You're at that point in your parenthood. Your child has completed grades K-12; they are in the summer between high school and the rest of their life. It's been a mad scramble to check every last task off of your To-Do list. So far, you have helped them:
[ x ] Go through the enrollment process
[ x ] Arrange housing on or near campus
[ x ] Shop and shop and shop for the proper school and housing supplies
[ x ] Learn to separate colors from whites in the laundry (with a few pink mishaps)
[ ] Check into the proper insurance coverage for their car, laptop, or other electronics and personal items
If that last one hasn't crossed your mind, you are probably not alone. But it's actually a really important part of sending your college student off to (or back to) school. Have you considered the limitations they might run into with your current policies? The standard coverage for personal property that is available to your student away from home is usually a small percentage of their parent's homeowners Coverage C limit.
So what happens if your son/daughter's suitemates come up with innovative ways to entertain themselves... like spraying fire extinguishers... in their room? (Weirder activities were planned in my dorm, trust me.)
"We didn't know it would completely warp your keyboard and guitar," they will say to your student, who is nearing the end of their first semester as a music major. "Oh, and we didn't see your laptop sitting on your desk, with your mp3 player right next to it."
Your child will come back to ruined equipment, and of course (because this is always the way fate has it in college), they will have some kind of final recital that they need to be practicing for in the next week. Then you will begin to feel helpless knowing that they can't use the necessary resources to prepare for their final exam and, to make matters worse, your homeowners policy only covers a fraction of the cost to repair/replace the damaged property. The most important aspect of purchasing and managing insurance within your family is being educated on your current policies, as well as other options available to you.
For instance, your student’s coverage under a multi-car policy travels to every part of the U.S. that the car does. But where the car is being garaged is very important to speak to your agent about. Depending on the location at school, premiums could rise or fall in comparison to the premium for the family’s residential location. Or what about the potential discounts that your family may qualify for? Did you know that with certain policies, there are discounts for “Good Students” (students who maintain a certain GPA) and discounts for students who don’t drive while they are at school? You won’t know what you can save until you explore the possibilities.
Or better yet, let CLH weigh the options for you. We’ll acquire quotes from several of our trusted companies and compare those with one another to find the best selections we have that you can choose from.
Ensure that your teen is fully covered as they leave for college. Securing everything that you are providing them with as they embark on this new chapter of their life could be an investment almost as rewarding as watching them embrace their adulthood.
CLH Quick Tip: Make sure that you talk to your young adult about insurance to make sure they know that once they turn 25, coverage from your homeowners insurance ends.
Posted by Melissa Caratachea