Thursday, July 18, 2024

Does My Homeowners Insurance Cover College Students

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Steering To The Right Auto Insurance

Why Does My College Student Need Renters Insurance?

Is your child heading to college without a car? You might be eligible for a student away at school car insurance discount if your child is not taking a car and will be 100 miles or more away from home.

Dont be tempted to take your child off your auto insurance policy if he or she wont be taking a car to school, says Walter Russell, an owner of financial planning firm Russell & Co. and father of three. You still want to keep coverage for times when theyre at home.

If your child is taking a car to school, let your car insurance company know. Your rate might change depending on where the car will be. If the insurance company does not have the right garaging address, it might not pay a claim if theres an accident, Russell says.

Whether or not your child is taking a car, let the insurance company know if your student has good grades. Most auto insurance companies will offer a good student discount for a B average and higher, or other criteria.

Its also a good time to ask your insurance agent if you are eligible for any other discounts. The best car insurance companies offer a wide range of discounts, such as safe driving discounts, anti-theft and car safety discounts, and a discount for bundling auto and home insurance.

Auto Insurance Coverage Features At Liberty Mutual

The coverage features that Liberty Mutual brings to the table compare well against policies at other car insurance companies. Liberty Mutual also offers a few unique extras that set it apart, such as Better Car Replacement and the Deductible Fund.

Optional extras at Liberty Mutual

  • Uninsured/underinsured motorist coverage: Covers your costs when youre in an accident with a driver who has insufficient or no insurance.
  • Personal injury protection: Extra coverage for injuries, lost income and other expenses that result from injury to you or your passengers.
  • Glass coverage: Pays for broken glass on your car with no deductible payment required.
  • Better Car Replacement: If your car is totaled, pays for a replacement car one model year newer with 15,000 fewer miles.
  • Liberty Mutual Deductible Fund: Grows by $100 each year and is applied to reduce your next deductible payment.
  • 24-Hour Roadside Assistance

Most of these features can be found at some other insurers, but the last two are unique to Liberty Mutual. The Better Car Replacement coverage is an interesting protection for drivers who prefer to stick with the same vehicle model after their current car gets totaled.

In What Ways Does My Homeowners Insurance Cover A College Student

Typically, your homeowners insurance coverage will extend 10% of the policies limits to college students that live away from the insured home. For example, a home insurance policy with $300,000 of personal property protection, covers a college student attending university for $30,000 in personal property protection. The student would have to be under the age of 24 and be living in on-campus housing to qualify.

Most of you may be thinking, 10% isnt nearly enough coverage. This is where additional protection comes in. You can either increase your current homeowners insurance policy limits or purchase a separate renters insurance policy.

You may also decide to attach endorsements to particular items. Something like this can be helpful if the student plans to take expensive valuables to school. They may have an expensive electronics or jewelry. A standard homeowners insurance policy usually has caps and limits to items like these.

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Is Renters Insurance A Better Option

You may want to consider whether itâs a better idea to have your student obtain their own renters insurance policy when heading off to college. But not every insurance company is willing to insure college students.

âAs long as your agent has confirmed that coverage from your home insurance will apply to students away at college then it’s likely in your best interest to simply utilize that same coverage rather than getting a renters policy,â said Faschi. âIf, however, your carrier’s home coverage either doesn’t extend liability or severely limits personal property coverage to students, then you may need a renters policy to be properly protected.â

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Is Your Child On Campus

Do College Students Need Renters Insurance or Will a ...

It all comes down to your insurance policy and what it covers. Usually, your homeowners insurance policy covers kids at college, provided they stay on campus. When their items or belongings are affected by any damage your insurance covers, you can make a claim on your insurance. Your child would also have access to paid legal fees for a covered liability lawsuit.

Despite the fact that your homeowners insurance covers your kid at the colleges campus, it is wise to check with your insurance company exactly what property coverage your insurance provides for your child while they are on campus. For example, a worldwide coverage in your policy means coverage for your property irrespective of where they are located in the world. Anything outside a worldwide coverage would only cover property in a dorm room.

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What Questions Should I Ask My Insurance Agent About Homeowners Insurance And College Students

  • Is the liability limit for an accident in my childs dorm room the same as if one happened in my home? If its not, or if you dont feel its enough, you might want to consider a personal umbrella policy.
  • What is the personal property coverage for my students belongings while away at school? Perform a home inventory of the items your child is taking to school. If you dont feel the homeowners insurance coverage is adequate, you might consider a personal articles policy to provide additional coverage for electronics, musical instruments or sports equipment.
  • Does the homeowners insurance policy cover my student and their property if they live off campus?If not, a renters insurance policy can help protect against property loss and liability when your student lives off campus in an apartment or rental home.
  • What if my student is taking their car to college? What if they leave it at home? If your student will be taking a car, truck or SUV to school, make sure he or she is adequately insured. Remind your child that insurance rates may be impacted negatively as a result of traffic violations and positively with potential discounts for good grades.

