Home Page

Saying the last goodbye in the dorm parking lot, you realize more than ever that you can’t protect your child from every risk. It’s time to let go.

But back at home, you can assemble a strong financial safety net. Knowing what your current insurance will pay for — and whether you need to buy extra coverage — is a good first step.

Here’s how to evaluate your auto, homeowners, life and health insurance needs as your kid heads to college.


Car insurance
If your kid doesn’t take a car to school:
  • Ask your insurer about an away-at-school discount. Some companies offer a price break if the college is at least 100 miles away from your home.
  • Keep the student listed on your policy, so your son or daughter has coverage at home on breaks, says Scott Johnson, manager of Marindependent Insurance Services LLC in Mill Valley, California. Maintaining continuous auto liability insurance also keeps rates down over the long haul.
If your kid asks to take a car:
  • Consider the risks. “It’s the first time away from home. Why throw a vehicle into the mix?” Johnson says.
  • Let your insurer know if your child takes a car. Some insurers might reprice the policy based on the school’s location, Johnson says. Your coverage price might go up or down.
Car or no car, don’t forget about the good-student discount. Many insurers offer one for maintaining at least a B average.


Homeowners or renters insurance
Your child’s stuff will be covered under your homeowners or renters insurance in a campus dorm. Check your policy for details. Some policies limit coverage for belongings away from home to a percentage of the total amount of coverage for all possessions, according to the Insurance Information Institute. Typically there are also coverage limits on expensive items such as computers. Talk to your insurer about buying extra coverage for these items if necessary.

Students who live in off-campus apartments will need their own renters insurance policies. Renters insurance covers belongings and, like homeowners insurance, provides liability coverage if your kid inadvertently harms someone and is held responsible.

Make sure your liability insurance includes personal injury coverage, Johnson says. If not, you can add it for a small price, he says. Among other things, personal injury coverage would pay for legal defense and settlement costs if your son or daughter were sued for posting something objectionable on social media.

More changes are ahead as your child gains independence. Review your insurance policies annually to make sure you have the right coverage.

Read More: Source

Posted 7:16 PM  View Comments

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
111 Veterans Blvd, Suite 1420
Metairie, LA 70005
Tel: (504) 832-4161

1502 West Causeway
Mandeville, LA 70471
Tel: (985) 626-1255


TwitterTwitterLinkedInBlog RSSGoogle+Instagram
About Stone Insurance Commercial Services Personal Services
About Us
Our Team
Our Locations
In The News
Read Our Blog
Join Our Newsletter
File a Claim
Make a Payment
Employee Login
Business Owners
General Liability
Workers Compensation
Commercial Vehicles
Equipment
Buildings & Property
Parade
Flood
Professional Liability
Automobile
Homeowners
Flood
Umbrella
Marine