A review of your parents’ homeowners, auto insurance and health insurance policies can help to ensure that you are properly covered while away from home.
CHECK ON HOMEOWNERS OR RENTERS INSURANCE
If you live in a dorm and are still considered a dependent, the family’s homeowner’s insurance policy should provide coverage for possessions taken to school. Typically, protection of property away from home is limited to 10 percent of the personal property limits on the family’s homeowner’s insurance policy. For example, if the contents of your home are insured for up to $75,000, property away from home would be covered for $7,500, less your deductible. Bear in mind that adequate coverage of high-ticket items such as jewelry, computers or stereo equipment may require a “personal articles floater” or “rider.” Check with your agent to be sure.
It’s a good idea to take an inventory of the items you bring to school. This inventory should include photographs or a video of the items; a record of the model or serial numbers; and receipts. As an added precaution, the National Association of Personal Insurance Agents recommends engraving valuable items, such as computers and stereo equipment with the student’s driver’s license number and state of residence. This makes it easier for law enforcement personnel to track down the owner of stolen property.
NOTIFY YOUR AUTO INSURANCE AGENT
Your family auto insurance policy will most likely cover a car that you take to college as long as your parent is the registered owner. However, since the car’s new locale might make a difference in your premium, it is important that the insurance company be notified.
If your college campus is at least 100 miles from home and you are not taking an insured vehicle, your family might be eligible for a reduction in auto insurance premiums. Again, check with your agent.