What Should I Know About A Home Inspection

Youre excited about your new home, but you might be equally as nervous about a home inspection. Here are some answers to frequently asked questions to help you understand what to expect.

Why is an inspection required for my home?Where will the inspectors look?

Roof: The inspector will walk along the roof to assess its condition.

What happens with the information they collect?What happens after?How will I be notified about the inspection?Will the home inspector take precautions during the Covid-19 pandemic?Do I need to be present for the inspection?Will the inspector be wearing PPE and socially distancing when inspecting my property?

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What Doesn’t Renters Insurance Cover For College Students

Renters insurance won’t cover damage to your building, which falls under your landlord’s insurance if you live off-campus or the college’s insurance if you live in any type of housing owned by the university. Wear and tear to your belongings also isn’t covered by your renters policy.

While your renters policy may cover personal belongings in your car, any damage to the vehicle itself would be covered by your auto insurance policy.

How About Children Off

Insurance 101 – A Parent’s Guide to College Student Coverages

Home insurance rarely covers children off-campus. Youd need to find a better-suited insurance package for children who stay in a fraternity house, sorority house, or other off-campus apartments. You can get a renters insurance policy for your child if they choose to live off-campus. It is best to pick an insurance policy that covers your child only, rather than one that covers your child and roommates.

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Righttrack Safe Driving App

Liberty Mutuals safe driving app RightTrack has a 4.4-star rating from the App Store and 4.1 stars from Google Play. Customers get a car insurance discount just for signing up and can earn up to 30 percent off by driving safely.

Behaviors observed by the app include braking, acceleration, nighttime driving, and miles driven. Overall, customers are satisfied with the app, although some report that the tracking for braking can be touchy.

Recommended Reading: Trustage Auto Insurance Reviews

Liberty Mutual Renters Insurance Review

Liberty Mutuals renters insurance policies are fairly standard before you add endorsements. Like its homeowners insurance, Liberty Mutuals renters insurance may work best for people looking for standard coverage without needing to personalize their policies.

Unlike Liberty Mutuals homeowners insurance, we found that its renters insurance more generally matches the rates of its competitors.

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Renters Insurance For Off

If a student lives off campus in a non-school affiliated apartment or house, typically most landlords will require the student to acquire renters insurance as part of the lease agreement. Thats because the landlords insurance usually only covers the building, not the tenants possessions.

Even if renters insurance is not required by the lease, it can still be a very smart choice. Purchasing a renters insurance policy for a student who lives off campus is simple to do and relatively inexpensive.

Homeowners Vs Renters Insurance

Does Your College Student Need Renters Insurance?

While your homeowners insurance policy may cover your child if they’re away at school, there will usually be a 10% limit on the contents that are protected in your child’s dorm. If your policy applies to your personal property for up to $100,000 in covered losses, for example, your child may only be covered for belongings worth up to $10,000.

College renters insurance designed specifically for students’ needs, and offered by many colleges and universities, may fill any gaps that may exist in the coverage extended from your homeowners policy. Students will be able to replace their items as quickly as possible, get back on track and focus on their studies.

In addition, dorm insurance policies typically have lower deductibles than home insurance policies. You may prefer to reserve your homeowners policy for making larger claims instead of paying the deductible for smaller claims, such as your child’s laptop getting stolen in the dorm. Premiums on dorm insurance may also be lower than those for homeowners insurance.

For more information on policies, rates and coverage limits, contact a Nationwide agent.

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Liberty Mutual Home Insurance Discounts

  • Claims-Free Discount: Homeowners who havent filed a claim in the past five years or more with their previous insurer are eligible for a lower premium.
  • Early Shopper Discount: Receive a quote before your current policy expires and youll receive some savings.
  • Safe Homeowner Program Discount: Liberty Mutual policyholders who have been claims-free for three years may save on their rate
  • Newly Purchased Home Discount: New homeowners may find some relief with a discount from Liberty Mutual.
  • New or Renovated Home Discount: Homes that are newly built or renovated significantly qualify for savings.
  • New Roof Discount: In addition to being an investment, a new roof equals savings on your homeowners insurance premiums.
  • Multiple Policy Discount: Bundle multiple insurance policies to lower your premiums. The more you bundle, the more you may save.
  • Insured to Value Discount: Homeowners will see savings if they insure up to 100% of how much it costs to replace their home.
  • Preferred Payment Discount: Enroll in automatic payments and receive a discount.
  • Paperless Policy Discount: Lower your premiums by opting to receive communications electronically.

