Is Your College Student Covered Away From Home?
If your child is attending college away from home, this is a great time to review your auto and home insurance policies to be sure your student is properly covered.
Auto Insurance
You might think that if your student goes away to school and doesn’t take a car, you can drop him from your auto policy and save some extra money.
But what if he comes back for Christmas break and wants the car to visit friends? Or, what if he is away at college and his friends ask him to be a “designated driver” one evening?
Even if your student doesn’t take a car to school, we recommend that you keep him listed on the policy for a number of reasons:
1) He’ll be fully protected if he returns home for a weekend visit and wants to drive.
2) He will have insurance protection when he’s driving a friend’s car while away, and that vehicle isn’t adequately insured.
3) Even if he doesn’t take a car to school, he’ll be fully protected if he’s hit by a car while walking or bicycling, or while being a passenger in somebody else’s car.
4) Keeping him on your auto policy maintains continuous insurance coverage, which may be beneficial when he gets his own auto insurance policy.
Home or Renter’s Insurance
Often the most overlooked coverage for college students is property insurance — and with computers, smartphones, and other electronic valuables, today’s student owns more valuable personal property than ever before.
If your student is residing in a dorm during the school year, belongings such as laptops, TVs, bikes, and other electronics are typically covered under a home insurance policy. But since there are limits on how much is covered away from home (typically ten percent) it’s a good idea to talk to your insurance provider to be sure your policy has the coverage you need.
If your student is living off campus, renter’s insurance can provide the full range of coverage needed for items such as clothes, textbooks, furniture, and electronics, and more. It’s a great idea to have your student take selfies with their valuables in the background as a quick way to document possessions. Rates for renters insurance are surprisingly affordable and can give you and your budding Einstein piece of mind during the school year.
Take some time this Fall to review all of your car and home insurance needs. You can talk to George Benonis or Paul Martin at (215) 942-0616 with any questions or concerns you may have. And for a FREE, no-obligation quote, simply go to quotes@huntingdonins.com.