college students Archives - L & M Insurance Group

Believe it or not, it’s already back-to-school season! Younger kids go back to school this week, and college students follow soon after. If you’re a parent, upcoming events in your kids’ lives could impact your insurance coverage. And whether or not you’re a parent, this time of year requires that all drivers take extra care while on the road.

Safety reminders for all drivers

The back-to-school season brings increased traffic, as well as kids walking, biking, or scootering to school. Tickets issued for violations related to school zones and buses are expensive, and will certainly affect your auto insurance rates. And it goes without saying that no one wants to injure a child.

Be especially alert near school zones, school bus stops, and intersections with crossing guards. Be aware that kids don’t always stay in crosswalks. Obey school zone speed limits and instructions from crossing guards, and stop for school buses. You may need to allow extra time to get to your destination so you’re not tempted to drive faster than is safe. Let’s all work together to keep kids safe on the roads!

If you do have kids, especially kids in high school or college, read on for information regarding how going back to school may affect your insurance coverage.

Parents of high school students

Will you have a new driver this year? Inexperienced drivers, such as high schoolers driving for the first time, may be prone to distraction. Stress to your young driver the importance of minimizing distractions while they’re behind the wheel. (And don’t forget to model the behavior you want!)

Be sure to add your child as a driver to your auto insurance policy as soon as he or she starts driving. If they’re not listed as drivers and they’re in an accident, your claim will almost certainly be denied.

Worried about your car insurance rates going up because you add an inexperienced driver to your policy? Give L & M Insurance Group a call for a rate comparison. As independent agents, we have access to companies with more affordable rates. And remember, if your child has good grades and/or has taken a safe driving course, you may be eligible for discounts.

Parents of college students

If you’re concerned about covering your college student’s personal belongings while they’re away at school, there are a couple of ways to handle that.

Will they live in a college dormitory or in an off-campus rented apartment? If your child lives on campus, your homeowners insurance may offer some coverage for their personal belongings (usually around 10 % of your policy’s contents coverage). However, if your child lives in a rented apartment, your homeowners insurance will probably not cover his or her belongings, and you may want to consider renters insurance. Even if your homeowners insurance would cover your child’s things, you may still want to consider a renters policy in order to avoid having to make a claim on your homeowners insurance and risking a rate increase.

Whatever you decide to do, make a list of the items your child is taking to school that you want to be covered. Keep receipts and take photos—this will be helpful if there’s a claim.

What about car insurance?

If your child won’t be taking a car to school and will be living away from home, can you take him or her off your policy? It’s not a good idea to do that, since they’re likely to drive a family car during breaks and over the summer. However, if they live 100 miles or more away, you may be able to get a discount on your policy—ask your insurance agent.

If your child is planning to take a car to school, you will need to notify your insurance agent about the vehicle’s change in primary location and find out if any changes need to be made to your coverage due to this new situation.

L & M Insurance Group is here for you

Whether you have questions about your existing coverage or you need a quote for a new policy, please consider locally owned and independent L & M Insurance Group for all your insurance needs. The agents at L & M Insurance Group are happy to review your situation and help you to find the right policies for you. Give us a call today at (813) 672-4100, or click here to contact us online.

L & M Insurance

L & M Insurance Group is an Independent Insurance Agency based in Riverview, Florida. We can shop, compare and recommend the home, auto, commercial or life insurance policy that’s best suited for you, your family or your business. Call 813-672-4100 or visit landminsurancegroup.com for more information.

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Congratulations—your child is going off to college! While you’re packing up your student’s belongings and offering last minute advice, take a few minutes to think about how this new adventure affects your own and your college student’s insurance needs.

Car Insurance for your College Student

Is your child taking a car to school? If you’re supporting your student financially, he or she should be covered under your existing family car insurance policy. You will want to notify your L & M Insurance Group agent (give us a call at 813-672-4100), especially if the school is outside of Florida.

If your child is not taking a vehicle to school, you should still tell your agent—you may be eligible for a premium discount, especially if your child’s college is 100 miles or more from home. Also remember that you may be eligible for Good Student discount if your child maintains a certain grade point average, usually a B average or above, whether or not he or she takes a vehicle to school.

Protecting Personal Property of College Students

Another concern for parents of college students is protecting their child’s personal property. About half of all campus crimes involve burglary. While college students need items such as laptop computers, tablets, smart phones, and so on, if at all possible they should leave home any non-essential and expensive items such as electronics, or luxury watches and jewelry.

If your child lives in an on-campus dorm, his or her personal belongings are covered under your homeowners insurance policy, up to certain limits (check your insurance policy or ask your agent, and remember that your deductible still applies).

However, if your student lives off campus, he or she is not covered by your policy, and should buy a renters insurance policy. These policies are affordable, and also offer liability protection as well coverage for personal property.

Make a detailed inventory of what your student takes to school, and update it every year. Include copies of receipts and photos. This will help you get a claim paid faster in the event of a theft.

Remind your student to take common sense precautions, including locking dorm rooms and keeping personal items like backpacks, purses, and laptops with them instead of unattended in the library, cafeteria, or common areas.

If you don’t already have one, you might consider adding a personal injury endorsement to your homeowners policy. This could come in handy if your student is sued for posting something negative on social media!

If you have any questions about what is or is not covered, please give your L & M Insurance Group agent a call.

What about Health Insurance?

Depending on your health insurance policy, your college student may be covered under your policy. If he or she is going away to school, make sure there are in-network doctors and hospitals available in the new area. You’ll pay more for out-of-network medical services, or there may be no out-of-network coverage except for emergencies.

If there are no in-network providers in your college student’s area, most colleges offer student health plans that may be just what you need.

Other Insurance Concerns

If your income is paying for your child’s college education, do you have enough life insurance coverage in place to complete it if something were to happen to you? In general, you’ll want enough to cover expenses until your youngest child finishes school.

What about an umbrella policy? Umbrella policies cover all household members even when they’re away at school. This provides additional liability protection for both your college student and you as their parent.

When you wave goodbye to your budding young adult, rest easy knowing your insurance safety net will continue to protect you all. Please give us a call at 813-672-4100 if you have any questions about your insurance needs, limits, or what your policy covers. You may also contact us online by clicking here.

We’re here to help!