Kids off to college? A parent’s guide to insurance

DATE | 10/14/19
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If you're empty nesting, by now your college student is probably settled in and busy with the new school year. And maybe you're even getting used to the idea. But do you understand what your current auto and home insurance policies will pay for with your student and what they won't? Here's a quick review.

Home/renters insurance

  • If your child is in a dorm, their stuff may be covered under your renters or home insurance. Check your policy for coverage limits.
  • If they are renting off-campus, in most cases they will need their own renters insurance policy. A renters insurance policy provides protection for their personal property, such as furniture or electronic equipment, in case of perils like fire or theft. It will also help pay for legal defense and settlement costs if your child is sued for someone’s injury or property damages (not including illegal acts).
  • If you have home insurance with Member Benefits and your child’s property is stolen or damaged by a covered peril, we’ll pay up to 10% of your personal property limit for property that is with your student while away at college.

Auto insurance

  • If your student is leaving the car at home, find out if your insurer offers an away-at-school discount. Keep your child listed on your policy so they have coverage when they’re back home on breaks. Don’t forget to ask whether your insurer offers a good student discount like Member Benefits.
  • If your child brings a car along to school, let your insurance company know. The coverage price may go up or down depending on the school’s location. You may want to encourage your child to keep the car at home if their campus is easy to get around on foot or by bike.