Insurance for Students

It’s scary to think about, but hard to avoid.  September is almost here.  And for many parents it’s about getting their children ready for school or getting their high school graduates ready for post-secondary education and helping them move to their new residence at college or university. Some may be in dorms for their first and second year.  Some may have their own apartment. Have you considered what to do in the event something happens to your child’s contents?   Consider what students bring with them:  Laptops, TVs, books, clothes, musical instruments, bicycles.  Students living off campus may have had to purchase their own furniture. And it’s no secret, with college comes the party life.  What if someone was injured on your child’s premises?  What if damage was done to the rental unit?  Depending on who is deemed negligent, the tenant, and that would be your child,  may be held responsible. Your home insurance may cover your child’s insurance needs such as contents and liability while they are away at school and on campus, but there may be limits.  Students living in off-campus apartments probably need their own insurance policy. Students should take photos of their personal property and/or make an inventory of what they brought with them, making note of serial numbers on electronics and devices. Click here for a Personal Property Inventory that can be printed off. It's quite extensive, but will still be very useful in the event of a claim. Let your broker know that your child is moving away to school to ensure that he or she has the coverage they need.  Companies can vary on how much they will cover and if there are any limitations. Update your car insurance too; depending on where your child is attending school, they may be eligible for a student away from home discount on their portion of the auto insurance.