Insurance Coverage Your College Kid Needs
Parents, even though you’ve thought of everything from textbooks to dorm furniture to electronics, you may be forgetting one important element your college kid needs: insurance. There’s a common misconception that college kids don’t need any insurance in Connecticut. However, as your child heads off to college, keep in mind that he or she may need some coverage to protect their finances, future, and belongings.
If your child leaves the car at home, ask your insurer about an away-at-school discount. Many insurance companies offer a price break if the college is at least 100 miles away from home. You may want to keep the child listed on the policy so that he or she has coverage at home on breaks. Some insurance carriers offer excluded driver endorsements, too. Exclusions on an insurance policy are pricing variables that maybe used as a risk management tool to avoid paying the higher premium of a higher risk driver. A professional insurance agent should be consulted, and coverage declinations need to be understood by all parties. Excluding a student who is away from home may lower the insurance premium; however, as implied the student would not be covered on the parent auto policy with such exclusion endorsed to a policy.
If your child is staying on campus, his or her belongings will (most likely) be covered under the parent’s homeowners insurance policy. As a parent, you may want to consider purchasing additional coverage for items of high value, such as laptops and TVs.
However, if your child is living off campus, renters insurance is required. Your current homeowners insurance will not cover them if they are living away from the college. Renters insurance covers belongings, additional living expenses and provides liability coverage. This means that if a disaster, such as fire or theft, or someone is injured while visiting your kid, damage expenses are covered (up to the policy limit). Most students living off-campus have thousands of dollars of personal items, from TVs to bikes to clothing, making renters insurance even more essential.
Check out more of what renters insurance can cover. For help finding the right personal insurance in Connecticut, and the surrounding cities, contact the independent insurance professionals at North American Underwriters. Serving New Britain, Bristol, Farmington, Plainville, and all of Connecticut; we will work with you to ensure you have the right amount of protection for your specific situation, all at the right price.