Important Insurance Coverage for Students Heading Back to School
Over the next few weeks most college and university bound students will be packing up personal belongings and getting ready for the move away from home to enjoy the much anticipated “campus life”. But before packing away laptops, televisions, and iPods, students would be wise to have parents review their insurance policy to ensure valuable personal items are sufficiently covered in case of accidental loss or damage while away at school.
Parents and students should be sure to consider the following tips when assessing their insurance needs:
- Most home insurance policies extend liability to children while away at school.
- Most personal belongings for students living on campus or off-campus apartments are covered under the parent’s homeowners or renters’ insurance policies, however, some policies may limit the amount of insurance coverage available.
- Standard insurance limits may not be enough to insure an expensive computer, electronic equipment or jewelry. Consider buying a personal property floater or an endorsement to increase the limits on these items.
- Parents should think about purchasing a tenants policy in the student’s name while away at school. Tenants insurance will adequately cover all of the student’s personal property and provide extensive liability coverage at an affordable cost.
- Parents, who have ever considered removing their child from their car insurance while away at school should know that most insurance companies offer a “Student Away Discount” to ensure their child is still covered under their car policy when they come home to visit at a discounted price.
- Inform your car insurance company if you intend to take your vehicle to attend a school in another province. Some car insurance companies may not be licensed to insure outside of your home province.
If you aren’t exactly sure what coverage you have, reach out to one of our experienced brokers to discuss your current insurance policy and get the coverage you need in place. Call us today at 403.296.2400
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