Each September, a lot of students will be starting school away from home at a college or university, and they will be taking a lot of personal items along with them. Parents should discuss this with their children prior to them leaving, so they can be sure that tablets, laptops, and other important items that belong to their children will be protected while they are away.
Getting that empty nest feeling? 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. A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. What will happen if their stuff is lost or stolen?
Check your insurance policy. Most home insurance policies will extend coverage to your child who is temporarily away from home, and is attending a university or college as a full time student. The coverage provided is typically limited, but if necessary, most policies allow you to add extra coverage. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. To increase coverage on these kinds of items, take a look at an endorsement or personal property floater.
Some questions to consider when trying to determine whether or not your child is a family member under your home insurance policy are: Does your child receive any kind of financial support from you?, Do you claim your child on your tax return?, Do you provide any health insurance for your child?, When the college has breaks does your child return to your home during that time?, Are you paying for their college bills?, etc.
If your child is dependent on you financially, other restrictions could apply. Coverage is not always applied if your child is self-supporting or is working. When your child is living in a full apartment with bedroom, kitchen and living room, your policy may not be able to provide enough coverage for them. They would likely require their own renter's insurance at that point.
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. Keep in mind that insurance policies can vary in a lot of ways, so covered items, limits of that coverage, who is eligible, and the duration of the coverage should be reviewed by the homeowner.
Your child has many big moments in their lives, and this move is one of the biggest. Provide the necessary coverage to keep them protected.
Getting that empty nest feeling? 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. A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. What will happen if their stuff is lost or stolen?
Check your insurance policy. Most home insurance policies will extend coverage to your child who is temporarily away from home, and is attending a university or college as a full time student. The coverage provided is typically limited, but if necessary, most policies allow you to add extra coverage. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. To increase coverage on these kinds of items, take a look at an endorsement or personal property floater.
Some questions to consider when trying to determine whether or not your child is a family member under your home insurance policy are: Does your child receive any kind of financial support from you?, Do you claim your child on your tax return?, Do you provide any health insurance for your child?, When the college has breaks does your child return to your home during that time?, Are you paying for their college bills?, etc.
If your child is dependent on you financially, other restrictions could apply. Coverage is not always applied if your child is self-supporting or is working. When your child is living in a full apartment with bedroom, kitchen and living room, your policy may not be able to provide enough coverage for them. They would likely require their own renter's insurance at that point.
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. Keep in mind that insurance policies can vary in a lot of ways, so covered items, limits of that coverage, who is eligible, and the duration of the coverage should be reviewed by the homeowner.
Your child has many big moments in their lives, and this move is one of the biggest. Provide the necessary coverage to keep them protected.
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