My son is leaving for college……there I said it. I have been fighting back the tears for weeks, I know this is a good thing for him but I have only had 18 summers with him and it does not seem to be enough. As a Financial Planner it raises a great question that I had not considered before. Does he need a separate insurance policy for his things. I asked the insurance broker in our office, he is an expert at commercial and residential Insurance. I am sharing his answer with all of you mom and dads that may be wondering the same thing: If you own a home then you certainly have homeowners insurance. As long as your child is living on campus, they are covered under that policy…Whew….not another unscheduled expense. If you are a renter then you and your child should purchase individual renters insurance. In the case that you have homeowners insurance, the liability limits will be the exact same amount reflected on your policy but the content coverage (look under coverage C on your policy) normally will be 10% of the total content coverage. If your child is living off- campus, they will need a renters policy. That policy will only cover their stuff so the roomy will need his/her own.
Here is a good checklist:
Take inventory of what is going off to college. Pictures are always good and keep receipts.
Decide If they are leaving their car at home and moving 100-150 miles away, if so, it is a great time to shop car insurance. You may receive big discounts! However, even if they are taking the car to college with them, you need to let your agent know.
If they get good grades you may also qualify for “Honor Roll” discounts. Of course, you can call us at the Evolve Group with any additional questions or to shop rates.
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