If you’re helping one of your children go off to college for the first time, we may be able to help you save money and gain some extra protection.
Here are four things to consider about insurance when a child goes off to school.
1. You could get a discount on your auto insurance. Because you’ll have one less driver living at home, your household might get a discount-as long as they don’t take a car along with them.
2. Your homeowners insurance might extend to his or her belongings. Usually the belongings of your child-turned-college-student will be covered by your homeowners insurance, but it’s best to be sure.
3. Student loans might call for extra protection. If student loans are involved, you might want to consider life insurance for your son or daughter. It can help financially in the case of an unexpected tragedy (although no one wants to think about that). If a tragedy never occurs, your child can opt to carry on the life insurance to the next stage of life, too – making it a wise investment.
4. Insurance can help in the most unexpected cases - Accidents happen – sometimes tragically. Extra liability coverage through a Personal Catastrophe Liability (PCL) policy, commonly called an umbrella policy, can help protect you should a lawsuit ensue from a big mistake.
Most importantly, let your Agent know of the changes happening in your household so he or she can help you keep your family as protected as possible.