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Many of my clients have children making their first move away from home and going to college.  Regardless of what college their child is going to, this is a very exciting (and slightly strenious) change for all involved.   Something that can make this milestone a little less stressful is knowing how children are covered under their parent’s insurance while away at school.

When young adults go off to college, they usually bring a lot of valuable personal items with them such as a laptop or a smartphone.  To avoid any surprises, it’s a good idea to see if these items are covered under your homeowners insurance even if the child is not living at home. Luckily for many families if their child is living on campus in a dorm, most homeowner’s policies will extend 10% of personal property coverage to another residence.  If a child is living off campus in an apartment, this property coverage becomes more complicated and it is suggested families call their insurance agent to see if they are still covered. Some carriers will provide the 10% coverage if the child is still a legal resident of the household.

Another important component of homeowners insurance that applies to college students is liability coverage.  If they are living on campus, it is very likely that their liability coverage will be extended from the homeowner’s policy.  This is very possible for off campus living as well by asking your insurance company to extend the liability coverage to the apartment.  If that’s not possible, your child would need to have a renter’s insurance policy.  Keep in mind that it will only protect your child, and not his or her roomates. Regardless of what the child’s living situation will be, it’s always a good idea to check with an agent or insurance company to make sure they are covered.

Auto insurance may encounter some changes when a child goes off to school as well.  If  your student will be 100 miles away and will not have a car, a credit will be placed on the policy and the premium will decrease.  On the other hand, if the child goes to school in the same state they are insured in and brings their car with them, changing the garaging address may reduce the premium as well.  Depending on the student’s situation, making changes to your policy can bring down your premium.

Looking for auto or homeowners insurance? Call us at 847-430-3342 or click here to get a quote.

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Posted 2:00 AM

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