Insurance Thoughts About Back to School
A reminder that time marches on. The kids go off to college. Here are some insurance issues to think about.
Property (Homeowner) coverage
- If the student is living in on campus student housing, the parents’ homeowner policy extends coverage for the belongings.
- Parents should make sure their Med pay limit is at least $10,000. This covers injuries in the dorm room to guests that stop in.
- If the student is required to sign a lease, typically that establishes a new residence and should be covered with an inexpensive Renters Policy, naming the student as the named insured.
- In Minnesota, you can list as many as 4 unrelated people as a named insured on a renter’s policy. It is cost effective; however, any one person’s claim can affect the CLUE report of the other three.
- If the student is taking expensive electronics or bike to school, you can schedule the items which lowers the deductible and give open peril coverage which includes dropping the item.
Auto Insurance Coverage
- Personal Injury Protection (PIP) extends to students off to college as long as they still have a residence with the parents. This includes injuries as a passenger in a car, riding a bus, or injured as a pedestrian.
- If a student takes a car to college, it often is an older one. Make sure Emergency Road Service is on the policy and educate the college student about how the coverage works.
Reaching out to parents of college or Trade School students about insurance things to think about, is an effective way of building trust, even if no changes are made. It is a good use of marketing time.