First Year Away at University – Have You Thought About Insurance Coverage?

First Year Away at University – Have You Thought About Insurance Coverage?

A major rite of passage in a young person’s life is when they leave home, often for the first time, to pursue post secondary education. With all of the emotions and responsibilities to deal with, one aspect that could easily be overlooked is the need for the student to have have proper insurance coverage at their new school residence.

It would be easy to assume that coverage is just an automatic extension from their parent’s policy, however, as in most cases, the requirements and limits can differ greatly between insurance companies. Proper advice in this instance is essential and your Regal Insurance Broker can address your individual needs.

The first consideration is the amount of content coverage that the student will have. Some companies put a limit on this, for example $5,000, and some simply use the contents limit under the parent’s policy. Depending on the amount of personal property the student brings, there could be a large underinsurance exposure. Another issue is the liability.

Does your liability limit automatically extend to your child’s new residence? Do they have to live in the post secondary school dorm accommodation or is any apartment or home covered? Does the insurer require the name of school or address of the student’s location? Also, if the parent’s policy has already had a claim against it, would a claim at the student’s location jeopardize the carrier’s willingness to continue coverage? If so, perhaps a tenant’s policy for the student may be advised.

The key message here is to always check with your Waterloo Insurance Broker prior to the student taking possession of their new premises and not wait to deal with it when an unforeseen event occurs. Your Insurance Broker will work with you to ensure that your child is properly covered.

Make sure your daughter or son has proper insurance overage during their school year. Give us a call at 519-578-7170 and we’ll be happy to help.