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College Bound

3 Things You Need To Know:

  1. Your automobile insurance premium will change depending on whether you are taking your vehicle with you or leaving your car with your parents.
  2. Your parents’ homeowners’ policy may or may not cover your personal property while you are at school. 
  3. You may still be covered under your parents’ health insurance policy.

You are accepted! After you’ve received letters of acceptance to your preferred college it is time to say goodbye to friends, pack your belongings and head out on a new adventure.  Before you go, don’t forget to check with your Trusted Choice® independent insurance agent to make sure you have the coverage you need to protect your property. 

Automobile Insurance:

If you are not taking a car with you, let your insurance agent know. Your parents’ insurance premiums can be significantly cheaper if you will not have access to the vehicle and go from being a regular driver to an occasional driver.

If you are taking your vehicle with you to collage, make sure you tell your insurance agent your new address.  Automobile insurance is rated using the risk factors associated with where your vehicle is garaged, so the premium may change. The insurance company will also be interested in how you are using the vehicle; Are you driving it around campus or leaving it at your dorm while you walk or bike to classes?

Homeowners Insurance:

While you may not own a home, you’ll want to make sure your belongings—including your clothes, shoes, laptop and TV—are protected. Because there are so many factors, it’s best to call your Trusted Choice independent insurance agent.

In many cases, your belongings will be covered under your parents’ policy. Some carriers will cover personal property at a secondary location for up to 10% of the personal property limit on the homeowners policy. But what is considered an insured secondary location?  In order for you to have coverage under your parents’ policy, you must still be considered a resident of their household. If you are staying in the dorms, the insurance carriers will normally consider you still living with your parents. There may also be special limits on electronics, jewelry or collectibles. Insurance carriers have different guidelines, but the easiest, safest way to know you are covered is to purchase a renter’s policy—especially if you decide to move off campus or rent an apartment.

When renting an apartment or home with your friends, your insurance agent will want to know whose name is on the lease, if you have established residence by changing registration on your car and other legal documents and your long term goals. Are you staying there? Do you plan to move back to your parents’ home? Will you be home for the summer? A renter’s insurance policy will cover all of your furniture and personal property rather than subject you to the 10% limitation under your parent’s policy.

The landlord may also require proof of liability insurance before you move in. Obtaining a renter’s policy can fulfill this requirement. If you have roommate, everyone needs their own renter’s policy, as their belongings and personal liability are not covered on your policy.

Health Insurance:

Most of the time you will be covered under your parents’ health insurance while going to school, but you’ll want to make sure you understand any restrictions or conditions that would negate the policy.

Just like your personal property coverage, where you live may determine if you are still covered under your parents’ insurance policy. Other restrictions include age, marital status and employment.  Moving to a new town also means finding new doctors and medical facilities. You’ll want to reference your health insurance provider’s in-network and out-of-network listing of doctors near your school.  Watch for co-pays and deductibles that apply to doctors visits, emergency rooms and inpatient care along with other coverage limitations. 


 Courtesy of I.I.I.