College can be expensive without the added cost of unexpected accidents or thefts, not covered by your homeowners and auto policies. If you have a child heading off to school, below are some tips to help get you the most out of your insurance coverage.
Homeowners (varies by state)
Personal Property: Most homeowners policies cover your personal property for up to 10% of your total policy while your child is away at school (a $100,000 policy equals $10,000 in coverage). Not all types of damage are covered; you should read your policy carefully. Some items such as jewelry or expensive electronics may require special coverage. A renters insurance policy is strongly recommended.
Liability Coverage: General damage to their dorm room or apartment is not usually covered.
Documentation: You should create a list of the items your child is taking to school with them. Take pictures and keep receipts.
Auto (varies by state)
Car is Staying Home: You should keep your child listed on your auto policy if they will still drive your car while they are home on school breaks.
Car is at School: Please give us a call if your child is taking a car to school with them. Most cases, if the car is registered to you and is listed on your policy, it will be covered.
If They Drive a Friend’s Car: Students are generally covered if they are listed on their parent’s policy and they are not regularly using the vehicle. Your insurance coverage would be secondary. The insurance for the friend’s vehicle would be primary.
Discounts: Full-time students meeting a certain academic requirement can qualify for a good student discount. Distant student discounts may also be available. Drivers under the age of 21 who have completed driver’s education may also get a discount.
Before for your son or daughter leaves for school, give Frimark/Keller & Associates a call at 847-907-4520 or email Keith Armstrong at firstname.lastname@example.org. We will walk you through the steps to make sure you have the correct coverage. We are always here to help.