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. It's a good idea for students to talk to their parents about insuring their valuable property while they are away at school, expensive items like laptops and tablets should be protected against damages and theft.
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. A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. What happens in the case where these things are lost, or if your child is the victim of theft?
Check your insurance policy. Children who are studying full time away from home at college or university are covered by the majority of parents' home insurance policies. 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.
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. When your child is supporting themselves with a job, coverage from you may no longer be applicable. When your child is living in a full apartment with bedroom, kitchen and living room, your policy may not be able to provide enough coverage for them. 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. Homeowners should have a look at their policy to determine who is covered, what is included, the duration of that coverage, etc, because not all home insurance policies are the same, and they can actually vary drastically.
It's a big move in your child's life. Make sure they're properly 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. A lot goes with them, basic things like clothing and books, but there are more costly possessions like computers and cell phones. What happens in the case where these things are lost, or if your child is the victim of theft?
Check your insurance policy. Children who are studying full time away from home at college or university are covered by the majority of parents' home insurance policies. 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.
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. When your child is supporting themselves with a job, coverage from you may no longer be applicable. When your child is living in a full apartment with bedroom, kitchen and living room, your policy may not be able to provide enough coverage for them. 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. Homeowners should have a look at their policy to determine who is covered, what is included, the duration of that coverage, etc, because not all home insurance policies are the same, and they can actually vary drastically.
It's a big move in your child's life. 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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