College Bound Students

universityDear Friends & Neighbors:

For those of you with College Bound children, the summer is rapidly winding down, I am said to say. However some of you parents may also be saying whoopee!!!!!!! Many considerations are being decided upon; where your student will be staying, whether or not they will have a car with them and what types of electronic equipment they will have with them. As more and more college students take expensive electronics and their own cars away to school, it is important to understand how it affects your family’s insurance protection.

Insurance coverage for personal belongings could be contingent upon where a college student resides. For those living in a dorm, their parent’s homeowner’s policy most likely offers Limited coverage — Typically 10% of the policy’s personal property limit. This might not be enough.

If your child is taking along high-priced electronics or other valuables to their dorm, it is worth looking into your policy limit and making what adjustment is necessary.

However, a homeowner’s policy may not cover personal belongings for college students who live in off-campus housing. A renter’s policy may be necessary to cover their belongings in the event they are damaged, destroyed or stolen.

Auto insurance is also impacted by residence.Parents whose children do not take a car away to college may be entitled to a premium discount and still be able to retain coverage for them during semester breaks. For children who take their car to school, premiums could increase or decrease, depending on the college’s location. Regardless, maintaining a certain grade point average may trigger a good-student discount on the premium.

It’s important to pick up the phone and inform your agent if your children go away to college.He can help you to understand what your policy limits are and what scenerios could trigger gaps or even premium discounts. College tuitions are high enough. Do not compound the situation by having uncovered claims. Call your agent.

Regards,

John

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