Remember insurance for college kids

College students have already begun to head off to school. As a parent, you’ve done all you could to prepare your child for college. Have you thought about their insurance needs asks the Professional Insurance Agents of New York State Inc (PIANY).
One thing to think about is insuring your children’s valuable possessions.
“Check your homeowners policy to see if the items your child is taking to college are covered in case they are damaged or stolen,” said Donna Chiapperino, president of PIANY.
“Prepare and maintain a list of possessions such as computers, televisions, stereos, cameras and jewelry, including the original cost and purchase date. If the value of these items exceeds the off-premises coverage limit of your homeowners policy, purchase additional coverage. You’d be surprised how much everything adds up.”
Students living on campus may be protected by the parent’s homeowners policy, as long as the student maintains residency in the parent’s household. Some insurers expressly define what “residency” means in their policy, but many insurers leave room for interpretation.
Before a claim occurs, be sure to find out what criteria your insurer uses to determine whether your student child is still a resident of your household.
College students renting an off-campus apartment or house while away at school may need to consider purchasing a renters policy, depending on the situation. In order to get the best protection, choosing a scheduled coverage option probably makes sense for high-value possessions such as computers, musical instruments and jewelry.
Auto insurance is another consideration for college-bound kids. If your child is attending school more than 100 miles from home without custody of a household vehicle, you may be eligible for a reduction in your auto insurance premiums. If your child has custody of a vehicle at school, then the insurer may want to rate your insurance based upon where the vehicle is garaged.
And, don’t forget to instruct your child on what to do in case of an accident and where the important documents (i.e., insurance card and vehicle registration) can be found, suggests PIANY. – Courtesy of PIANY