Is Your College Student Covered?
Going away to college means leaving the protection of home. College students face a unique set of exposures and the insurance coverage that was adequate while they lived in your home may no longer meet their needs. The following checklist offers recommended coverages to help protect students while away at school:
- Auto. According to the Independent Insurance Agents of America, 7 out of 10 college students have a car at school. It's important to notify your insurance agent of where your child attends school – the location could impact your premiums. Insurance policies need to be updated regarding where vehicles are garaged, or students may need a new policy of their own. Just as importantly, if your child is no longer driving your car because he or she is away at school, you could be eligible for a premium reduction. Student drivers can also earn premium reductions for good grades.
- Property. A typical college student owns one or more valuable items including laptops, printers, and DVD players—all of which are appealing to a thief. The Independent Insurance Agents of America estimates 100,000 property crimes occur on campuses annually. Losses by theft or fire, whether on campus or not, will not be covered by the school or a landlord. Parents, working with their independent insurance agent, should review their homeowner's coverage to see what amount of coverage is available for a child who's away at school. In many cases, the parent's homeowner's policy may provide enough coverage for the student living on or off-campus. In other instances, a special endorsement may be required to properly extend coverage. Whatever the case, it's important you review your options with your independent insurance agent to make sure there are no coverage gaps.
- Identity Recovery. Identity Theft has become more prevalent on college campuses, where it's easy to obtain Social Security numbers which are often used for student identification. Identity Recovery coverage offers financial coverage as well as services to help a student restore their identity, credit, and peace of mind.
For more information on any of these coverages, contact your Central insurance agent.