moving to college - 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.

Important Reminder to Parents packing up their children for college.

college packing

 

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 at 215-885-2200  if you would like an insurance review.  Good luck with all the preparations during this special time.

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