Kid heading to college? Check your property insurance
Today's college kids have a lot of valuable stuff in their dorm rooms: laptops, smart phones, stereo equipment, clothing and furniture.
All of this is covered under the parent's homeowner's or renter's policy, but there are limitations, as Karl Newman, President of the NW Insurance Council explains.
"And typically, you're looking at 10 percent of the parent's property coverage which can often be somewhere between $1,500 and $5,000. So you want to make sure you have enough coverage. If you need additional coverage, talk with your company or agent."
That coverage may also extend to off campus housing. But again, it's best to check your policy.
Maybe your son or daughter is taking the family car to school with them. Newman says if they do, you are required to tell your insurance company. Depending on where the school is located, your premium could go up or down.
"Now if they don't take your car with them and you still want them to have the ability to drive your vehicles when you come home, you can often get a reduce rate, called a distant student discount, so you want to ask about that as well."
For more information
If Your Child Is Headed Off to College, Remember to Study the Insurance Implications
All of this is covered under the parent's homeowner's or renter's policy, but there are limitations, as Karl Newman, President of the NW Insurance Council explains.
"And typically, you're looking at 10 percent of the parent's property coverage which can often be somewhere between $1,500 and $5,000. So you want to make sure you have enough coverage. If you need additional coverage, talk with your company or agent."
That coverage may also extend to off campus housing. But again, it's best to check your policy.
Maybe your son or daughter is taking the family car to school with them. Newman says if they do, you are required to tell your insurance company. Depending on where the school is located, your premium could go up or down.
"Now if they don't take your car with them and you still want them to have the ability to drive your vehicles when you come home, you can often get a reduce rate, called a distant student discount, so you want to ask about that as well."
For more information
If Your Child Is Headed Off to College, Remember to Study the Insurance Implications
"Kid heading to college? Check your property insurance." Â Actually "kids" is an inappropriate label. If you're 18 or older, you're an ADULT.Â
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More than ever before, "kids" are not the only ones in college these days. Adults of ALL ages have returned to better themselves and kick start their career due to our 5-6 year old economic crisis.Â
We purchased renter's insurance through our son's school for him. I would rather have a separate policy than end up having my rates raised should something happen to his stuff...