Back to School — Does your insurance program pass the exam?

While parents focus on getting their children ready for school with new supplies, clothing and technology, they may be missing the need for insurance policy changes.

School residency should include a renters’ policy

Establishing a new home at school is more than getting a new microwave and mini fridge. With a new residence there are exposures to loss from fire, theft and natural hazards that need your attention.

Along with real property losses, the new location away from the main residence brings liability concerns. Injuries to visitors can give rise to a liability claim.  Activities can cause property damage or injury to others. Without a liability policy that covers this location, you may be left without any protection from a loss.

Many college residency agreements and most leases require a policy to be in place and the property owner be named as an additional insured. Failing to do this leaves you in breach of the contract you signed and can cause other legal issues for your family.

A renters’ insurance policy is a cost effective method to manage this exposure.

Education related travel

 Some programs have international trips and foreign study as part of the curriculum. Don't forget a spring break trip abroad as well. If your student is going to be traveling outside the United States, consider obtaining a travel insurance policy for the duration of the trip. These policies can extend health insurance, cover medical transportation expenses, offer auto liability coverage, trip interruption, baggage insurance and contain provisions for kidnap and ransom.  Most domestic insurance program coverage areas are limited to the United States. Some schools and organizations will obtain travel insurance. If this is the case, get a sample policy for review.

Where is the car parked?

When your student moves to a new school, they will probably take their car with them. Auto insurance uses the garaging location of the vehicle as a rating factor.  If the new garaging location would have generated more premium, the auto insurer may dispute coverage. The nominal costs incurred with most garaging changes pale in comparison a claim for a severe accident being denied based on inaccurate garage location.

Technology Values

 Many renters’ or homeowners’ policies have a sublimit for off premises coverage for electronics.  Check your policy or the proposed policy and compare those sub-limits to the value of the electronics going to school.  Raising these coverage limits is generally a very inexpensive change.

The Driehaus Difference

We want to reduce the stress of back to school by helping you update your insurance program to reflect these changes in your life. Call us to discuss your needs and the solutions we have to provide the best insurance program for you. Reach out to use at 513-977-6860 or use any of the contact tools on our website, www.driehausins.com We want to be your insurance provider.