Parents, are your college bound children covered under your homeowners or auto policies?

college-kidsA few years ago I had three children going back to college.  Three “move in days,” in the hot and humid days of August, lugging all their “stuff” to their dorm rooms and apartments.  It always seemed they were on the third or fourth floor.  I thought my children had a lot of “stuff” until I saw some of the other dorm rooms.  Big screen televisions, stereo systems, computers, microwaves, refrigerators, clothes and books!!  How did they get all that stuff into their room?  Wow! 

 Is all this “stuff” covered under your homeowner’s policy?  The answer may be yes, no or maybe!  Many colleges today are mandating that the student have renter’s insurance to cover this “stuff.”  That may be a very good idea or it may not be necessary.   You need to give us a call and discuss your situation.  That way we can make sure you have the proper protection. 

 Generally, as long as your child is a full time student, was a resident of your house before moving to college and is under age 24 there is some coverage for the students “stuff” while it is at school.  However, if there is coverage it is generally limited to 10% of your contents (Coverage C) on your homeowner’s policy.  So if your house is insured for $200,000 and your contents limit is $140,000, then your child would have $14,000 of coverage for the “stuff” in his dorm room. 

 What if my child is over 23 or a graduate student?  What if my child has a roommate and they buy “stuff” together?  What if my child has permanently moved out of my house?   Are the computers or musical instruments covered?  Call us today!

 You also need to talk to us about your auto insurance.  Is the child taking one of your cars to school?  Is your child buying a car to have at school? Is the car in your name or your child’s name?  Did you know there may be a discount on your auto policy if your child attends school over 100 mile away and does not take a car to school with them?

 It is very important that you understand what is and is not covered under your homeowner’s and auto insurance policies.  That is where Spencer Insurance Agency shines!  We have a very experienced staff that can answer these questions and make sure you have the proper coverage.  Call us today at 215-885-2200 to discuss any question you have concerning any of your insurance policies. 

 My wife Tammy and I had many good memories of our children’s college years, but after our youngest daughter Patty graduated we knew we would not miss the “move in days.”  Of course,  now are children are moving into homes and apartments.  So we keep on moving their stuff, but at least that stuff is out of my house!

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