As students head back to school, many parents find themselves breathing a sigh of relief. But before you fully relax, it’s important to consider whether your insurance policies are up to date and adequately cover your student’s new circumstances. Here are some key considerations to discuss with your local independent insurance agent.
Auto Insurance Considerations
When your student takes a car to school, it’s crucial to update your auto insurance policy accordingly.
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Garaging Address: If your student has taken a car to college, have you updated the garaging address? This can affect your premium and ensure coverage is accurate.
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Distance Discount: Is your student attending school more than 100 miles away? You might be eligible for a distance discount, which can save you money.
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Good Student Discount: If your student maintains a B average or better, you could qualify for a good student discount. Make sure this is applied to your policy.
Homeowners Insurance and Student Coverage
Your homeowners insurance policy may offer some protection for your student’s belongings, but it’s essential to verify the details.
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Personal Property Coverage: Typically, your home policy provides 10% of your personal property coverage for your student’s belongings. However, ensure your student qualifies as “an insured” under your policy.
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Liability Requirements: Check if there are additional liability requirements imposed by your student’s landlord or school. These may require adjustments to your current policy.
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Renters Insurance: Consider a simple HO-4 renters policy for peace of mind. It’s an affordable way to ensure your student’s possessions are protected.
Taking the time to review and adjust your insurance policies can provide peace of mind as your student embarks on their educational journey. For personalized advice and to ensure you’re adequately covered, reach out to your local independent insurance agency today.
