A Personal Insurance Update
In the next few weeks, many students will be leaving their summer jobs and heading off to college. For many kids, this will be their first time away from home. Did you know that theft and burglaries make up over fifty percent of campus crime? The right kind of personal insurance, a bit of prevention, and good safety precautions can provide a measure of comfort for families and their children.
It is always best to consult with a licensed insurance professional regarding your need for competitive personal insurance, health insurance, identity theft insurance, and even personal umbrella insurance.
Personal Insurance Issues for College Students
There may be cases where your homeowner’s insurance will provide some level of coverage while your child is away at college. Here are some of the issues we would like to review with you to determine if you have the right kind of personal insurance.
- Personal Property. Most homeowner’s insurance policies provide some limited coverage for personal property away from your premises. This limit is usually less than $1,500 per policy. If your child is taking any computers, electronics, household goods, and clothing, this amount may not be enough. You may want to add additional coverage to cover any theft or covered claim. If you have a high deductible, a renter’s insurance policy might be an option.
- Identity Theft. Identity theft is a major issue on college campuses. We would recommend that you add this coverage to your homeowner’s insurance policy, or at least have us complete a review to determine if you have the right kind of coverage at the best price.
- Renting. Some college students rent an apartment with friends. Many rental companies now require a separate renter’s policy. Some rental companies may offer renters insurance as part of their package. Frequently, you end up paying much more for their coverage versus having us review your options and providing a quote for competitive renters insurance.
- Auto Insurance. If your student takes a car to college, you will need to notify your auto insurance company to make sure the vehicle’s location is reclassified. This may cause your auto insurance to go down, especially if the college is in a small town. Auto insurance rates are based on the garage location, and smaller cities often have lower rates. We always recommend keeping your child on your auto policy, even if they do not have a car at college.
- Health Insurance. Children may remain on your health coverage until the age of 26. If you have a high health insurance deductible you may want to consider utilizing special health coverage offered by the college or university. Many colleges will offer student health insurance at a very reasonable cost.
At Partners Risk Services, our personal insurance products provide our customers with protection for their homes, automobiles and personal possessions, along with personal liability coverages.