rates may change depending on if the school is out of state or located in a highly congested urban area. If your child will not be needing their car at school, also contact your agent – you may be able to save some money on auto insurance while your student is away!
Your insurance policies should grow with you! Contact us at Goss Insurance Agency to discuss any coverage concerns or go over your existing policies. We look forward to working with you!