Every year in the fall, there are university and college students that take their things and move to a campus to study away from home temporarily. But before packing away laptops, televisions and iPods, students would be wise to have parents review their insurance policy to ensure valuable personal items are sufficiently covered in case of accidental loss or damage while away at school.
The empty nest feeling comes over a lot of parents at this time. While having children away can be freeing in some ways, many parents are anxious for their children's safety. What about all the stuff they take with them to their dorm room? A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. If these things are stolen or lost, what will happen?
The answer is in your home insurance policy. Children who are studying full time away from home at college or university are covered by the majority of parents' home insurance policies. Protection in this case does have it's limits, but parents can opt to increase the coverage provided to their children at school. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. To increase coverage on these kinds of items, take a look at an endorsement or personal property floater.
Certain considerations should be made regarding your child's family member status related to your home policy would be: Do you support your child financially in any way?, Paying their tuition?, Is your child claimed on your tax returns?, Does your child return while school is out of session?, Are you providing their heath insurance?
There may be some other restrictions, such as the child is still financially dependent on you. Coverage is not always applied if your child is self-supporting or is working. You will likely not be able to fully cover your child if they are living in an apartment with kitchen, bedroom, and living room possessions. It may be time for them to purchase their own renter's insurance policy.
Home insurance policies refer to "relatives" as people that are related to the named insured and are "residents of your household." With your child still insured, they take with them to college most of the coverage from your homeowners policy. However, since wording can be different between different policies and vary from one insurance company to another, what is covered, how much is covered, who is covered, how long coverage exists, and what endorsements are available may differ, it's always best to get specifics from your own home insurance provider.
It's a big move in your child's life. Make sure they're properly protected.
The empty nest feeling comes over a lot of parents at this time. While having children away can be freeing in some ways, many parents are anxious for their children's safety. What about all the stuff they take with them to their dorm room? A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. If these things are stolen or lost, what will happen?
The answer is in your home insurance policy. Children who are studying full time away from home at college or university are covered by the majority of parents' home insurance policies. Protection in this case does have it's limits, but parents can opt to increase the coverage provided to their children at school. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. To increase coverage on these kinds of items, take a look at an endorsement or personal property floater.
Certain considerations should be made regarding your child's family member status related to your home policy would be: Do you support your child financially in any way?, Paying their tuition?, Is your child claimed on your tax returns?, Does your child return while school is out of session?, Are you providing their heath insurance?
There may be some other restrictions, such as the child is still financially dependent on you. Coverage is not always applied if your child is self-supporting or is working. You will likely not be able to fully cover your child if they are living in an apartment with kitchen, bedroom, and living room possessions. It may be time for them to purchase their own renter's insurance policy.
Home insurance policies refer to "relatives" as people that are related to the named insured and are "residents of your household." With your child still insured, they take with them to college most of the coverage from your homeowners policy. However, since wording can be different between different policies and vary from one insurance company to another, what is covered, how much is covered, who is covered, how long coverage exists, and what endorsements are available may differ, it's always best to get specifics from your own home insurance provider.
It's a big move in your child's life. Make sure they're properly protected.
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