For children who are embarking on their own journey away from home, it is important to make sure that they are covered for their risks while at their university. Midwest Certified Insurance Agency is here to help you navigate this exciting next chapter.
Personal Items Coverage
Be sure that your student’s personal belongings are covered while they are at school by getting personal items coverage.
Create an inventory of your student’s belongings before they head off to college. Estimate worth, take photos, save receipts, serial numbers, and as much other information about the items as you can. There are apps that can be helpful for this process and a home inventory, such as Sortly, Momento and Nest Egg.
Itemize any items worth more than $1,000 since, in most cases, there is a cap on how much coverage particular items or types of items receive under your policy. Should that limit be exceeded, additional coverage may be needed.
Your existing homeowners policy may extend some personal property coverage to your student. Midwest Certified Insurance Agency can help review your coverage and determine if any additional might be needed.
Renters Insurance
If your student is living off campus, renters insurance is a smart move.
This can lend for additional protection to personal items coverage, as well as liability coverage for guests.
Check out our blog on Renter’s Insurance for College Students
Car Insurance
If your student is still being supported by your household financially, they are still considered a member of the household for insurance purposes even if they are living away at school.
If they take a car to their university, they can stay on the household’s auto insurance policy. However, be sure that they are the only driver of the vehicle, meaning they don’t lend the car to friends while away at school. Many policies also offer good student discounts. If your student has a high GPA, you may be eligible for a reduced rate.
If your student purchases their own car, they will also need to purchase their own insurance policy. Be sure to contact Midwest Certified Insurance Agency to help them find the best auto insurance for their needs.
If they do not take a car to their university, you can likely remove them as a driver on the policy. This can potentially reduce your rate. However, if your student comes home and drives during the summer or a longer period, they will need to be added again.
What About Umbrella Insurance?
Like other policies, if you are supporting your student, they are still considered part of your household and may be subject to protection under your umbrella policy. This may give your students additional liability protection in accidents. Contact us to review your policy to see what coverage extends to your students.
Contact Midwest Certified Insurance Agency to review your coverage, add additional coverage for your college students, and answer any questions you have.
847-640-8000
personal@midwestga.com
