Keep posted, keep informed.
Many students are embarking on a great journey this fall; heading out of their family home and off to college. They’re packing up clothing, bedding, household items, miniature refrigerators and variety of personal items as they check off their “What to Bring to College” lists.
One items that is not found on most packing lists for college – although it should be – is insurance coverage! College is a wonderful experience for students, but parents need to make sure that their students are protected in as many ways as possible.
What can insurance agents do to ease the minds of parents with students heading off to college? One way to do so is through ensuring that the parent or student has the proper habitational insurance as they begin their college-living journey. Below are some great tips for agents to share with their clients who have children heading off to college this year.
The student’s belongings may be covered under their parents’ renters or homeowners insurance policy.
Some homeowners’ or renters insurance policies cover some personal property away from the residence, in a limited manner. It may be presented either as a percentage of the total policy or a dollar amount limit. Advise clients to take an inventory of the items of value (jewelry, electronics, etc) that their college student will be taking with them in order to help determine if their existing policy will provide coverage of it additional coverage will be necessary.
Students living in off-campus housing will need their own renters policy.
Living in an on-campus dorm is categorized differently than living in independent housing such as a rental home or apartment. Since the student will be in their own dwelling, chances are they will no longer be covered under their parents’ policy. Agents should ensure that they are certain of the dwelling type when reviewing the policies and coverage with the parent or student.
Some rental companies offer renters insurance policies as part of the rental package.
This type of coverage is often at a considerable increase in price from what a dedicated insurance agency can offer a client, and the coverage can be less favorable. Parents should carefully review this option if it is presented to them and agents should offer to check if there is a competitive rate that can be offered through the agency instead.
Renter demographics can affect pricing and availability of policies.
Circumstances such as location and environmental factors can have an impact on insurance coverage, so it’s important to walk the parents or student through the ways in which location of housing can affect the policy pricing. Sometimes choosing an apartment just a few miles away can make a large difference in price.
When it comes down to it, parents just want to protect their children from whatever they can, even when they are moving out and becoming more independent. Insurance agents can at least help ease some of their concerns by making it clear that they have their insurance questions covered while parents deal with all the other nuances of preparing their child for college.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855)-248-1480.