Insurance concerns don’t end when kids go off to college

In just a few weeks, parents across the state of Florida will find themselves hit by a whirlwind of conflicting emotions as they drop their children off for the start of their freshman year of college. Indeed, they might feel everything from great pride for their child’s achievement and sadness at them leaving home to anxiety about the future and excitement about finally having an empty nest.

While this is perfectly understandable, it’s important for parents to understand that once these emotions finally subside, there are some important insurance-related issues that they’ll want — and need — to address while their children are off hitting the books and making new friends.

Renters/homeowners insurance

While most parents might not realize it, their homeowners insurance policy will actually cover their child’s belongings — and their potential legal liability — when they live in a campus dorm. However, they should check to see what the scope of this coverage actually is, as it could conceivably be limited to a percentage of the total amount of coverage or limited in its coverage of more expensive belongings like computers — perhaps necessitating the purchase of a rider.

If a child is living in an apartment off campus, it will be necessary to secure a separate renters insurance policy, which would essentially provide the same type of coverage as the homeowners insurance policy.

According to experts, parents might also want to verify that either the homeowners insurance policy or the renters insurance policy includes coverage for personal injuries and, if not, considering the purchase of a rider, as it can provide much-needed legal protection.

Car insurance   

Interestingly, experts indicate that parents should actually consider this matter before their child leaves for college, perhaps even doing their best to persuade their child not to take a car with them given all the risks.

If the soon-to-be college student is insistent, however, parents must let their insurance agent know as soon possible (if the child/vehicle is covered by their policy), and understand that premiums might go up, down or stay roughly the same.

If the parent is able to persuade their child to leave the car at home, they should resist removing the child from their policy given that they will likely want to take the car out when they come home on weekends or breaks. However, they may still want to consider contacting their insurance agent given that away-at-school discounts or good-student discounts may be options.

Above all else, if a parent makes a claim under any of these policies only to experience unjust delays in payments or outright denials, they should seriously consider speaking with an experienced legal professional to learn more about their rights and options.

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