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Insurance and Your College Student

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

Car Insurance for College StudentsIs 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!

Insuring Your Toys—Peace of Mind When It’s Time to Play

Insurance for Toys, Insuring Boats Personal Watercraft RV's and more

One of the best things about the Tampa Bay area is the climate—when other people are getting ready for winter, we’re still able to play outside! And many of us have the “toys” to do just that—toys like boats, RVs, all-terrain vehicles (ATVs) and personal watercraft. But remember, accidents do happen, and while they’re fun, these grown-up toys can also be dangerous and expose you to the risk of a lawsuit.

 

That’s where L & M Insurance Group can help. Before you hit the water or the trail, make sure you have enough insurance coverage for your toys if something goes wrong. Most of these vehicles aren’t covered by a basic auto or homeowners policy, so you’ll need to buy specialized insurance for them. This insurance doesn’t have to be expensive, and it’s certainly cheaper than a lawsuit!

 

When insuring your toys, you’ll want to be sure you’re covered adequately for:

  • Bodily injury—pays for injuries you cause to others if you’re responsible for an accident.
  • Property damage—pays for property you damage if you’re responsible for an accident.
  • Collision—pays for damage to your toy if you hit something.
  • Comprehensive—pays if your toy is stolen or if it’s damaged by something other than a collision, such as fire, extreme weather, or vandalism.

 

We also recommend you carry an umbrella policy (excess liability coverage over and above your other insurance) to further protect your assets in case you are sued. Please ask your L & M Insurance Group agent if you have any questions about your umbrella coverage, or if you need a quote for an umbrella policy.

 

Remember, if you can drive it, register, and tag it, you probably need insurance coverage for it!

 

Insurance coverage is meant to protect you from financial hardship due to accident and/or lawsuits. Talk to your L & M Insurance Group agent about what coverage you need to protect your assets and safeguard your lifestyle. Please call us at 813-672-4200 if you have any questions, or you’d like a free, no-obligation quote for insurance on a boat, RV, personal watercraft, or ATV. You can also contact us online by clicking here.

Why You May Need a Vacant Dwelling or Builder’s Risk Policy

Insurance Policies to Protect your Vacant Dwelling in Brandon, Tampa, Riverview and Surrounding Florida

Vacant Dwelling Builder's Risk Policy Brandon, Tampa FloridaEmpty buildings or buildings under construction or renovation present some unique concerns. An empty home or other building can be a magnet for vandalism, and if someone isn’t living there, a small leak could easily become a big flood. Empty buildings are just as likely to be affected by fire, wind, or lightning. Standard homeowner’s or commercial insurance policies may not cover you if the insured building is vacant. Certain remodeling projects, and residential and commercial construction jobs require specialized insurance policies. At L & M Insurance Group, we have the experience and knowledge to help you with your unique needs.

Here are two types of policies that might apply to your situation:

A vacant dwelling policy covers your home if it is left vacant for a certain length of time, usually at least 60 days.

A Builder’s Risk policy covers a building under construction. It can cover just the building itself, or also the materials at the job site for use in construction of the building. Coverage limits should be for the completed value of the structure, less the value of the land. The policy can be written for as short a term as one month all the way up to 6 months or a year. The policy can also be extended if construction is not finished in time, or be cancelled if the building is finished before the end of the policy term.

Let’s look at some scenarios in which you should have a vacant dwelling or builder’s risk policy:

Vacant dwelling

  • You’ve bought a home, but for some reason you can’t move in yet—you haven’t sold your old home, or, conversely, you’ve moved to your new home and need an insurance policy to cover your previous home until it sells.
  • You own a commercial building or rental property that currently has no tenant.

Builder’s risk

  • You bought a home as investment, intending to have renovations done before selling it, and it will remain vacant until you sell.
  • You’re building a home from the ground up.
  • You bought a bank-owned home you’re renovating before you move in.

Unlike many agencies, at L & M Insurance Group, we have a lot of experience working with property investors and others with complex real estate insurance needs. We understand and are familiar with the situations that require these types of policies. Please contact us so we can tailor the right policy for your unique builder’s risk or vacant dwelling needs in Tampa, Brandon, Riverview and all of Florida.