Living away from home presents special insurance needs.
While going away to college is an exciting time for millions of recent high school graduates, toting all of that gear to a new place may also mean more insurance coverage is needed.
AAA Oklahoma has an insurance checklist for those who are college-or university-bound.
AAA suggests that parents look at ways to insure the personal items and furnishings of their children before those young people move away. Doing some planning now can help avoid heartaches later.
Consider that last year more than 2 million students went on to attend college nationwide, according to the U.S. Bureau of Labor Statistics.
“Fulltime students who live away from home during the academic year and return home during the summer may have limited coverage under their parent’s homeowner’s policy. They may also be covered by their parent’s auto policy,” says Chuck Mai, spokesman for AAA Oklahoma.
“However, parents should check with their insurance agents about what risks are actually covered, because certain liabilities, like housing lost to a disaster or fire, may not be covered.”
AAA Oklahoma offers this checklist for those heading off to college.
· Ask about renter’s insurance discounts for items like security systems, smoke detectors, deadbolts, good credit, and multiple policies with the same insurer.
· Ask about possible dollar limits on personal property loss under your current homeowner’s policy. Will your student need additional or separate coverage?
· Ask about the need for liability insurance.
· If your student goes to college 100 miles or more from home and does not bring a car, you might be entitled to a discount off your auto insurance premium.
· Discuss the need for additional living expense coverage should your student be made homeless due to a fire or other covered incident.
· Will your student need an additional storage unit? They may need insurance for items stored away from the premises.
· If your student will be driving, talk to your auto insurance agent about coverage options.
If you have questions about AAA homeowner’s or auto insurance coverage for your college or university bound child, check with your insurance agent or call (800) 786-8322.