When students leave for college all of their expensive items go with them – cell phones, laptops, TV’s, etc. It is important to be aware of the factors that determine if these items will be covered by insurance. If your child will be living in a dorm on campus, his or her personal property will typically be covered under your homeowners insurance policy. However, you may want to check your policy for coverage limitations on certain high-priced items.
If your child will be living off campus, his or her personal property is usually not covered under your homeowners insurance policy. In that case, you should consider adding a renter’s insurance policy to protect his or her possessions.
Parents should also review their auto insurance options while their child is away. If he or she is not taking a car, there are other options available before dropping them entirely from your auto policy to save money.
Some insurance companies offer a Distant Student Discount for college students with no access to a car except over breaks and vacations. Requirements vary by insurance provider, but in order to be eligible students typically must be at least 100 miles away from home, be attending school full time, and under the age of 23.
As a full time student, your child may also qualify for a Good Student Discount if he or she maintains a grade point average of 3.0 or higher.
OceanPoint reminds you if your child is going away to school and taking a car, it is crucial you inform us immediately. Insurance coverage and laws vary from state to state, so if your child is attending school out of state we will need to update your policy. In addition, your child may need to be listed as the primary operator if he or she is taking a family vehicle.
Call your OceanPoint Insurance agent at 401.847.5200 to review your savings options. We’ll help you keep your child safe, even when you can’t be there to protect them.