3 Insurance Factors to Consider When Your Child is College Bound
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Watching your children head off to college brings a roller coaster of emotion: pride, sadness, excitement, and even joy. While you’re preoccupied with making arrangements for tuition and shopping for dorm room furniture, it’s important to take a beat and think about the kind of changes that could occur for your insurance policies once your child heads off to campus.
Here are 3 important insurance factors to consider:
1. Auto Insurance - According to the Independent Insurance Agents of America, 7 out of 10 college students have a car at school. It's very important to make sure you let your insurance agent know where child is going to attend college because this could impact your premiums. Insurance policies always need to be updated as to where your vehicle is going to be garaged, or it may even be a good idea to have them start a new policy of their own.
If your child is not bringing their car to school, it’s important to let your insurance agent know. You may be eligible for a premium reduction! Some student drivers can also earn a premium reduction, if he or she makes good grades.
2. Property Insurance - An average college student owns valuable items that they intend on bringing to school such as: a laptop, printer, TV, and DVD players – all of which could be stolen. The Independent Insurance Agent of America estimates 100,000 property crimes occur on campus yearly.
If these do occur, schools and landlords are not going to cover these losses. Parents should look over their coverage to see what amount is available for their child while they are away at school. In most cases, the homeowner policy could provide enough coverage for the student who is living on or off campus. If they don’t, there are special endorsements that may be required to properly extend the coverage. It’s always important to review your options to make sure there are no coverage gaps while your child is away at school.
3. Identity Theft – Identity Theft has become very common on college campuses, because it can be easy to obtain a Social Security number when they’re often used for student identification. Identity Recovery coverage offers financial coverage, as well as help for a student to get back their identity and credit.
For more information about coverage that you need in place before you child heads off to school, please contact an Assurance representative today.
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