Near the end of August, most college and university bound students will be packing up personal belongings and getting ready for the move away from home to enjoy campus life. But before packing away laptops, televisions and iPods, students would be wise to have parents review their insurance policy to ensure valuable personal items are sufficiently covered in case of accidental loss or damage while away at school.
Getting that empty nest feeling? While having children away can be freeing in some ways, many parents are anxious for their children's safety. What about all the stuff they take with them to their dorm room? Clothing, books, and items like this, but more importantly expensive items like a cell phone or laptop are taken. What happens in the case where these things are lost, or if your child is the victim of theft?
Have a close look at your home insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. Protection in this case does have it's limits, but parents can opt to increase the coverage provided to their children at school. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. Consider buying a personal property floater or an endorsement to increase the limits on these items.
Certain considerations should be made regarding your child's family member status related to your home policy would be: Do you support your child financially in any way?, Paying their tuition?, Is your child claimed on your tax returns?, Does your child return while school is out of session?, Are you providing their heath insurance?
There may be some other restrictions, such as the child is still financially dependent on you. When your child is supporting themselves with a job, coverage from you may no longer be applicable. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. Renter's insurance in your child's name may be required here.
Home insurance policies refer to "relatives" as people that are related to the named insured and are "residents of your household." With your child still insured, they take with them to college most of the coverage from your homeowners policy. However, since wording can be different between different policies and vary from one insurance company to another, what is covered, how much is covered, who is covered, how long coverage exists, and what endorsements are available may differ, it's always best to get specifics from your own home insurance provider.
This is one of the biggest moments in the life of your child. Provide the necessary coverage to keep them protected.
Getting that empty nest feeling? While having children away can be freeing in some ways, many parents are anxious for their children's safety. What about all the stuff they take with them to their dorm room? Clothing, books, and items like this, but more importantly expensive items like a cell phone or laptop are taken. What happens in the case where these things are lost, or if your child is the victim of theft?
Have a close look at your home insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. Protection in this case does have it's limits, but parents can opt to increase the coverage provided to their children at school. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. Consider buying a personal property floater or an endorsement to increase the limits on these items.
Certain considerations should be made regarding your child's family member status related to your home policy would be: Do you support your child financially in any way?, Paying their tuition?, Is your child claimed on your tax returns?, Does your child return while school is out of session?, Are you providing their heath insurance?
There may be some other restrictions, such as the child is still financially dependent on you. When your child is supporting themselves with a job, coverage from you may no longer be applicable. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. Renter's insurance in your child's name may be required here.
Home insurance policies refer to "relatives" as people that are related to the named insured and are "residents of your household." With your child still insured, they take with them to college most of the coverage from your homeowners policy. However, since wording can be different between different policies and vary from one insurance company to another, what is covered, how much is covered, who is covered, how long coverage exists, and what endorsements are available may differ, it's always best to get specifics from your own home insurance provider.
This is one of the biggest moments in the life of your child. Provide the necessary coverage to keep them protected.
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For further details, please visit square one insurance, or if you're a first time home buyer visit www.squareoneinsurance.ca.
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