College Bound

college boundIt’s back-to-school time in Texas. And whether your kiddos are headed BACK to their school or OFF to college, you, as the parent, can’t help but worry about them.  It is easy to think about what you can do to protect your baby when they leave you because you know that this is an exciting time in his or her life. Let DDM to help you and your college student take that protection one step further.  A few things to consider as your student starts school:

Insurance on your College Student’s Car? 

Insuring a young driver is expensive. Some parents opt to take a cheaper route, by putting a car in their child’s name and getting an entirely separate auto policy under the child’s name. While this saves a few dollars, in the long run, it can be detrimental if your child is involved in an accident as most policies offer less coverage for a young driver. It is usually better to keep your child on your policy with high limits and an umbrella policy. Also discuss your child, their responsibility in sharing cars with roommates and friends. It is not uncommon for a student to drive his/her roommate’s car on occasion, and there can be issues if neither party is adequately insured.

Are my College Student’s appliances and computer covered while away at school?

While every policy is different, most homeowner’s policies cover personal property “owned or used” by an insured if it is damaged or lost due to a covered peril. Your child is an insured as courts have determined that dependent children are covered, even when away from home. Another common stipulation can be that under some policies, personal property usually located at an insured’s residence, other than the resident premises, is only allotted 10% of the policy’s coverage. For instance, if you have a policy for $100,000 and your child loses $15,000 worth of property while away at school, the policy will only cover $10,000, and you would be responsible for the additional $5,000.

Schedule a review with your DDM Advisor of you have more questions about how to protect your student and your property at college.