Work on Insurance
you are college-bound this fall, don’t forget to review your
insurance. By making sure the student’s possessions are
protected in case of theft, fire and other damage while
they’re at school, you could save yourself a lot of stress and
expense later on. Plus, certain policy updates could save you
money — a real bonus for anyone footing tuition bills!
rage at some college campuses is motorized scooters. However,
they’re also one of the easier items to steal or damage. Like
a car, scooters must be specifically insured — they don’t
fall under homeowners, renters or auto policies for other
vehicles. General Casualty Insurance Companies, for example,
insures scooters under its motorcycle policy.
whether or not to keep a car on campus carries financial
implications as well. General Casualty’s Charles Valinotti,
assistant vice president of auto insurance, shares advice on
how to score the best deals:
sure policies are up to date with the student’s current school
address. You may benefit if she moves to an area with lower
into discounts if the student leaves his car at home. If the
student’s dorm is more than 100 miles from your driveway,
where the car is kept, you may be eligible for discounts.
your student leaves his car at home and won’t be using it
while he’s in school, consider reducing coverage or changing
his driving status from primary use to occasional use.
your insurance company’s good student discount may apply for
college students, too. For example, full-time students who are
less than 25 years old may qualify for General Casualty’s Good
possessions students bring to school are covered under their
parents’ homeowners policies, but others may require the
student to purchase renters insurance. You may also consider
insuring higher-value property separately. Sometimes called
scheduled or floater coverage, it applies to items such as
bikes, jewelry or electronic equipment, if their values exceed
the limits of the homeowners or renters coverage for those
companies vary in their definitions of whom and what is covered
under their policies. Talk with your insurance agent to
determine whether your student needs renters insurance or if
your homeowners policy is adequate. Below are questions to ask
to determine the best option:
the student considered a “resident of the household” under
the student’s dorm or apartment an “insured location”
under your policy?
it matter whether the student is full-time or part-time?
impact does the parents’ tax status or student’s marital
“Students’ belongings — which often include expensive computer
equipment — can be worth a significant amount of money. The
best way to make sure they’re adequately protected is to
check with your insurance agent,” said Dan Kovac, General
Casualty’s assistant vice president of homeowners.
Published by Lakeway Printers,
division of Lakeway Publishers, Inc
P.O. Box 625
Morristown, TN 37815