Career Advice for Job Seekers
Insurance for College Students
William FriersonCollege kids show up at school with a lot more than a big bag full of T-shirts and jeans. They also bring a slew of electronics—computers, printers, smart phones, iPads—that can be expensive to replace. Your homeowners insurance will generally cover students’ possessions if they live in a dorm, and it may provide coverage if they’re in an off-campus apartment, as long as their primary residence is still your home. The rules vary a lot by insurer; most require your child to be a full-time student and under age 24.
Some insurers cap the coverage at college at 10% of the possessions limit on your homeowners policy. So if you have a $200,000 policy on your home with 50% of that amount, or $100,000, for contents, your kid’s coverage at college may be limited to $10,000. The liability limits are usually the same as for you (see Check Up on Your Home Insurance).
If your insurer doesn’t cover your child’s off-campus apartment, or if you’d like higher coverage limits, consider a renters insurance policy. That generally costs just $150 to $200 per year, says Melanie Loiselle-Mongeon, an independent agent in Pawtucket, R.I. If your kid has roommates (who aren’t related), each person needs to get a separate renters policy.
Car insurance. Contact your insurer if your kid goes to a college more than 100 miles away and doesn’t take a car. Your premiums can drop significantly (20% on average at Safeco, for example), but he or she will still have coverage when home for the summer or vacations. If your child takes a car to school, your insurance costs will rise or fall depending on the location. Continue reading . . .
Article by Kimberly Lankford and courtesy of Kiplinger.com
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