We all know that college is very expensive. Something you may not expect is an unanticipated accident or theft, not covered by your insurance policy. If you have a student heading away to college, such as Cleveland State, Baldwin Wallace, or John Carroll, below are a few tips to help you get the most out of your coverage.
HOMEOWNERS (varies by state)
- Personal Property: Most homeowners policies will cover personal property for up to 10% of your total dwelling policy limit while your child is residing at school (a $100,000 policy equals $10,000 in coverage). Make sure you read your policy carefully because all types of damages are not covered. Some items such as jewelry or expensive electronics require special coverage. Renters insurance is strongly recommended.
- Liability Coverage: General damage to a dorm room or apartment is not usually covered.
- Documentation: It is a great idea to create an inventory of the items your child is taking to school. An effective way of doing this is by using photographs and keeping receipts.
AUTO (varies by state)
- Car Stays Home: If your child will be staying on campus without a vehicle, keep them listed on your auto policy if they will still be driving your car at home while on school breaks.
- Car at School: Make sure to notify your insurance provider if your child will be taking a car away to school. In most cases, if the car is registered to you and listed on your policy, it will be covered.
- Driving a Friend’s Car: Students are generally covered if they are listed on their parent’s policy and are not regularly using the vehicle. The coverage would be secondary. The insurance for the friend’s vehicle would be the primary coverage.
- Discounts: A full-time student meeting certain academic requirements can qualify for a good student discount. If your child is going to a school not located here in Northeast Ohio, discounts may also be available. Drivers under 21 who have completed driver’s education may also get a discount.
Before your child leaves for school, contact your Trusted Choice Independent Agent at Richey-Barrett Insurance Agency at (440) 835-4800. We can walk you through the steps to ensure you have the right coverage. We are here to help!