Is my kid in college still insured on my policy?

College comes with a lot of questions.  Where to go?  What to study?  Who will your roommate be?  College comes with a certain amount of unknowns but one thing that's pretty clear is how to protect your belongings and certain liabilities that insurance can respond to.  

When your child goes to college, there are a number of insurance questions to consider, especially if he or she is planning to live off–campus. Remember, not all insurance polices have the same terms and conditions.

Are you preparing to send your kids off to college?  Are kids in college still insured?  

Student looking at camera while studying with classmates in library

Living in a dorm and insurance

If your child is staying in a college dorm, the insurance company will normally consider them to be residents of your home, temporarily residing elsewhere.  Therefore, they consider the dorm-room contents to be “personal property, located off premises”.

Most home insurance and renters insurance policies limit coverage up to 10 percent of personal property, off premises.  To see what you have, check your policy for Coverage "C" - contents.  So, if you have $100,000 of contents coverage at home, you will have $10,000 for your kids stuff at the school dorm, subject to the limitations on your policy.  If that is not enough to replace all the items that your student is bringing to college, you can consider purchasing a separate renters policy for them.  

Living in an off-campus apartment and insurance

According to a recent Student Housing Report by Boston.gov, 66% of students at Boston-based colleges reside off-campus.  In the eyes of most insurance companies, these apartments are considered to be a permanent residence. Therefore, the apartment will not be covered under the parents’ home or renters policy for contents or liability.

In general, the person who signs the lease is held liable (and may be sued) if someone is injured on their leased premises or by their property. A roommate or parent may also be sued, whether they’ve signed the lease or not, if the injured party thinks the roommate or parents might be responsible.

Regardless of who signed the lease, when your child is living off-campus they should obtain their own renters policy.  In most cases, the insurance company will not insure roommates, or unrelated names, on the same policy.  However, if you, as a parent signed the lease, you and the student should be named as insureds on the same renters policy.

The annual premium for a renters insurance policy is very reasonable and you may request a quote here.  

Kids at College and Car Insurance

In most cases, the college will not allow freshman living on campus to bring a car.    Additionally, for colleges in busy cities it may be extremely rare to have a car on campus.  But according to a recent U.S. News report, 46.8% of students did bring their car to campus. 

Some things to consider if your child does have a car:

1.  Don't take the car.   You might be eligible for a reduced rate if no one else will be driving it, and the student will reside more than 100 miles away from the car.

2. Take the car to college and:

• Notify your insurance company that the car will be garaged in another location. Premiums can go up or down depending on the location change.  

• Strongly discourage your child from permitting others to drive the car. Regardless of who may be driving the car,  your child is still responsible for the car and what is done with it.

If you have any questions, you can contact us 24/7/365. 

 

What to do Next?

Have us review your insurance policies and check that your limits are sufficient. Ask what the cost is to bump it up under higher limit scenarios.

Call today 617-846-5000 or click here 24/7/365 and we will get back to you same day or the next business day