Friday, May 15, 2015

Tips for Insuring College Students

If you have a young person in your life who is due to start college soon, chances are he or she has quite a few expensive, high-tech gadgets. Whether the soon-to-be student in your life has a costly tablet, computer, cellphone, or, as is more likely the case, all three, it’s important to make sure these items are covered before he or she goes off to college. Expensive gadgets often have a way of going missing in the busy, party-hearty college culture, so insurance for your student can often really come in handy. Just make sure you keep a few tips in mind so that you end up with the right  
coverage...without paying a fortune for it.

1. Check to See if Coverage is Needed
We know we’ve just lectured you on the importance of having coverage, but let us take a small step back. There is a chance your child and his belongings might already be covered. Before you rush out and buy an unnecessary policy, check to see if your homeowner’s coverage extends to your student’s personal belongings. Typically, as long as your address is still listed as your child’s primary or permanent address, you’re in the clear. Always make sure you know the specifics of this policy before you make any assumptions however.

2. Go the Extra Mile
Even if coverage is offered under your homeowner’s insurance policy, it may not be enough to truly protect your student’s belongings.If your child’s vulnerable valuables are priced above what your policy covers, you may want to look into additional coverage options, such as the blanket coverage offered by a “Valuable Items Endorsement” policy.

3. Take Advantage of Discounts

Having a child in college is expensive. Fortunately, most insurance providers are well aware of this fact and will cut you a few breaks where they can. Car insurance providers, for example, will often offer “good student” discounts if your student makes above a certain grade point average. Conversely, if your student is leaving the car at home for the semester, you can often get a nice non-usage discount. Inquire with all of your providers about college student related discounts, and you might just save a bundle!

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