Each September, a lot of students will be starting school away from home at a college or university, and they will be taking a lot of personal items along with them. 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.
Many parents begin experiencing empty nest symptoms. 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. If these things are stolen or lost, what will happen?
Check your insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. 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.
Certain considerations should be made regarding your child's family member status related to your home policy would be: Do you support your child financially in any way?, Paying their tuition?, Is your child claimed on your tax returns?, Does your child return while school is out of session?, Are you providing their heath insurance?
If your child is dependent on you financially, other restrictions could apply. If your son or daughter has been working, and is self-supporting, coverage may not apply. You will likely not be able to fully cover your child if they are living in an apartment with kitchen, bedroom, and living room possessions. 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.
Your child has many big moments in their lives, and this move is one of the biggest. Be assured that they are safe, and get them protection.
Many parents begin experiencing empty nest symptoms. 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. If these things are stolen or lost, what will happen?
Check your insurance policy. Full time college or university students are generally covered by their parents' home insurance policy while they are away at school on a temporary basis. 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.
Certain considerations should be made regarding your child's family member status related to your home policy would be: Do you support your child financially in any way?, Paying their tuition?, Is your child claimed on your tax returns?, Does your child return while school is out of session?, Are you providing their heath insurance?
If your child is dependent on you financially, other restrictions could apply. If your son or daughter has been working, and is self-supporting, coverage may not apply. You will likely not be able to fully cover your child if they are living in an apartment with kitchen, bedroom, and living room possessions. 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.
Your child has many big moments in their lives, and this move is one of the biggest. Be assured that they are safe, and get them protection.
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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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