Over the next few weeks, thousands of students in Texas will be headed to college. Whether your child is starting college for the first time or heading back to school for another year, they can never be too prepared.
It's tempting to remove your college student from the family auto policy in attempt to save some cash. However, removing your student can often be more costly since it's generally more expensive for college students to take out a separate auto insurance policy. If you plan to let your college student take a car you own to school, you'll likely want to keep them on your family policy.
Personal Property Insurance
If your child is living in a dorm room on campus -- and you have renters or a homeowners policy -- then your insurance policy may cover their personal belongings up to a 10 percent limit of your personal property coverage. If your renters or homeowner's policy has a limit of $100,000 for personal property, then there would be up to $10,000 in coverage (subject to your deductible) for your child's personal property.
Living Off Campus
If your student is living off campus (either alone or with roommates), then consider a separate renters policy. This will cover personal property and provide liability coverage should a visitor suffer an injury. Renter's insurance policies are usually very affordable.
Source: Insurance Information Institute www.iii.org
We Can Help
Insurance is never a "one-size-fits-all" type of product. Contact us to discuss how to best insure your child, whether they live on or off-campus. Here's to a great school year!