Sending a child to college is a big deal. As a parent, you do everything you can to make sure he or she is prepared for success. Part of this process should include reviewing your insurance coverage to make sure your child is protected while away from home.
College students usually take a lot of valuables to school—laptops, TVs, cell phones, tablets, bicycles, and more. Not only are these items expensive, they’re important for academic success, so it’s important to protect them against loss. The most common types of student property loss are theft and accidental damage. Luckily, there are a few ways to protect a student’s belongings away from home.
If your child lives in a dorm or college-owned property, your homeowners or renters insurance typically covers possessions in the event of theft, fire, vandalism, or other event that would be covered at home. Review your policy first. Coverage may be limited to a percentage of the full coverage you have at home. For expensive items like laptops, you can purchase an endorsement or personal property floater to provide additional coverage. Your policy’s deductibles will still apply, too. If you have a high deductible, you might consider lowering it while your child is away at college.
Students who live off-campus may not be covered by their parents’ homeowners insurance. Students who live in an apartment should consider purchasing a separate renters insurance policy. These policies can provide property coverage, liability coverage, and even living expenses if an apartment becomes uninhabitable due to fire or other event—usually for pennies a day. The average cost of renters insurance is less than $20 per month. It also protects the policyholder’s property all around the world, so no need to worry about coverage while studying abroad.
You should review your auto policy before your student hits the books. Because you’ll have one less driver in the house, you may be eligible for a discount if your child doesn’t take a car to college. If he or she will have a vehicle at school, talk to your Yetter Insurance agent to make sure your child is properly covered. Students may also be eligible for discounts based on good grades, which is another reason to review your policy.
College is expensive, and more and more students are relying on student loans to help foot the bill. Although no one wants to think about it, a life insurance policy can help protect parents and co-signers in the event of a student’s untimely death. On top of tragedy, repaying a student’s loan debt can cause a lot of financial hardship for a family. Buying a life insurance policy at a young age also allows the buyer to lock in the best possible rates and provides protection for the future.
Accidents can happen. From a car crash to a tragic accident, a catastrophic loss can cause financial devastation if you’re not properly protected. Extra liability coverage on top of your auto and homeowners policies can give you the peace of mind and protection you need in case your student (or any member of your family) is sued because of an accident.
We’re Here to Help
Talk to your Yetter Insurance Agent before sending your child off to college. We’ll help make sure your family is as protected as possible at the best rates possible. Contact Yetter Insurance today at our Milford office; visit www.yetterins.com or call 570.296-8546.