Parents with children studying at post-secondary institutions often wonder whether their kids will be covered under their insurance while they are away from home. From property insurance to coverage for drivers, insurance companies provide a comprehensive range of solutions for students. Even if your child is still covered under your existing policies, it’s always a good idea to check with your provider to ensure you have the right protections in place.
Insurance for University Students: Personal Property Coverage
If you have homeowners’ insurance, your policy likely provides protection for your child’s belongings while he or she is away at school, provided that the student normally lives at your residence. However, this protection typically extends only to a specified dollar amount, and you will need to consult your policy or ask a company representative if you’re not sure what that maximum amount is.
It’s also important to check with your insurance provider to see what belongings are and are not covered under your existing home insurance policy. Some policies specify limits, calculated as percentages of the total coverage amount, while others require that particularly valuable items be individually declared on the policy in order for them to be covered.
Insurance for University Students: Renters Insurance
Renters insurance, also known as tenant insurance, is a good idea for students whose valuables are not completely accounted for under existing homeowners’ insurance policies. Tenant insurance is particularly useful for students living off-campus, as these residences tend to have higher theft rates. They’re also usually located in lower-rent areas of town, which is another way they are subject to increased risk.
Regardless of whether the student is covered by an existing homeowners’ insurance policy or needs to carry a standalone tenant policy, he or she should be proactive about protecting valuables. Experts recommend following these important tips:
- Avoid bringing high-value items away to school unless it is absolutely necessary to do so
- Always lock bedroom doors and homes when you leave, even if you are only going to be away for a short period of time; many thefts are crimes of opportunity
- While on campus, do not leave valuable items unattended in classrooms, libraries, cafeterias and other public places
- Consider purchasing a security cable for an added level of laptop computer protection
- Create an inventory list that covers all the student’s valuables, including photographs of his or her personal property, and submit the itemized list to the insurance company
Insurance for University Students: Car Insurance Considerations
Car insurance can be a tricky proposition when students are involved. If the student is taking a vehicle away to school, it’s recommended that you check in with your insurance provider to ensure your existing coverage will extend to the student’s location. If the student only drives a vehicle when he or she is home, you should keep him or her on your existing policy, but it may be a good idea to change the student’s driving status to “restricted.” This can lead to an immediate discount of up to 50 percent on the cost of the student’s insurance.
Also, be sure to ask your insurance company whether it offers additional discounts to students who get good grades. Insurers typically associate good grades with reduced driving risk, since it implies that the student takes his or her responsibilities seriously. However, such discounts are rarely offered automatically; they must be specially requested, and you may need to provide secondary documentation that confirms your claims about the student’s academic status.
Trustworthy Advice and Great Rates from Lane’s Insurance
Lane’s Insurance is a leading Alberta-based brokerage, offering a comprehensive range of insurance products at highly competitive rates. Because Lane’s is a brokerage, its representatives can get insurers to bid on your business, resulting in highly advantageous premiums. Lane’s also delivers outstanding claims support, excellent customer service and an extensive library of digital resources.
To obtain a fast, free quote on all your insurance needs, please visit Lane’s Insurance online today!