Near the end of August, most college and university bound students will be packing up personal belongings and getting ready for the move away from home to enjoy campus life. Parents should discuss this with their children prior to them leaving, so they can be sure that tablets, laptops, and other important items that belong to their children will be protected while they are away.
Many parents begin experiencing empty nest symptoms. It's an exciting, yet anxious time when your kids leave home to attend university. Kids take all kinds of possessions away to school as their dorm room is their new temporary home. Clothing, books, and items like this, but more importantly expensive items like a cell phone or laptop are taken. What will happen if their stuff is lost or stolen?
The answer is in your home insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. Protection in this case does have it's limits, but parents can opt to increase the coverage provided to their children at school. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. Consider buying a personal property floater or an endorsement to increase the limits on these items.
Some questions to consider when trying to determine whether or not your child is a family member under your home insurance policy are: Does your child receive any kind of financial support from you?, Do you claim your child on your tax return?, Do you provide any health insurance for your child?, When the college has breaks does your child return to your home during that time?, Are you paying for their college bills?, etc.
There may be some other restrictions, such as the child is still financially dependent on you. Coverage is not always applied if your child is self-supporting or is working. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. They would likely require their own renter's insurance at that point.
People who are related to the named insured and are residents of your household are covered by home insurance policies, and your child is still mostly protected by your policy while away at school. Homeowners should have a look at their policy to determine who is covered, what is included, the duration of that coverage, etc, because not all home insurance policies are the same, and they can actually vary drastically.
This is one of the biggest moments in the life of your child. Provide the necessary coverage to keep them protected.
Many parents begin experiencing empty nest symptoms. It's an exciting, yet anxious time when your kids leave home to attend university. Kids take all kinds of possessions away to school as their dorm room is their new temporary home. Clothing, books, and items like this, but more importantly expensive items like a cell phone or laptop are taken. What will happen if their stuff is lost or stolen?
The answer is in your home insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. Protection in this case does have it's limits, but parents can opt to increase the coverage provided to their children at school. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. Consider buying a personal property floater or an endorsement to increase the limits on these items.
Some questions to consider when trying to determine whether or not your child is a family member under your home insurance policy are: Does your child receive any kind of financial support from you?, Do you claim your child on your tax return?, Do you provide any health insurance for your child?, When the college has breaks does your child return to your home during that time?, Are you paying for their college bills?, etc.
There may be some other restrictions, such as the child is still financially dependent on you. Coverage is not always applied if your child is self-supporting or is working. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. They would likely require their own renter's insurance at that point.
People who are related to the named insured and are residents of your household are covered by home insurance policies, and your child is still mostly protected by your policy while away at school. Homeowners should have a look at their policy to determine who is covered, what is included, the duration of that coverage, etc, because not all home insurance policies are the same, and they can actually vary drastically.
This is one of the biggest moments in the life of your child. Provide the necessary coverage to keep them protected.
About the Author:
For further details, please visit square one insurance, or if you're a first time home buyer visit www.squareoneinsurance.ca.
No comments:
Post a Comment