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How To Apply For Liberty Mutual Home Insurance

To get Liberty Mutual home insurance, all you need to do is follow these simple steps:

  • Head over to the Liberty Mutual site and head to the homeowners insurance section. You can also choose to visit a Liberty Mutual office and be guided through the whole process.
  • Provide the necessary information like your name, date of birth, address, and some details on your home.
  • Get your quote quickly and easily through the brands site and then compare your options, selecting any necessary add-ons before continuing to the payment and confirmation pages.
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    Will My Homeowners Policy Cover My College Students Belongings

    It seems like just yesterday that your child started grade school and here they are now headed off to college university. You have always been there for your child. You have done your best to teach them the difference between right and wrong. You have taught them how to make good choices. You have also done your best to protect them from harm. Now its time to send them off into the world to find their way on the road to adulthood and success.

    Its time to teach them about how to protect their belongings from fire and theft.

    We dont want to alarm you, but its a fact that about 40,000 thefts happen on college campuses each year.

    Further over, 300 on-site campus fires occur within a 5 year period.

    Since the average student has about $10,000 worth of clothing and belongings, it raises the question:

    Do College Students Need Home Insurance

    Does my student need renters insurance?

    If you have college students in your family, make sure they have the necessary insurance coverage while away from home.

    yourresident relative

    Even if your kids are attending a college out of state, as long as their legal residence is still considered your home, then there is insurance coverage for the following.

    Remember, if your home is no longer legally considered your college students residence , then they are not covered under your homeowners policy while away at school. We recommend consulting with your insurance agent to be sure that you have the coverage that best meets your familys needs. And dont forget to create a dorm or apartment inventory, along with photos and receipts of any valuable items.

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    Auto Insurance For Students

    Parents should contact an agent right away when a child on their auto policy starts college. Every state has different rates and risk factors. A representative can weigh in on your individual circumstances and tell you whether you need to make any adjustments. Be sure to share where your child is enrolled, where the car will be parked most of the year, and when the change in location goes into effect. Be prepared to answer the following questions too:

    • Is the student full-time or part-time ?
    • Does the student live at home, in a dorm or off campus?
    • Does the student have a daily commute to school in the vehicle, and how far is it each way?
    • What state does the student primarily reside in?
    • Is the school more than 100 miles from home?
    • Where will the car be parked most of the time ?
    • Will the vehicle be driven or shipped to its college destination?

    Another option is having your child get his or her own auto insurance policy.

    Is Renters Insurance For Your College Student A Good Idea

    As your kids make their way into adulthood, they take on new roles and responsibilities. And sometimes, accidents happen. Making a few mistakes along the way is part of the process, but it doesnt have to set them back financially. Picking up a renters policy for them is a great idea. First off its really affordable. And its a great way to help protect their finances and credit rating, too. And youll also benefit by sheltering your homeowners policy from rate hikes due to claims that your college students make.

    Instead of having to foot the bill to repair or replace items or damaged property, theyll only have to file a claim and pay the renters policy deductible well take care of the rest up to the policys coverage limits. If their place isnt livable while repairs are being made, the renters policy can also pay for additional living expenses. This can all help keep your young adults credit ratings strong.

    While youre looking into whether homeowners or renters insurance is best for your family, remember to reach out to your American Family Insurance agent. You can carefully review the options for both plans and select a policy that works for everyone. Best of all, youll feel great with the knowledge that your college-bound students finances and personal belongings are well protected no matter where they are.

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    Safeguard Your Biggest Investment

    Home insurance protects your home and whats inside it. It covers you against losses or damages from fire, weather, theft, and more. And it protects you from liability if an accident happens on your property.

    Here when you need us, with 24/7 claims service. Our friends at Liberty Mutual will service your claim whenever you call night or day, any day of the week, even on holidays.

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    College Students Living Off Campus

    Do College Students Need Renters Insurance or Does a ...

    For those who choose to live off campus with roommates or even another relative, the rules are completely different. Your homeowners insurance will not cover your childs possessions while they live off campus. They will need to purchase renters insurance.

    Renters insurance is often very affordable. Premiums are much lower than homeowners insurance and even basic plans should cover most possessions. We can help you and your student select the best coverage for your needs.

    Its never easy to let your kids go, even when theyre old enough to go to college. For those who live on campus, you can breathe a little easier knowing youre still protecting them, even from a distance. The students who live off campus have choices too, which might help you sleep a little better at night.

    At Charlotte Insurance, we have been serving North Carolina since 1992 and we pride ourselves on service and building relationships. Were here to help you protect those most precious to you at home or at college. Contact us today and lets make sure your policy does exactly that.

    Image courtesy of Flickr user Velkr0.

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