Dear Friends & Neighbors,
In today’s age, many of us have children go on to college to prepare for their adulthood. This situation creates some problems with respect to coverage under a homeowner’s insurance policy. Many parent’s assume coverage automatically extends to children away from home at school. This is partially true. Under the definition of “Insured” the following wording appears. Insured means “a Student enrolled in school full time, as defined by the school, who was a resident of your household before moving out to attend school, provided the student is under the age of:
1. 24 and your relative
2. 21 and in your care or the care of a resident of your household who is your relative.
Today, children change majors like some folks change underwear. In addition, they drop out for a semester or two. They become grad students. All of these factors contribute to them being in school above the age of 24. In addition, children start out the semester qualifying for the “FULL TIME” status and then drop a course or two. At that time, they are no longer full time students nor are they covered by their parents insurance policy. “THINGS” happen around dorms, frat houses and apartments. As long as the loss is small, it probably isn’t a problem. However, a larger loss, theft of computer equipment, stereos and other electronic equipment can be a problem. Could be “No Coverage” depending on their age and status with the school. Talk with your insurance agent. There are ways to handle this situation.