Protect your student at college July 2015 (Provided by Ohio PIA)
Knowing if you have the right insurance coverage for your college child isn’t always black and white. Read our tips to make sure you haven’t overlooked any important considerations.
Auto insurance and college
Depending on your answers to these questions, you may have only limited or no auto protection for your college student in certain scenarios.
· Does the child meet the criteria to be classified as a college student?
· Is he considered a resident of your home?
· Does she attend college out of state?
· Will the student take a vehicle to college? If so, whose name is on the title?
· Will the student be driving other people’s cars frequently?
Call us so we can explain what your policy covers. We’ll also check for any applicable discounts, such as:
· A lower rate if your child attends college over 100 miles away and doesn’t take a vehicle
· Good-student discounts (for grades)
· Multi-policy discounts, and more
Note that when your child stops attending college or moves out of your house, that may change how and if he is covered by your policy. Inform us when this happens.
Are my child’s possessions covered by my homeowners insurance?
Yes, but there are drawbacks.
· Most homeowners policies provide only limited coverage for the belongings of students under age 24 who live away from home and are enrolled in classes.
· Coverage is typically limited to 10 percent of your homeowners personal property coverage
· Some items, like jewelry, electronics and computers, may have a separate coverage limit or may need to be covered by a special policy
· Any claim filed for your child’s loss will go on your record, and keep in mind there is a higher risk of theft at colleges
· Some homeowners policies don’t cover students who live off campus
What about renters insurance?
If you want to provide your student at college with full coverage for the same types of losses covered by your homeowners policy, the best option is for the student to purchase renters insurance in his name. We can help you decide if your child needs such coverage.
The average cost of renters insurance is between $15 and $30 a month, according to the Ohio Department of Insurance.
What to know about health insurance
Don’t assume that the college’s clinic or hospitals and urgent care centers near campus are covered by your health policy. Check with your provider.
Discuss these simple precautions with your college student
· Lock your doors whenever you leave the dorm room
· Always store possessions like phones, tablets and keys out of sight
· Leave valuables at home if they are not a necessity
· Don’t leave backpacks, laptops or other belongings unattended in classes, dining halls, libraries or sports fields
· Use a laptop security cable or bike lock to deter thieves
· Don’t ever leave valuables visible in a parked car
· Keep digital copies of store receipts for high-cost items
Why would a college student need life insurance?
If a parent co-signed on private student loans, the parent is still responsible for that debt in the event the unthinkable happens. You could owe thousands of dollars. An inexpensive term-life insurance policy would cover that cost.
Should you have more questions, please give us a call at 740-990-7107 or shoot us an email kim.gilles@gillesinsurance.com