College students and insurance, what you need to know

Graduation day has come and gone; now it’s time to look towards college and how these changes can impact your home and auto insurance.

Let’s look at your homeowner’s insurance first:

THE GOOD NEWS

  • 9 times out of 10 your current homeowners’ policy will cover losses that occur while your child is living on campus.  Many companies will not honor this if your child is over the age of 21.
  • If your child is staying off campus but still in New York state, many companies will still allow your homeowners’ policy to cover them, but they would prefer that a separate renters policy is taken out.

THE BAD NEWS

  • If your student’s dorm room is flooded or catches fire, you have a limited amount of money that your insurance company will pay out.  That amount is anywhere between $1,500 and $2,500 unless you took the time to schedule your electronics or requested an additional endorsement, you might not be able to replace all the items that were lost or damaged.  A brand new Mac Book costs $1,299.  A new iPhone can run $1,000 easily and don’t get me started on the cost of textbooks…
  • If your student is enrolled in a technical school, there is a good chance that your homeowners insurance will NOT extend to their living arrangements while attending school.
  • If your student is living off campus and out of state, they really need a renters policy.
  • 90% of insurance companies do not extend coverage to college students over the age of 21.

Now let’s look at your car insurance.

THE GOOD NEWS

  • If your teen has their own car but is on your car insurance and leaves the car at home (meaning that it will not be driven by anyone else until he/she comes home from college), your agent can change your coverage to reflect that.  This can lower your monthly costs.

THE BAD NEWS

  • There’s no bad news.

The first year away at college is daunting to both parents and students alike.  The one thing you shouldn’t have to worry about is your insurance coverage.  Hudson Valley Agents has been helping Hudson Valley parents ensure that they and their students have insurance coverage that actually covers the things that matter most.

Congratulations to all of the Class of 2018, good luck in all that you do!

#classof2018  #homeownersinsurance  #carinsurance  #hudsonvalleyagents  #insurelocal  #hudsonvalleyinsurance #rentersinsurance

 

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