This is the time of year I often get questions about cover materials needed to protect students who go to school. These requests are common for parents who are sending their children to college for the first time. College campuses will not look the same this coming fall semester, but a growing number of U.S. colleges promise to reopen, so there will be students on their way to college soon.
The courts have long ruled that an addicted child away from school is still legally resident in the parents' household. In fact, with the insurance contracts used by many insurance companies, there are situations where no extra coverage needs to be purchased.
In the most common homeowner policies, a student under the age of 24 is covered by his or her parents. "homeowners policy as long as they are enrolled full time in school and were resident in the household before moving out to go to school.
So what blankets apply to your student while they are away in college? First and foremost, they are protected by the Personal Liability section of your household's policy on personal injury or property damage they cause, but it is important to note that intentional actions are not covered.Your son or daughter will face new responsibilities and exposures, so it's a good time to consider buying a Personal Umbrella policy to provide an extra layer of liability protection for your family.
For all "things" "That will be moved to a dormitory, coverage for personal property is available up to an amount equal to 10% of the limit for coverage of personal property in the parents' policy.Privacy includes items such as clothing, small furniture and appliances and electronics. Of course, the insurance fee would apply in the event of loss of property, such as theft of personal property.
Electronics, e.g. a laptop or tablet, can be one of the biggest concerns. Some insurance companies allow these items to be listed separately in the homeowner's policy, so that a deductible would not apply to a loss. However, I often discourage this type of coverage for most of these items because I think it is wise for policyholders to self-insure minor losses. Small losses can be seen negatively by insurance companies, can increase the premium at the time of renewal or can even lead to the coverage being interrupted in combination with other losses.
In some cases, the student (or parents) may sign a lease for an apartment off campus. While it is possible that coverage may still be available through the parents' policy, this is often a good opportunity to equip the student with their own Rents & # 39 ;s Insurance policy to ensure there is no coverage issue. See our blog post for more reasons why you need rental insurance!
Last but not least, we sometimes receive requests to add an apartment building to a tenant policy. In essence, this means that the landlord requires the tenant to have insurance coverage – especially liability insurance. In these cases, the landlord can be added to the policy as a Additional interest . This makes it possible for the building owner / landlord to be stated in the insurance declarations and to be notified in the event that the tenant is insured. The additional interest does not provide coverage to the landlord.
I hope this summary is helpful for families who will be going to campus this fall. Be smart, be safe and good luck!
The coverages described above are in the most general terms and conditions and are covered by the actual exceptions and conditions of the policy. For specific coverage information and insurance exclusions, see the policy itself or contact your agent.
Original blog published July 2014.
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