5 Insurance Tips for College Bound Students

Are you preparing to send a student off to college?

Here are five insurance tips that will help protect your student's belongings and possibly save money. 

1. Not taking your car to campus? If not, you may be eligible for an "away from home" discount. The drastic reduction of your student's driving time can help save you money. Two main factors help decide your discount. One is the distance between your house and the school. The second factor is the amount of driving your student will be doing when they are home. It's important to mention that other factors help determine your premiums. They include age, gender, driving record, type of car you drive and credit score. Call your insurance agent to determine your eligibility for a discount. Here's an informative article posted by Trusted Choice®, 5 Little Known Ways College Students Can Save Money on Car Insurance.
2. Your homeowners' policy covers your student's personal belongings in the dorm, on campus, and around town. You can submit a claim for lost, stolen or damaged items. Your homeowners' insurance will exclude items left in a dorm over an extended period. The time-period may vary, but ranges between 30 - 60 days. When your student comes home for long breaks, they should take their valuables with them. For more information here's a link to an Colby eAdvisor article, Are My Child's Personal Belongings Covered at College?
3. Schedule high-value items. Stolen or damaged property claims have limits of coverage. Discuss the limits of your policy with your agent. Some items may exceed your homeowner's policy limits such as electronics or jewelry. You should schedule high-value individual items on your policy to ensure you have coverage. To learn more about coverage for high-value items read Colby eAdvisor article, Insuring High-Value Items. 
4. If you are living off campus, get renters insurance. Renters insurance is inexpensive and easy to get. Your landlord's policy does not cover personal belongings. Also, renters insurance will protect liability claims.
5. Protect your electronics. Catalog the serial numbers of electronics such as tablets, cameras, and phones. Buy protection plans and insurance policies for the devices you can't live without.

If you would like to review coverage for your college student, please give us a call. 800-392-6532 or email insure@colby-group.com