IF YOU'RE IN ANY OF THE BELOW SITUATIONS, TAKE STEPS TO MAKE SURE YOU'RE PROPERLY COVERED.
1. They're off to school & TAKING A CAR with them.
DOWNSIDE TO NOT MENTIONING IT - POTENTIAL DISASTER.
This info can be CRITICAL for coverage to remain intact. If you fail to mention it you're treading in 'MATERIAL CHANGE IN RISK' territory.
Your auto policy references a few "mandatory conditions" and this is one of them.
TRANSLATION - you need to promptly notify your company if your insurance situation changes, or the coverage may not be there when you need it.
If one of your vehicles is being regularly driven and stored somewhere new, update your broker.
2. They're off to school & NOT taking a car with them.
DOWNSIDE TO NOT MENTIONING IT - OVERPAYING FOR NO REASON.
You may qualify for a significant discount when you have a CHILD AWAY AT SCHOOL.
Bonus: The child continues their positive insurance history while they're away!
If your insurer DOESN'T have this it's still likely the vehicle usages are changing, leading to some premium savings.
3. They're staying ON campus
Your PROPERTY policy likely has an extension for students away at school.
TRANSLATION - your content coverage follows them to their new place.
Make sure you Check with your broker to see if there is a limit though.
i-phones, laptops and Playstations can add up fast!
4. They're staying OFF campus
Consider getting them a tenant policy.
At around $200 for the year, it's affordable.
THE WIN HERE IS THE LIABILITY COVERAGE....not coverage for their BLU-RAY collection.
If junior 'falls asleep' at 2am while filling the bathtub, that insurance policy is going to seem really smart.
SIMPLIFY YOUR INSURANCE by having a relationship with your broker and keeping them in the loop.
A simple text or email saying:
"Jenny is going back to school at Mt. A and is taking the Corrolla" could save you from a denied claim.
Add UPDATE MY INSURANCE to your back-to-school shopping.