Leaving for College? Is Your Insurance Ready?

Wow, it’s already THAT time of year. (No, not football season…although I’m rather pumped about that myself!) It’s time that sons/daughters who have been home for the summer start heading off to college…moving in to dorm rooms or apartments…and getting ready for the new school year.

Major changes in family life should always make you think whether your current insurance policy meets your needs. This major life change of having them move off to college should make you think about whether they’re covered under your existing insurance policies. Let’s explore further...

Auto Insurance

The first question to consider is whether a car is going with them to college. (I’m going to assume ‘yes’ for most of my response here.) If they are taking a car with them to college and you are going to continue to cover them under your existing auto policy, then you should ensure that they are specifically listed as a driver for that particular vehicle on your auto policy.

If your child goes off to school and is going to continue to have permanent residency in your household but doesn’t take a car to college, you could look into “student away coverage”. They will be listed as a driver on your policy for the times that they are driving at home (say, the holidays).

Property Insurance

The next question to consider is what about coverage for “stuff”? Things like a laptop, a cellphone, jewelry, a bicycle, etc. are valuable items that I’m thinking about here. The question is “moving into a dorm, are you covered”? If the student remains as a permanent resident of your home and is listed on your home insurance policy, then personal property coverage would apply to them, even when they are away on campus if the dollar coverage is adequate.

I recommend checking your specific policy to ensure that the insured value of property would cover the big ticket items like I mentioned above. I also recommend taking pictures of the specific big items just in case something does happen to the item. It will make filing that claim a little easier. On the other hand, if the student is no longer a resident of your home, then they should have a separate renters insurance policy to cover such items.

There’s a lot to think about when a son or daughter goes away to college. I remember those 25+ trips to Walmart. But, taking the time to check your insurance policy for proper coverage is a good precautionary step for taking care of them even when they’re not under your roof.