Your Policy of Insurance
Insurance and Your College Student
Now that college campuses are readying for another school year, it is a good time to look at how your student living away from home might affect your home and auto insurance.
Your student likely moved some personal property to her dorm or apartment like clothing, sports equipment, computers, electronics, and furniture. Are these items covered on your homeowners policy? The answer is yes, with certain limitations. The standard ISO homeowners insurance policy provides 10% of your Personal Property limit for “property usually located at the insured’s residence”. This applies so long as your student is still a resident of your household when not at school. So, if you have $50,000 of personal property coverage on your homeowners policy, your student’s personal property at school is covered for $5,000.
If your student is away at school without a car, you may be eligible for a discount on your automobile insurance. Most companies provide an “away at school” discount if the school is more than 100 miles away. This particular discount varies among insurance companies, and can be significant! Is your student on the Dean’s List or Honor Roll? If so you may be eligible for a “good student” credit which can also result in significant savings. Insurance companies usually require a grade transcript or report card before allowing this discount.
It is important to have a conversation with your local independent insurance agent about the insurance implications of having a student away at school. While the coverages and discounts mentioned above apply most of the time, insurance companies sometimes use their own forms rather than the standard ISO forms.
Call Chalmers Insurance Group at 800-360-3000 for more information.