This is the time of year I often get questions about the coverage 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 during the coming fall semester, but a growing number of American colleges promise to reopen, so there will soon be students on their way to college.
Courts have long ruled that a dependent child in school is still legally resident in their parents' household. In fact, with the insurance contracts used by many insurance companies, there are situations where no additional coverage needs to be purchased.
On the most common household policies, a student under the age of 24 is covered by his or her parents. "Homeowners Policy As long as they are full-time in the school and lived in the household before moving out to go to school.
So what coverages apply to your student while they are away in college? First and foremost they are primarily protected by the Personal Liability section of your homeowner's policy of bodily injury or property damage they cause, however it is important to note that intentional acts 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" Moving into a dormitory there is coverage for personal property up to an amount corresponding to 10% of the coverage limit for the parents' policy. Personal property includes items such as clothing, small furniture and appliances and electronics. Of course, the deductible would apply in the event of loss of property, such as theft of personal property.
Electronics, such as a laptop or tablet, can be one of the biggest concerns. Some insurance companies allow these items to be listed separately in the homeowner policy, so that a deductible would not apply to the loss. But 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 the insurance companies, can increase the premium at the time of renewal or even lead to the coverage being interrupted when combined with other losses.
In some cases, the student (or parents) can sign a rental agreement. for an apartment off campus. While it is possible that coverage may still be available through parenting policy, this is often a good opportunity to provide the student with their own Interest & # 39 ;s Insurance policy to ensure that there is no coverage issue. See our blog post for more reasons why you need tenant insurance!
Last but not least, we sometimes receive requests to add a tenant owner to a tenant policy. Basically, this means that the landlord requires the tenant to wear insurance cover – especially liability cover. In these cases, the landlord can be added to the policy as a additional interest . This means that the building owner / landlord can be listed in the insurance declarations and that the tenant is insured. The supplement for additional interest does not provide landlord coverage.
I hope this summary is helpful for families who will be going to campus this fall. Be smart, be safe and good luck!
The policy coverage described above is in the most general terms and conditions and is subject to the actual exceptions and conditions of the policy. For specific coverage information and insurance exemptions, refer to the policy itself or contact your agent.
Original blog published July 2014.
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