The day your child is born is the happiest day of your life then you blink and they are off to college and university. Where did the time go? How are we going to look after them when they are no longer under our roof?
As parents, it is our responsibility to protect our children and when they leave for school. As the ties that bind become undone – or do they?
As a homeowner, you can still protect your children through your insurance. Children attending university or college put enough financial strain on a family. You don’t need the extra burden of worrying about what you will do if something happens to them or their belongings while they are away.
Ask your broker to explain your options to you. There are various types of coverages available. Some homeowners’ policies extend contents coverage to “students away from home”.
The first thing you need to do is determine the amount of coverage you will require to have your “student” protected. Keep in mind that when considering insurance coverage you must always think in WORSE CASE SCENARIOS. Make an inventory of all the personal property they are taking with them from underwear to computer equipment, and then determine the current replacement value of these items. Now you have calculated the LIMIT of insurance that you will require.
Your next step is to ask your broker to find out what your current homeowners policy covers for personal property protection for your student.
The next question is to make sure that your current insurer will also extend your liability protection to cover any legal liability issues that could arise while your child is away from home. Some examples include potentially causing a fire or accidentally causing bodily injury to another person. Remember that incidents like these may not necessarily be their fault, but you may have to retain legal counsel to act on your behalf.
If your current insurer does not offer coverage for students away from home, you may need to ask your broker to provide you with a “tenants package policy” to provide this protection for you.
This could be a challenge depending on whether your child is in residence or is renting an apartment or sharing space in a home. Whatever the case, your broker should be able to secure coverage for you.
One other thing to remember is that if your child is an occasional operator on your vehicle, depending on how far away they are, you may qualify for a discount on their portion of your premium as they won’t be driving your car as much.
Our children are priceless – we need to keep them protected even when we are not with them. Let your broker provide you with the peace of mind you need.