The new freedom of college life can present challenges both for new freshman and parents. With hundreds of details to manage... books, class schedules, tuition and getting settled in a dorm. Parents may not think about newly-created insurance gaps in their homeowner's insurance policy or whether they have enough coverage. And The Freshman may not care!
Are parents and students covered for Property and Liability coverage for students at college?
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Students who leave home to attend college may begin the semester as fully-protected "insured's" under the parent's Homeowners Policy but can end the semester in a protection gap without insurance for laptops, clothes and other stuff.
Enrolled - Full time is the key. As long as a student who lives away from the residence premises meets the age requirements and is considered a full-time student by the institution in question, he/she qualifies as an insured under the parent's homeowner's policy.
However, if the student drops a couple of classes and falls below the institution's definition of "full time", a potential coverage gap is created. And many times, this gap isn't realized until after a loss occurs.
Think about if your child participates in a sport. If they accidentally injure another player and a lawsuit is filed against the parent(s), there could be no coverage under the liability portion of the home insurance policy.
But what if there was coverage under the homeowner's insurance, but the lawsuit judgment was above the amount of coverage?
This is where a personal umbrella policy could come into play. An umbrella policy is an additional layer of liability coverage that extends beyond the liability coverage of the homeowners insurance policy and the auto insurance policy and could also coverage over other types of liability policies, such as boat liability, motorcycle liability and ATV(All Terrain Vehicles).
Call us for guidance. College Students can create unusual situations.....you'll be glad you made the phone call.
There are significant differences between insurance policies. Please refer to your specific homeowners insurance policy to see what coverage you have. Or ask your insurance professional.
Students Away at School Counting on Their Parents Homeowner's Insurance Policy Might Be at Loss
Luhn-McCain Insurance Agency, based in San Antonio, TX is a full service independent insurance agency, offering Homeowner Insurance, Auto Insurance, Business Insurance, Life Insurance and Health Insurance. www.luhn-mccain.com
Richard Paludi, CIC has been a licensed independent insurance agent for the past 17 years providing both business and personal insurance coverage
Please visit his website at http://www.luhn-mcccain.com to get an instant online quote for your homeowners insurance, auto insurance, term life insurance, health insurance, motorcycle insurance and boat insurance.
We also provide business insurance for small businesses as well as companies with hundreds of employees.
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