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.
Many parents begin experiencing empty nest symptoms. It's an exciting, yet anxious time when your kids leave home to attend university. Kids take all kinds of possessions away to school as their dorm room is their new temporary home. A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. What happens in the case where these things are lost, or if your child is the victim of theft?
Check your 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. The coverage provided is typically limited, but if necessary, most policies allow you to add extra coverage. The majority of standard policies will have limits for property that is extra expensive such as jewelry, computers, or other electronics. When extra coverage is necessary, ask your insurance agent about a personal property floater, or an endorsement to your policy.
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?
Other kinds of restrictions could be applicable if your child depends on you financially. Coverage is not always applied if your child is self-supporting or is working. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. They would likely require their own renter's insurance at that point.
People who are related to the named insured and are residents of your household are covered by home insurance policies, and your child is still mostly protected by your policy while away at school. 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. Provide the necessary coverage to keep them protected.
Many parents begin experiencing empty nest symptoms. It's an exciting, yet anxious time when your kids leave home to attend university. Kids take all kinds of possessions away to school as their dorm room is their new temporary home. A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. What happens in the case where these things are lost, or if your child is the victim of theft?
Check your 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. The coverage provided is typically limited, but if necessary, most policies allow you to add extra coverage. The majority of standard policies will have limits for property that is extra expensive such as jewelry, computers, or other electronics. When extra coverage is necessary, ask your insurance agent about a personal property floater, or an endorsement to your policy.
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?
Other kinds of restrictions could be applicable if your child depends on you financially. Coverage is not always applied if your child is self-supporting or is working. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. They would likely require their own renter's insurance at that point.
People who are related to the named insured and are residents of your household are covered by home insurance policies, and your child is still mostly protected by your policy while away at school. 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. Provide the necessary coverage to keep them protected.
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