Important questions for your insurance agent when your child leaves for college
There are several life changing events when it becomes a great idea to speak with your independent insurance agent. Sending your child off to college is one of them! There are several ways your agent can change your policies to provide better coverage and perhaps even reduce your premiums while your kiddos are earning their higher education.
Did your college student leave without a car?
If your college student will be attending school this fall and leaving their car behind, you should call your agent! Most carriers will allow us to change the driver status to “distant student”. This status can drastically reduce your auto insurance premiums while allowing your driver to use their vehicle during school breaks without having to notify your agent! Be sure to let us know if you are eligible to add this cost-saving option to your policy.
Does your student need a renters insurance policy?
Many homeowner’s insurance policy extend property coverage for contents that are at a secondary residence. Your student’s housing is considered a secondary residence. Typically 10% of the contents limit on your home policy can be extended. Keep in mind your deductible applies to losses to your students property if you use this option. If you want to reduce the deductible for your student or increase the limit of coverage over what could be extended a renters policy is an inexpensive way to accomplish just that.
The personal liability portion of your policy can be extended to your student. Liability coverage provides protection for any bodily injury or property damage your son or daughter may cause while at school (or work or play!). THIS IS A GREAT TIME TO DISCUSS AN UMBRELLA LIABILITY POLICY WITH YOUR AGENT.
What if my student is leaving the household for good?
If your kiddo is moving out of your household there are several things you need to consider.
- Is their vehicle titled in your name?
- Does the landlord require a renters insurance policy? (even if they do not it is ALWAYS a good idea to maintain liability coverage)
- Can (or should) they remain on your health insurance?
Is it time for you to speak with an agent?
Give us a call or request an appointment here