The Bridge Between Childhood and Independence: College Students and Your Insurance

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Make sure they’re protected as they sail off to pursue their dreams.

Sending a student away to college is the bridge between childhood and independence, and while it is a transition both parent and child must prepare for, Preferred Mutual has compiled a list of important issues to consider!

The moment’s come. You’re sending your child off to college, and you’re filled with pride, joy, anxiety and sentimentality. While it’s hard letting go, you’ve spent the past 18 years preparing for this moment, and because you’re a parent, you still want to make sure they’re protected as they sail off to pursue their dreams.

Auto Insurance for College Students

You might think that if your student goes away to school and doesn’t take a car, you can drop them from your policy and save some extra money each month. However, Preferred Mutual recommends that you keep your college student listed on the policy for a number of reasons:

  • They will be fully protected if they come home for a weekend visit and wants to drive.
  • They will have insurance protection when they drive a friend’s car while away, and that vehicle isn’t adequately insured.
  • They will be fully protected if they are hit by a car while walking or riding a bike, or even while being a passenger in someone else’s vehicle.
  • Continuous insurance coverage can be beneficial when they get their own auto insurance policy.
  • Your child may help you qualify for discounts!

Make sure you inform your insurance agent that your student will be taking a family vehicle with them to college!

Home and Renters Insurance for College Students

Students’ possessions, like laptops, cell phones and printers, in a college residence hall are typically covered under their parents’ homeowners insurance policy, protecting valuables if the value of the damages or stolen items exceed your deductible.

It’s important that you connect with your insurance agent to ensure that your homeowners policy is adequate, as you might need additional coverage to insure expensive items like jewelry, musical instruments, or expensive sports equipment.

Adversely if your student moves out of the college residence hall and into off-campus housing, a new set of issues arises:

  • Co-signing leases: As a co-signer, parents could be held liable if anyone is hurt or injured at your child’s apartment. Make sure to add the location to your homeowners policy, ensuring proper liability coverage, and talk to your student about the risks involved when hosting parties and serving alcohol.
  • Purchasing a renter’s policy: A good renter’s insurance policy will provide protection in the event of a fire, pipe burst, or other covered loss that makes the apartment uninhabitable. Each roommate should purchase their own policy to ensure the proper coverage limits.

Having a child go off to school is a rollercoaster ride. There is so much to think about, not to mention the emotions each of you may feel. Get yourself and your student the peace of mind you deserve when it comes to auto, homeowners and renter’s protection. When life’s emergencies are handled by the best, you can worry about other things. That’s Living Assured. That’s Preferred Mutual.

This information is intended for educational purposes only and is not legal advice and/or an authoritative guide.

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