Every year we speak to our clients about kids away at school and some of the concerns that come up as a result. There are often good ways to make sure your child is fully insured, while still saving money if you manage your policies properly. Here are some common tips and things we have done to help save our clients money while keeping their kids safe. Remember that every insurance company is different, so make sure to have a discussion with your agent/broker or insurance company to find out what their policies are, they may even have more ideas to suggest!
Do they need coverage for their apartment or dorm?
Sometimes when you have kids in school you buy them tenant insurance for their apartment. Did you know that many insurance companies include coverage for dependants at additional locations? Find out if you can cover your dependents automatically through your home policy for liability and their contents without spending more!
Do you have your kids on your car insurance while they are away at school?
Many insurance companies have special codes they can put into your policy indicating that your occasional driver is away at school. Often if they are 100 miles away (for example) it is understood they will not have access to the car on a regular basis, they will only be in town for holidays, long weekends and summer, so we have insurance companies that add a 50% discount to the rates. Why not cash in on that? Speak to your insurer for ideas and details.
If your company does not offer this kind of accommodation/discount - you should ask around, its fairly common.Not all companie shave the same products or protections, it is important to inform yourself.
Finally, some insurers offer discounts when the parents and children have their own insurance, but keep it with the same company. Make sure to ask about this. Often an insurance company may forget to make the connection, why leave anything on the table?
Kids going away to school often bring up new issues with insurance, laptops to insure, liability for premises rented, how to insure roomates, travel insurance... All these things are worth discussing with your insurer. What kinds of needs have you encountered?