Sending a child off to college is always an exciting and anxious time for parents. They worry about their college student’s safety, roommates, and independent living. Between making sure that textbooks and supplies have been purchased, tuition bills paid, and course registrations completed, it’s natural that parents won’t think about insurance considerations. Here are a few items to think about:
1. Your student’s age and status
A homeowner’s insurance policy may not cover a part-time college student or one over a certain age. For example, policies often state that a person has coverage if he or she is a full-time student and was a resident of the policyholder’s household before moving out to attend school. They also limit coverage to students unless they are either under the age of 24 and related to the policyholder or in the policyholder’s care and under the age of 21.
2. Driving at school
If the college student brings a car to college and the parents’ auto insurance policy lists it, the student will have coverage for its use. If students buy their own policy, make sure liability coverage is purchased in an amount at least equal to what the parents have. Purchasing only the minimum limits required by state law could mean owing a large amount out of pocket if an accident occurs. Coverage is typically in place on the parent’s policy if a student occasionally borrows someone else’s car.
3. Personal belongings
A typical policy covers the student’s belongings while at college, but limits coverage to 10% of the insurance amount covering the parents’ personal property. For example, if the policy shows a limit of $100,000 for coverage of personal property, it will cover the student’s property up to a maximum of $10,000. If this amount of insurance is too low, you’ll want to consider higher limits.
4. Laptop
Many colleges require students to own a laptop computer. As mentioned previously, make sure to schedule your student’s laptop to cover against dropping the computer, spilling a beverage on it, or incurring damage to its circuitry from a power surge.
5. Liability
The homeowner’s policy will typically cover students’ liability for any injuries or damages they may cause to others while at school.
