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College Student Insurance

Do have a son or daughter heading off to college soon?  Is the car loaded with their belongings: clothes, electronics, sports equipment, computer?  It seems like a lot of stuff, right?

So, what’s the risk?

You can start by checking the FBI crime list for college and universities here. (Opens new window)

If you add up the value of those belongings, it can be a lot; not to mention the liability that goes along with it.  Here are a few questions to ask yourself and a guide to help make better risk decisions.

  1. Is your student taking a car to school with them?
    • YES – Tell your insurance advisor that the car will be kept at a new location.  Also consider who else might be driving that car, other students you don’t know.  Whose name is titled on the car?  Call your insurance advisor for an auto insurance limit review.  Increase your liability limits and consider an umbrella policy for added lawsuit protection.
    • NO – If your student’s college is more than 100 miles away from home, you may qualify for a discount on your auto insurance.  Contact your insurance advisor for details.
  2. If your student is enrolled full-time and earning a 3.0 or above, they may still qualify for a good student discount.
  3. Is your student hauling a truckload of belongings with them to college?
    • Personal items in a residence hall room or an off-campus apartment may be covered under your homeowner’s policy.
      • The challenge is that a claim will follow the homeowner’s policy, which may have a much higher deductible.  There also may be coverage limitations, especially for off-campus apartments. Consider a renter’s policy for $10-20 a month; most can get a lower deductible as well.
    • Special items with unique values have limited values on homeowner’s policies.
      • For items such as computers, electronics, guns and jewelry, consider scheduling these items or obtaining a specialized policy built to address the values of these items.
  4. The simple fact that your student is away from home presents its own liability.  Having a renter’s insurance policy in place will provide liability coverage for some of the things that may go wrong while away. Most renter’s policies can provide up to $500,000 in liability coverage for $20-30 bucks per year.
    • Consider the simple act of cooking ramen noodles in a hotpot in a residence hall room.  The hotpot gets too hot and shorts out, starting a fire.  How much damage do you think could come from a little incident like this? Much more than you think: not just the damage to the building, but all the other resident’s belongings damaged from smoke as well.  Guess who might be on the hook?

Have questions and need more guidance?  Don’t have an advisor?  Give us a call: 816-254-6100