Getting your child ready to attend College or University is no small life event. You will have a lot to organize, and insurance coverage often becomes an afterthought. Unfortunately, it often remains an afterthought until a claim needs to be submitted.
Before you send your kids off to camp or college, there are some important questions you need to ask. Here’s what you need to know about insuring your children as students, whether they’re away at school or living at home.
Are students covered by parents’ home insurance?
Generally speaking, if your children are at home while attending university, they will be covered by your home insurance policy. However, you should make sure you double-check your insurance policy with your broker before any changes in your routine, even if your child intends to stay home while attending school. Every policy is different, and every situation needs to be addressed individually.
What If Your Child Lives In Residence?
If your children are going to live in residence, they may not be covered by your home insurance. In this case, you may want to look into coverage that specializes in insuring students away from home. Generally, these policies cover all of the same risks as a home insurance policy and are often tailored specifically for student renters or residents.
You will want to check the coverage limits and the exceptions on your home policy as they apply to children who live in residence yet still use your home address as their primary address.
What About Children Living Away From Home?
It is also important to remember that once your children officially leave home, they will need to apply for insurance for their belongings, as normally your home insurance policy does not extend to them automatically.
Should You Get Tenant Insurance?
Parents may want to consider applying for Tenant insurance should their child be living in an apartment while attending school. Tenant insurance can cover their belongings should there be any damage, theft or fire losses.
Make sure that you are open with your broker about as many details as possible when it comes to your child’s living arrangements while attending school. For example, will they have multiple roommates? How far is the residence from where they will be attending school? What is the value of the belongings they have brought with them?
Understanding the available tenant insurance policies will help ensure that your child and their belongings are adequately covered while away at school.
Contact BKIFG About Home Insurance Coverage
Have more questions about insuring your child properly before they attend college or university?
Call BKIFG today to get a quote or to inquire about your current policy and what’s covered.