Back to School! Coverage for College Students
Back to School! Coverage for College Students
Art Glasgow, Peck-Glasgow Insurance
While the weather is still hot at this writing in the South, back to school time is approaching. Football season will have campuses buzzing with excitement. Classes resuming brings lots of activity. Make sure that you are prepared with the proper coverage you and your student need.
Let me make a note at this point: It is best to always discuss these coverage with your professional insurance agent. Coverages vary by company and endorsements, so it is always best to get clarification for your individual circumstances. This article is more general in nature.
How much “Stuff” does your student have? While space may be limited in dorm rooms and apartments, students find a way to fill it! Clothes, shoes, books, computers, TV’s, and other electronic gadgets can add up to a great deal of money if you have to replace it. Most companies provide 10% of your cover C (personal property) limit extended from your homeowner policy. Some companies have endorsements that provide coverage up to the Coverage C limit for personal property.
Age Guidelines and Part-Time Students. For coverage to apply to a student away at school, the student must be full-time as well as meet certain age requirements. If a relative of the insured, the student must be under age 24. If in the care of the insured or a resident relative typically this is age 21. In most cases, if the student is part time, and above these ages, a renters policy may be the best way to cover their belongings.
Can I Insure my Child’s Computer? This is a common question, and it depends on your insurance company and how they view coverage. Some insurance companies have endorsements that cover them with limits of up to $10,000 with no deductible. Other companies may cover it as personal property, subject to the Coverage C limits and the property deductible for your homeowner policy.
Other Items to consider. Cell phones are the way students and parents stay in touch in today’s world. Under a basic homeowner insurance policy, a lost/stolen cell phone may be covered as personal property and subject to the policy deductible. Certain insurance companies have endorsements that cover cell phones without a deductible. My best recommendation is to add coverage to your cell phone plan. No need to risk excessive homeowner insurance claims and coverage over a cell phone!
Automobile Coverage. You need to discuss this with your professional insurance agent. If they student is over 100 miles from home without a car, they may be rated as a part time operator. If they have a car at campus, make sure it is rated based on the address where it is garaged during the school year.
As you can see there are many things to consider with a student away at college. These are just a few suggestions to consider, and remember they are only general in nature. A thorough insurance review with your insurance agent is recommended in order to best cover the risk’s that you face in life.
Check with a professional Peck-Glasgow Insurance Agent to review you rates and coverage for all your insurance needs.