Near the end of August, most college and university bound students will be packing up personal belongings and getting ready for the move away from home to enjoy campus life. 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.
Many parents begin experiencing empty nest symptoms. It's an exciting, yet anxious time when your kids leave home to attend university. What about all the stuff they take with them to their dorm room? A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. What will happen if their stuff is lost or stolen?
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. The coverage provided is typically limited, but if necessary, most policies allow you to add extra coverage. Standard insurance limits may not be enough to insure an expensive computer, electronic equipment or jewelry. To increase coverage on these kinds of items, take a look at an endorsement or personal property floater.
Some questions to consider when trying to determine whether or not your child is a family member under your home insurance policy are: Does your child receive any kind of financial support from you?, Do you claim your child on your tax return?, Do you provide any health insurance for your child?, When the college has breaks does your child return to your home during that time?, Are you paying for their college bills?, etc.
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. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. Renter's insurance in your child's name may be required here.
"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.
This is one of the biggest moments in the life of your child. Make sure they're properly protected.
Many parents begin experiencing empty nest symptoms. It's an exciting, yet anxious time when your kids leave home to attend university. What about all the stuff they take with them to their dorm room? A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. What will happen if their stuff is lost or stolen?
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. The coverage provided is typically limited, but if necessary, most policies allow you to add extra coverage. Standard insurance limits may not be enough to insure an expensive computer, electronic equipment or jewelry. To increase coverage on these kinds of items, take a look at an endorsement or personal property floater.
Some questions to consider when trying to determine whether or not your child is a family member under your home insurance policy are: Does your child receive any kind of financial support from you?, Do you claim your child on your tax return?, Do you provide any health insurance for your child?, When the college has breaks does your child return to your home during that time?, Are you paying for their college bills?, etc.
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. Or if they've moved into an apartment, with living room, kitchen, and bedroom furniture, the amount of coverage you can extend from your policy may not be sufficient. Renter's insurance in your child's name may be required here.
"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.
This is one of the biggest moments in the life of your child. Make sure they're properly 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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