insurance for college students - Spencer Insurance Agency, Inc

Is your child settled into college?

 

Now is the time to ask “How does my college student affect my car and home insurance?

Congratulation on your child’s achievement!  As you prepare to send your child to college let’s review some important items.

Is their “stuff” covered on while at a dorm or off campus apartment?

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 they are away at school. However, that coverage is generally limited to 10% of your contents (Coverage C) on your homeowner’s policy. For example, if the contents limit on your policy is $140,000, your child would have $14,000 of coverage for the “stuff” in his dorm room. There are limitations on certain items including computers, jewelry, musical instruments and collectibles.  If your child is taking any of these items with them to school, give us a call to review.

What if my child has a roommate and they buy “stuff” together?

In this situation you should consider a Renter’s policy to cover both your child’s and roommates stuff.  As long as both children are on the lease most companies will write one renter’s policy covering both children.  Call us to discuss your situation.

How does my child going to college affect my car insurance policy?

If you have a student away at a college that is over 100 miles and they do not have a car with them, we can add a discount for “Child Away at School.”  If your child is taking their car to a college that is in the same state you reside, then we may be able to rate the car as being “garaged” at the college, rather than your household.  If the collage is out of state, however, it would need to remain as rated at your home address.

If you have any questions, give us a call at 215-885-2200 or contact us from our website and discuss your situation with our experienced staff.

Know someone getting a child ready to go to college?

I like to send this out once a year as this is very important to parents sending a child off to college.  Pass this email on to someone you know who is sending a child to college.

Important Reminder to Parents packing up their children for college.

This is the time of year when parents start getting their child ready to go away to college. The many shopping trips and the packing will consume much of your free time.  Did you know having a child away at college can have impact on your auto and homeowner’s insurance?

Spencer Insurance Agency has some valuable information for parents so they can learn how this special event impacts their insurance coverage.
Check out our website for a discussion of the following:

  • Is your child’s stuff covered while they are away at college?
  • What if my child and roommate buy stuff together?
  • How does my child going to college impact my car insurance rates?

Another area you need to consider are college loans.  Did you cosign any of the student loans?  Did you take out a home equity loan to help pay for college tuition?

You should consider an inexpensive life insurance policy on your child to cover loans in the event of your child’s death. Student loan debt can add up quickly and become a burden to the family.  Protect yourself financially.

Give us a call if you would like an insurance review.  Good luck with all the preparations during this special time.

Your friends at Spencer Insurance Agency, Inc.

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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