Insurance For College- Do You Need It?
Do your kids needs insurance for college? It may seem a little too late to think about that now that school is in session, but it’s not too late to protect your valuables! Did you know that an estimated $5,000 to $10,000 worth of stuff is taken to college by each college student. Consider not only clothing and books, but also cell phones, laptops, and all the other things that are packed and moved each year. Depending on your students location, school, and degree, there may be even more value in those things needed to complete their degree. The average homeowners policy allows for 10% of the contents to be off premises. That is typially coverage C- contents. This is the same coverage that would be used when you’ve had items stolen while on vacation or if you’ve had items stolen out of your car. So remember that if you and your spouse take things off the premises and your kids do as well, you could easily be over that 10% limit. Consider the value of the items that your student has taken off your property (and remember to include all the other items taken off as well. If it is more than the amount allowed in your policy then consider additional coverage. Also, remember to consider what you would do if the item was damaged or stolen. Could you afford to replace it? Renters insurance is another possibility if your student is living off campus.
A couple of final tips. First, educate your kids about identity theft. Identity theft can cause serious damage to their credit report and can be very difficult to clear up. The more educated your students are, the better they can protect themselves against identity theft. Second, remember that auto insurance generally goes with the car. That means that if your student lets their friends borrow the car, those kids are essentially borrowing your insurance. Finally, consider adding an umbrella to your policy. This will provide excess liability to your policy in case of harm or damage to persons or property above the coverage of your policy. Insurance for college can be very important but remember, as with all your other insurance decisions…. do your research and talk to your insurance agent about your policy and any additions needed. For more information on protecting yourself, your family, and your belongings, call Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com.