Off to College/University They Go!

It is sad to think, but summer is coming to an end and many families will be preparing for their kids to head off to college or university. A scary time for all, but an exciting time as well. One thing we do not want you to worry about is insurance for your child’s belongings while at school.

It might not have been something you thought about, but there are a few things to consider to make sure your child is protected when they are off to school. We will outline some below:

Living in an on-campus residence: As your child embarks on their next journey away at school, although there is not a lot of room in the dorms, they will still have some valuable items with them (laptop, fridge, clothes, books, etc.) and should anything happen, we want to make sure they are protected. If you have your own home insurance, often times, there is coverage for “Students Away At School” already built into the policy. This would be to protect their belongings while away at school. The amount of coverage does vary between companies, but most companies have this included in their policy at no extra charge. 

Living in an off-campus house: Often times, your child will make lifelong friends away at school and move into a house with them off-campus. As this happens, the “Students Away At School” coverage may not be enough as their belongings become more valuable (i.e. furniture, appliances, kitchen table, bedroom furniture, etc.). So, if the limit on the policy is not quite enough, you would want to purchase “Tenant Insurance” for your child. This would protect their personal belongings as well as provide liability coverage should anything happen at the house as well. With Tenant Insurance, you can pick the limit of coverage that best suits your situation or need.

You have purchased a house for them and friends to live in: We see it all the time – parents purchase a house for their child and some friends to live in for a few years. It is a great way to have an income property as well as make sure your child has a safe place to live. If you are doing this, you would want to make sure that not only your child’s belongings are covered (with a Tenant Insurance Policy), but you would want to make sure the building itself is insured and protected for you. You would want to talk to us about Rental Building Insurance. This protects the building should anything happen and provides liability as well for the property.

Although this next chapter in your child’s life may seem daunting for all, it is an exciting time and you can take small steps to provide extra protection and peace of mind for you and your child. Contact our office today to talk about the options for your child going away to school.

 

Scott Sleightholm, CAIB, R.I.B.(Ont.), Vice President, Kenny Insurance Brokers