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***A re-post that we thought is good for parents to know. ***     CONGRATULATIONS to the graduates!!

Many of us have children either off at college or headed off for this first time very soon. There are a couple of helpful hints to keep in mind. Remember to check with your insurance professional to confirm how your homeowner's and auto insurance will react:

DOES MY CHILD HEADED TO COLLEGE NEED A RENTER'S INSURANCE POLICY?: It depends... Many home insurance products have a built in extension of property coverage up to 10% of your contents coverage on your policy for property away from premises Given the limited size of dorm rooms, 10% of your contents coverage will be just fine on a college campus. Lets say you have $100,000 contents coverage on your home insurance policy. That would give you $10,000 for your kids "stuff" in the dorm room. All situations are different, so just make sure with your agent what coverage you have. ***We are seeing more and more coverage requests when your son or daughter moves to an off campus apartment where the compled is requiring a separate renter's policy. Not a bad idea and only $150 annually typically. As for the liability coverage extension, again typically the liability will follow your child away at school, but make sure you ask your agent for clarification.

MY KID IS NOT TAKING THE CAR TO SCHOOL, DOES MY INSURANCE RATE GO DOWN?: It depends...Typically many companies will give a "Distant Student Discount" if your child does not have the car at school and is over 100 miles away. That discount can be significant so make sure to contact your agent to endorse the change to your policy. *** Make sure if your child IS taking the car that you share this with your agent. In fact your insurance rates may even decrease with that if they were primary driver on a car in Richmond VA, but now are headed to Blacksburg. Again, typically the insurance company will rate the vehicle where the car is primarily located and insurance is less expensive in less suburban areas typically.

MY DAUGHTER HAS GOOD GRADES, DOES THAT HELP MY AUTO RATES? : With most companies, even while in college they will allow for a "Good Student Discount" for your kids still in school who carry a "B" or better GPA. You will have to get them to forward copies of the most recent grades to confirm with your insurance company.

Hope this helps, and good luck to all you first timers...call us with any questions.  Hard to see them leave the nest!

- Jeff Swanson
Posted 1:00 PM  View Comments

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