My son went to college this fall. Do our homeowners insurance to cover his things while he was in school? And we should do about car insurance?
Your homeowners insurance will generally pay him if he lived in a dormitory. He will have the same limit of liability, if he is in your home, but his range of property may be limited to 10% of your total property coverage (the rules vary by the insurance company). Many homeowners property insurance policy for coverage of up to 70% of family coverage – so, if you have a $ 200,000 home owner insurance, you have to cover up to $ 140,000 in property your home, up to $ 14,000 coverage for those OTC , such as items in a dorm. Add up the value of your son’s things, and make sure you have adequate coverage – you may want to purchase some additional coverage, if he has an expensive computer systems and other valuable electronic products.
Your home insurance policy, but may not include your son, if he is living in a 12-month lease off-campus apartment. In this case, it’s a good idea to buy a separate renters insurance policy. Rental coverage is surprisingly cheap – often just $ 125 to $ 200 a year, which will cover all student property and liability insurance to provide $ 300,000 $ 100,000 Ed Charlebois, vice president of personal insurance for travelers say . If your son has a roommate, everyone should get their own insurance policy for renters, will cover his own property and liability Charlebois said.
Most renters policies will also pay an additional fee to live elsewhere temporarily if the apartment is damaged If your students need to move out for a while. And both homeowners and renters policies will cover your son’s laptop or other items if they are stolen, and he is from his apartment or a dorm. For example, it will be covered in the school library a stolen laptop. Also ask your student for any period if restricted to travel abroad – companies such as Chubb, to provide global coverage, but some people do not
Some policies even further expand the coverage – USAA rental policy provided covering earthquakes, floods, this is not aThe family property insurance. Chubb homeowners insurance policy to cover students up to the age of 25 who are idered part of the pros and cons of your family, it can also be reimbursed the extra tuition, room and board and other expenses the insured, if you live in student housing management school demand, because the school was closed and transferred to another school because of hurricanes, floods, fire or other covered event.
This is a good idea to take your child’s things, because he is moving into dorms or apartments list of recommended June Walbert, certified financial planner USAA. This is a simple time, listing all his belongings and any special information (and keep a copy of the receipt of anything of value), it can make the claims process go more smoothly if something does happen. Insurance Information Institute know your stuff home inventory can help you get started.
let your car insurance company know that your son is going away to college, even if he does not go to school by car. If he went to school more than 100 or 150 miles away from your home, no car, you can get your auto insurance premiums a big discount, but there are still covering him when he went home holidays and vacations, or if he borrowed the car, and leave the school. If he really need a car, his premiums may rise or fall depending on the university, his parking his car, the number of claims the insurance company had to pay in this area where position. Either way, be sure to let your insurance company know if your son to get good grades – whom many insurers continue to maintain a B average or better discount on car insurance college students
See four reasons. Re-store your car insurance, learn more about auto insurance to save money, buy homeowners insurance homeowners insurance related, and make sure you have the right amount of detail reported basis.