Each September, a lot of students will be starting school away from home at a college or university, and they will be taking a lot of personal items along with them. It's a good idea for students to talk to their parents about insuring their valuable property while they are away at school, expensive items like laptops and tablets should be protected against damages and theft.
Many parents begin experiencing empty nest symptoms. It's an exciting, yet anxious time when your kids leave home to attend university. Kids take all kinds of possessions away to school as their dorm room is their new temporary home. Clothing, books, and items like this, but more importantly expensive items like a cell phone or laptop are taken. What happens in the case where these things are lost, or if your child is the victim of theft?
The answer is in your home insurance policy. Children who are studying full time away from home at college or university are covered by the majority of parents' home insurance policies. Protection in this case does have it's limits, but parents can opt to increase the coverage provided to their children at school. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. To increase coverage on these kinds of items, take a look at an endorsement or personal property floater.
Keep certain things in mind when considering your child's eligibility on your home insurance as your family member: Do you pay for their school tuition?, Their health insurance? Providing financially for them in any capacity?, Does your child come home at school breaks?, Is your child claimed each year on your tax return?
If your child is dependent on you financially, other restrictions could apply. If your son or daughter has been working, and is self-supporting, coverage may not apply. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. They would likely require their own renter's insurance at that point.
People who are related to the named insured and are residents of your household are covered by home insurance policies, and your child is still mostly protected by your policy while away at school. However, since wording can be different between different policies and vary from one insurance company to another, what is covered, how much is covered, who is covered, how long coverage exists, and what endorsements are available may differ, it's always best to get specifics from your own home insurance provider.
This is one of the biggest moments in the life of your child. Provide the necessary coverage to keep them protected.
Many parents begin experiencing empty nest symptoms. It's an exciting, yet anxious time when your kids leave home to attend university. Kids take all kinds of possessions away to school as their dorm room is their new temporary home. Clothing, books, and items like this, but more importantly expensive items like a cell phone or laptop are taken. What happens in the case where these things are lost, or if your child is the victim of theft?
The answer is in your home insurance policy. Children who are studying full time away from home at college or university are covered by the majority of parents' home insurance policies. Protection in this case does have it's limits, but parents can opt to increase the coverage provided to their children at school. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. To increase coverage on these kinds of items, take a look at an endorsement or personal property floater.
Keep certain things in mind when considering your child's eligibility on your home insurance as your family member: Do you pay for their school tuition?, Their health insurance? Providing financially for them in any capacity?, Does your child come home at school breaks?, Is your child claimed each year on your tax return?
If your child is dependent on you financially, other restrictions could apply. If your son or daughter has been working, and is self-supporting, coverage may not apply. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. They would likely require their own renter's insurance at that point.
People who are related to the named insured and are residents of your household are covered by home insurance policies, and your child is still mostly protected by your policy while away at school. However, since wording can be different between different policies and vary from one insurance company to another, what is covered, how much is covered, who is covered, how long coverage exists, and what endorsements are available may differ, it's always best to get specifics from your own home insurance provider.
This is one of the biggest moments in the life of your child. Provide the necessary coverage to keep them protected.
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For further details, please visit square one insurance, or if you're a first time home buyer visit www.squareoneinsurance.ca.
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