packing for college Archives - Spencer Insurance Agency, Inc

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.

Preparing to send your child to College? Is their stuff covered?

college packing

Note:  If you are not preparing to send a child to college, please pass this on to someone you know who is sending their child to college. 

The days when children just took a pen, ruler and protractor in a pencil case, plus maybe some lunch money, to school are long gone. These days they carry a small fortune in electronic equipment, wear more expensive clothes and use designer-label sportswear for gym sessions. That means they’re more vulnerable to loss and you’re more likely to be out of pocket when things get lost, damaged or stolen.

So, does your Homeowner’s insurance cover you for this risk? And what about equipment that is loaned to them?

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.

Also, it’s important to check your policy to see which items are covered and whether there are any exceptions, exclusions or limitations. Not all homeowner’s policies are the same. If you need help, please contact us.

Consider a Renter’s policy for your student.  This may not be necessary, but it might be a good idea.  Why?  If your student has a claim at school under your homeowner’s policy you may lose your “loss free” credit and your homeowner’s premium may be surcharged.  This could end up costing you much more as a renter’s policy may only cost you $150 per year.

Is your child taking a car to college?  How will that affect you and your car insurance rates?

Check out our website for more information as you prepare to send your child to college.

Call us today at 215-885-2200 to review your coverage with us.



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