Add "Review Insurance" to Your College Checklist
It’s back to school season. For college students, that means packing up your clothes, school supplies, and other essentials. It’s time to meet back up with friends, finalize class schedules, and pick up the key to your new dorm or apartment. But did you know it’s also time to call your insurance agent?
No matter what type of residence you’re moving into, your new address may cause your insurance needs to change. As a college student, you most likely own valuable electronics, in addition to your clothes, appliances, and furniture. These possessions may be protected under your parents’ homeowner’s or renter’s policies, but special limits may also apply. If your apartment is rented off-campus, your items may not be covered under your parent’s policies. If you are taking a car with you to school, you might want to check rates in the city or state where you’re attending college before deciding whether or not to remain on the family’s auto policy as well. The best way to find out what insurance route will be best for you is to call us, your local agent.
Need some help?
Here’s some questions you might ask our agents:
What limits apply to personal property in a dorm room?
Should an additional endorsement be purchased for electronic equipment?
How will auto insurance premiums change if I take my car to college or if my car is left at home?
What are the requirements for me to qualify for a good student discount?
How is insurance coverage affected if I go to college part-time instead of full-time?
Will I be covered under my parent’s homeowners or auto policies if I rent an apartment?
What if I am Moving off-campus?
Some things to consider
Renter’s insurance provides coverage for loss or damage to personal property as well as liability coverage from injuries or damages for which the insured person is held liable.
Renter’s insurance is really inexpensive, too. According to the National Association of Insurance Commissioners (NAIC), the average premium ranges from just $15 to $30 per month - that’s just the cost of two pizzas or three to four lattes per month. Some companies even offer an auto-home discount if your vehicle is also insured through them.
So how much coverage do you need?
When getting insurance, it’s important to take inventory of the contents in your apartment or dorm to determine how much coverage to purchase. You may be surprised just how much all of your belongings would cost to replace. A comprehensive list of items can be helpful in the event of a claim, since insurance carriers often ask for such lists. Make a quick inventory by taking photos or video of the room(s) or you can use apps like NAIC’s myHome Scra.App.book or Know Your Stuff from the Insurance Information Institute. Store your inventory in a secure, off-site location or secure online location.
With peace of mind about insurance coverage, you can get back to more important things, like studying for your first exam or ordering pizza on a Friday night.
To learn more about your changing needs as a college student, and beyond, contact us here.