College – a single word that instills joy
in every young adult’s mind. But before you hit the snooze for your first early morning
class, take three minutes for our 101 class: Insurance Coverages for College Students.
This is one lesson you don’t want to miss. Your parents most likely have some sort of
insurance for their home, right? The good news is, typically, a dependent child (that’s
you) under the age of 24 is covered by his or her parents’ homeowners policy so long
as they are enrolled full-time in school and were a resident of the household before moving
to attend school. Your parents’ policy will extend certain coverages
to you while you’re away at school. For instance, if you hurt someone else, or damage somebody’s
personal property, your parents’ homeowners policy will extend coverage for bodily injury
and property damage to others. But before you go setting off fireworks in the Dean’s
office, take note that intentional acts are not covered.
As you can imagine, college comes with some additional risks, so you may want to consider
a Personal Umbrella policy. This offers an additional amount of liability protection
over what most standard coverages offer and can help protect you against things like libel,
slander, false arrest, false imprisonment, wrongful eviction, privacy rights violation,
wrongful detention and even pay for defense costs should you be sued and found at fault
for an accident. – Are you taking a car to school? Do you plan
on driving it for work? Will a roommate be driving the car often? Check what coverages
are in place and if there are any limitations on your policy.
– If you plan on signing a lease for an apartment, you may want to consider renter’s insurance.
This protects all your stuff from covered losses like fire and theft, even if you decide
to travel abroad. What about that new laptop you just purchased?
If it were to be lost or stolen, your parents’ homeowners policy may cover a portion of the
item, but often times the maximum amount of reimbursement is limited. For extended coverage,
you should consider a Scheduled Personal Property endorsement on your parents’ homeowners policy.
– Often time, college students can be victims of identity fraud. Many students open first-time
credit lines without guidance from their parents. Ask your parents to consider adding Identity
Recovery coverage to their homeowner’s policy for enhanced protection.
Before we wrap up our lesson for today, pay attention to these few tips to help you live
life on the slightly safer edge: Do – keep your dorm room or apartment locked
at all times. If you have roommates, make sure they know this is important to you so
they can follow the rule too. Don’t post your vacations or weekend getaways
on social media, at least not until you return. Everyone likes to share their good news, but
by doing so you’re letting potential thieves know your stuff is left unprotected.
Do – remove dryer lint from the dryers before using them. You don’t want to be responsible
for starting a fire! Don’t leave candles or incense unattended.
This is a no-brainer but it actually happens more than you think.
Do – plug your electronics into surge protectors. This defends them against damaging power surges.
When working on a computer, you should make a mental note to save your work often, just
in case of power failures. Before you wave goodbye to dear old mom and
dad, it’s a good idea to give your independent agent a call to check what insurance policies
are currently in place to protect you and your stuff. Be sure to ask if there are any
gaps in your coverage and what additional protection you may need.
See, that wasn’t so bad! Go forth and enjoy your newfound freedom. Class dismissed!