What Parents and College Students Must Know About Insurance
Students going to college these days have more expensive stuff in their dorm room than at home. This is why parents should consider buying insurance to protect such items from damage, loss or possible theft. But aren't students living on campus covered under their parent's homeowners policy? True. But there are circumstances where a separate cover would prove valuable and helpful.
1. Parent's Homeowners Policy
Students are covered under their parent's homeowners policy, provided that they still call their parents’ home their primary address. Even if they live on campus, as long as their primary residence is still Mom and Dad's home, they are protected by their parent’s policy. It is …show more content…
This is also the best time to find out if they need their own separate policy upon moving out.
Ideally, students should remain in their parent’s policy because insurance premium will be lower than if they buy their own cover. The continuous coverage would also mean cheap auto insurance when the time comes that you move out of your parent’s home and live on your own.
4. Discount on car insurance
If your child's car will sit in the driveway while your child is living in campus, give car insurance companies a call and ask for a discount. This is one way to get cheap auto insurance for your child's vehicle. You can further increase your savings by asking for a good-student discount.
5. Engagement ring cover
If your child got engaged during the school break, make sure the engagement ring is insured against loss, theft, and other incidents where the stone could be dislodged from its setting. This is especially true if the engagement ring is quite expensive. You can start with Valuable Items Endorsement if the ring costs less than $10,000. Anything higher should be covered
Students going to college these days have more expensive stuff in their dorm room than at home. This is why parents should consider buying insurance to protect such items from damage, loss or possible theft. But aren't students living on campus covered under their parent's homeowners policy? True. But there are circumstances where a separate cover would prove valuable and helpful.
1. Parent's Homeowners Policy
Students are covered under their parent's homeowners policy, provided that they still call their parents’ home their primary address. Even if they live on campus, as long as their primary residence is still Mom and Dad's home, they are protected by their parent’s policy. It is …show more content…
This is also the best time to find out if they need their own separate policy upon moving out.
Ideally, students should remain in their parent’s policy because insurance premium will be lower than if they buy their own cover. The continuous coverage would also mean cheap auto insurance when the time comes that you move out of your parent’s home and live on your own.
4. Discount on car insurance
If your child's car will sit in the driveway while your child is living in campus, give car insurance companies a call and ask for a discount. This is one way to get cheap auto insurance for your child's vehicle. You can further increase your savings by asking for a good-student discount.
5. Engagement ring cover
If your child got engaged during the school break, make sure the engagement ring is insured against loss, theft, and other incidents where the stone could be dislodged from its setting. This is especially true if the engagement ring is quite expensive. You can start with Valuable Items Endorsement if the ring costs less than $10,000. Anything higher should be covered