Every year in the fall, there are university and college students that take their things and move to a campus to study away from home temporarily. Parents should discuss this with their children prior to them leaving, so they can be sure that tablets, laptops, and other important items that belong to their children will be protected while they are away.
The empty nest feeling comes over a lot of parents at this time. While having children away can be freeing in some ways, many parents are anxious for their children's safety. Kids take all kinds of possessions away to school as their dorm room is their new temporary home. Maybe a TV, certainly a computer and a cell phone, all their clothes, shoes, books, bedding. What happens in the case where these things are lost, or if your child is the victim of theft?
Have a close look at your home insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. There is usually a limit on the amount of coverage, but this can often be increased if necessary. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. When extra coverage is necessary, ask your insurance agent about a personal property floater, or an endorsement to your policy.
Certain considerations should be made regarding your child's family member status related to your home policy would be: Do you support your child financially in any way?, Paying their tuition?, Is your child claimed on your tax returns?, Does your child return while school is out of session?, Are you providing their heath insurance?
Other kinds of restrictions could be applicable if your child depends on you financially. If your son or daughter has been working, and is self-supporting, coverage may not apply. You will likely not be able to fully cover your child if they are living in an apartment with kitchen, bedroom, and living room possessions. They would likely require their own renter's insurance at that point.
"Relatives" on a home insurance policy means people who are residents of the household and are related to the named insured, so your child who is only temporarily at school would still be covered in most ways during this time. However, since wording can be different between different policies and vary from one insurance company to another, what is covered, how much is covered, who is covered, how long coverage exists, and what endorsements are available may differ, it's always best to get specifics from your own home insurance provider.
It's a big move in your child's life. Provide the necessary coverage to keep them protected.
The empty nest feeling comes over a lot of parents at this time. While having children away can be freeing in some ways, many parents are anxious for their children's safety. Kids take all kinds of possessions away to school as their dorm room is their new temporary home. Maybe a TV, certainly a computer and a cell phone, all their clothes, shoes, books, bedding. What happens in the case where these things are lost, or if your child is the victim of theft?
Have a close look at your home insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. There is usually a limit on the amount of coverage, but this can often be increased if necessary. High priced electronics, jewelry, and other expensive items may not be fully covered due to limits on most standard policies. When extra coverage is necessary, ask your insurance agent about a personal property floater, or an endorsement to your policy.
Certain considerations should be made regarding your child's family member status related to your home policy would be: Do you support your child financially in any way?, Paying their tuition?, Is your child claimed on your tax returns?, Does your child return while school is out of session?, Are you providing their heath insurance?
Other kinds of restrictions could be applicable if your child depends on you financially. If your son or daughter has been working, and is self-supporting, coverage may not apply. You will likely not be able to fully cover your child if they are living in an apartment with kitchen, bedroom, and living room possessions. They would likely require their own renter's insurance at that point.
"Relatives" on a home insurance policy means people who are residents of the household and are related to the named insured, so your child who is only temporarily at school would still be covered in most ways during this time. However, since wording can be different between different policies and vary from one insurance company to another, what is covered, how much is covered, who is covered, how long coverage exists, and what endorsements are available may differ, it's always best to get specifics from your own home insurance provider.
It's a big move in your child's life. Provide the necessary coverage to keep them protected.
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For further details, please visit square one insurance, or if you're a first time home buyer visit www.squareoneinsurance.ca.
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