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. It's a good idea for students to talk to their parents about insuring their valuable property while they are away at school, expensive items like laptops and tablets should be protected against damages and theft.
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. Maybe a TV, certainly a computer and a cell phone, all their clothes, shoes, books, bedding. What will happen if their stuff is lost or stolen?
Check your insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. There is usually a limit on the amount of coverage, but this can often be increased if necessary. Standard insurance limits may not be enough to insure an expensive computer, electronic equipment or jewelry. 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. 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. 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. Be assured that they are safe, and get them protection.
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. Maybe a TV, certainly a computer and a cell phone, all their clothes, shoes, books, bedding. What will happen if their stuff is lost or stolen?
Check your insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. There is usually a limit on the amount of coverage, but this can often be increased if necessary. Standard insurance limits may not be enough to insure an expensive computer, electronic equipment or jewelry. 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. 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. 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. Be assured that they are safe, and get them protection.
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