In this blog, Regina Campbell & Haliburton Insurance’s own, Daryl Arendt explain some coverage options for those who have children going away to post-secondary. He explores the different options your kids may have during this back to school season!
Back To School Season
September. It’s a time for as new fall routine, pumpkin spice, and of course, it’s back to school season. For many of the primary age students this is an exciting time. Backpacks. New teachers. Pencil crayons. Finally, the best of all – recess! However, what about those of us who have adult children attending post secondary institutions? Pencil crayons are replaced with syllabi. Recess gives way to parking passes. And for many there are student loans. In the midst of this new, exciting and often times overwhelming reality, tenant insurance may not hit the radar.
Insurance Options for Back to School
So for those of us who have adult children attending post secondary institutions, what do we need to do to ensure that they are properly insured? This is for both their belongings as well as for their liability exposures. Student will fall into one of two camps:
Students Living At Home
If you have a student who is still living at home, likely there is nothing that you need to do. Typically, family members who reside at home with you are covered under your own homeowners, condo or tenant insurance policy. While this is usual, we will always recommend that you check with your insurance broker to make sure that your son or daughter is covered.
Students Living Away From Home
If you have adult children living away from home, whether on campus in a residence or renting their own apartment, this can be a unique transition. Yes, not just for parent – I’m sure your child will miss you too!
You may need to ask yourself some questions. Such as, will your child need their own insurance policy? Are they covered under your policy? In many cases your son or daughter will not require their own insurance. Although, they may wish to purchase it if they would like.
Often your own insurance policy will provide coverage, at no additional cost, for your son or daughter who is going to school. However, many policies limit just how much of the student’s contents are covered. Some cover $7,500, others $15,000, and still other may provide $25,000. Normally an insurance company will provide this coverage for adult children attending school as long as they are still unmarried and are financially dependent on Mom or Dad. Keep in mind that there are many different insurance companies and many different insurance policies. We always recommend that you speak with your insurance broker to see what your policy covers and if you need to make any changes.
Finally, whether you have a child just entering preschool or finishing up on their PhD, grab that cup of pumpkin spice and enjoy this stage of life!
Besides being an insurance broker for almost 20 years, Daryl has a grown daughter attending a post secondary institution here in the province.