Families are sending their young adults off to college, and you’ll want to make sure they’re safe on and off campus.
Many probably have questions about the type of insurance a student requires, such as: Does your student require renters’ insurance? What about car insurance, even if they don’t drive on campus?
You might be surprised by the answers.
Emily Bourne, president of Meadowbrook Insurance Agency’s Ann Arbor office, joined “Live in the D” and offered some advice.
When students leave home for college and live in a dorm, one of the most common questions is, “Do we still need auto insurance?”
According to Bourne, the short answer is “yes.”
She explained that this is because the personal injury portion of your auto insurance policy follows the driver rather than the vehicle. So that provides coverage if someone is injured as a driver, passenger, bicyclist, or pedestrian, which can be any or all of the above in a college setting.
According to Bourne, dorms are like extended-stay hotels, whereas homes and apartments are more like permanent residences, so renters’ insurance is not required.
Students will have coverage from their main home policy to their dorm room. However, if they have any expensive items, such as laptops or expensive computer equipment, now is a good time to contact your agent and determine whether you should include that on your policy.
Renters’ insurance, on the other hand, comes into play when a student moves from the dorm to an apartment because it is a permanent resident setting. Bourne said that most landlords and property managers now require renters’ insurance, but even if they don’t, she suggests getting the policy anyway.
If parents or guardians are co-signing on a lease, make sure your name is on the policy because it will only cover the primary residence.
In terms of health insurance, a dependent is covered under the Affordable Care Act until the age of 26 or until they choose to enroll in an employer-sponsored plan.
Visit Meadowbrook Insurance Agency’s website to learn more information.
The full interview can be seen in the video above.