Off to College: Insurance for the Next Step

August 2017
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We know sending your kids off to school can be stressful and hectic. There are so many decisions to make, good-byes to say, things to collect and pack, and large checks to write. And we’re about to add another thing to that to-do list. Whether your 18 year-old is off to school for the first time, or your young adult is headed into his or her final year as a student, it’s important to thoroughly review your insurance policies. Why, you ask? College is already expensive enough. We want to make sure your most precious of assets is fully protected even when away from home.

Homeowner’s Coverages

Personal Coverage: In general, most policies cover 10% of Coverage C, aka property owned by an insured at residence other than the policy holder’s. For example, if your policy guarantees $100,000 worth of personal property coverage, your policy will typically provide up to $10,000 worth of coverage for your student’s property if he/she is living in a dormitory.

Liability: Homeowner’s policies generally exclude property rented to an insured, so dorm room or rental damages would not be covered.

Renter’s Insurance: Landlord policies don’t typically cover renters’ possessions, so if your base policy can’t meet the needs of your college student, consider helping them get an additional renter’s policy.

Ensuring Adequate Coverage: At the end of the day, we’re here to help you. If you’re not sure of what your policy protects or covers, give us a call. Its also not a bad idea to keep a written inventory of what your student takes with them, including photos and receipts.

Auto Coverages

Coverage Without A Car: If you student plans to drive one of your cars when they come home. We’d hate to see them stranded in the house on holiday vacation.

Coverage With A Car: In most instances, your auto policy will cover both your student driver and car. However, you will want your carrier to write a specific policy in the state and location of your driver’s college.

Driving a Friend’s Car: If your student is borrowing a roommate or friend’s car, know that your policy will generally cover your driver IF they are listed on your policy and DO NOT have regular access to a car.

Coverage Discounts: Most carriers offer coverage discounts for students, including a distant student discount or a good student discount.

  1. Distant Student Discount:Student must live more than 100 miles away from home and not have regular access to a car.
  2. Good Student Discount:Drivers must have good academic standing with an accredited school. They must take a full course load each term and maintain a certain GPA.

Going to college is an exciting time for families, but dealing with insurance should be the least of your worries. At Atchley & Associates Insurance Services, we understand that everyone’s situation is different, and as independent agents, we’ll take the time to review your coverage and discuss the specific options available to you — give us a call today at 951-275-0340.

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