Buy laptop, set-up minifridge, wash bedding, pack bags, call the insurance company? If your child is heading off to school this fall, we know your to-do list to get them ready will be a long one. Before you drop them off at college with best wishes for a successful year, it’s worthwhile making sure they are protected. Whether they are living at home, moving away, bringing a vehicle, or renting an apartment, there are considerations you need to make with your insurance. To help, we’ve outlined a few common scenarios for students going off to school and how it might affect your policies.
If your student is taking a car with them to school that belongs to you, they can remain on your policy. It’s important to let your insurance company know what their new address is though, as this can affect your rates and coverage.
Even if they are not taking a car with them to school, it’s still a good idea to keep them on your policy. Not only will they still be covered if they decide to take the car out during a visit home, but having no gaps in coverage can also be beneficial when they eventually need to get their own policy. Many companies also offer discounts for students while away from home.
However, if your student owns their own vehicle and holds the title, they’ll need their own auto policy.
Homeowners or Renters Insurance
Going away to school often involves the purchase of expensive, new things like electronics and furniture. These things can be costly to replace, so it’s reassuring to know that they can be insured.
If your child still lives at home while attending school, their stuff may be covered under your existing policy, your coverage may also extend to your dependants if they are living on campus in a dorm room. Be sure to check with your broker to see if they recommend any additional coverage or endorsements.
If they are living off-campus in a house or apartment, things may be a bit more complicated. While most landlords will have coverage on the property that protects the building in case of things like fire, they will likely also require renters insurance for all tenants. Renters insurance protects the contents of a space, like clothes, electronics and furniture. It also provides additional liability coverage in case somebody gets hurt at their place.
Many health insurance plans offer coverage for dependants over the age of 21 if they are a full-time student. However, you will need to send proof of enrolment to your insurance company to ensure they remain on your plan. Contact your provider to get this process started.
Universities and colleges may also offer an opt-in plan for students that includes comprehensive coverage as part of their tuition fees. Look in the student orientation package for details or contact the student centre at your institution for more information.