Coverage in College: What Insurance Options Will Your Student Need?

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The time you've looked forward to—and dreaded—for 18 years is finally here. Your baby is going off to college. You've probably been so busy planning and buying supplies for the move that you haven't had time to think about insurance. The two types in particular you should be concerned with are car insurance and renters insurance.

Taking a Car
If your child is taking a car to school, it may be a good idea to keep him covered under your current auto insurance policy. Let your agent know your student's address at school because their location may impact the cost of the coverage.

Not Taking a Car
If your child is not taking a car to school, it may still be a good idea to keep him on your auto policy so he's covered if he drives your car when he's home. Ask your agent if there are discounts for getting good grades or if the rates will changed based on him using the car less frequently than he used to.

Living in a Dorm
When Cheryl's daughter Sara was away at school as a freshman, she called Cheryl to tell her she returned from class and found her dorm building was on fire. The fire turned out to be isolated to one area, and thankfully Sara's room was untouched, but she wondered what would have happened if she lost her clothes and other valuables in the fire. Cheryl wasn't sure, so she called her insurance agent and found out as long as Sara was a full time student under the age of 24, the homeowner's policy would help to cover her things. Depending on the policy, in most cases, the coverage is up to 10% of a homeowner's personal property limits for items belonging to students living in a dorm. Since insurance companies  have different policies, it's always a good idea to check with yours and make any necessary adjustments.

Living Off Campus
If Sara lived off campus and a fire damaged her belongings, the situation may be different. If she was renting, Cheryl's homeowners policy might not have covered the damaged items, and the landlord's policy may not  either. That's why it's a good idea to talk to your agent about renters insurance. It's inexpensive and may help cover items that are lost in a fire or stolen. It may even help provide some liability protection. To find out how much coverage your student needs, use our Personal Property Calculator. If your student has a car and lives off campus, she may qualify for discounts.

The best way to determine your child's insurance needs when she goes off to college is to talk to your agent. Together you can review coverage options for this stage in your student's life, and it will be one less thing you have to worry about while they are away.

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