Students Away at School Counting on Their Parents Homeonwers Insurance Policy Might Be at Loss
September 4, 2009
Are parents and students covered for Property and Liability coverage for students at college? Students who leave home to attend college may begin the semester as fully-protected "insured's" under the parent's Homeowners Policy but can end the semester in a protection gap without insurance for laptops, clothes and other stuff.
Enrolled - Full time is the key. As long as a student who lives away from the residence premises meets the age requirements and is considered a full-time student by the institution in question, he/she qualifies as an insured under the parent's homeowner's policy.
However, if the student drops a couple of classes and falls below the institution's definition of "full time", a potential coverage gap is created. And many times, this gap isn't realized until after a loss occurs.
Think about if your child participates in a sport. If they accidentally injure another player and a lawsuit is filed against the parent(s), there could be no coverage under the liability portion of the home insurance policy.
But what if there was coverage under the homeowner's insurance, but the lawsuit judgement was above the amount of coverage?
This is where a personal umbrella policy could come into play. An umbrella policy is an additional layer of liability coverage that extends beyond the liability coverage of the homeowners insurance policy and the auto insurance policy and could also coverage over other types of liability policies, such as boat liability, motorcycle liability and ATV(All Terrain Vehicles).
Call us for guidance. College Students can create unusual situations.....you'll be glad you made the phone call.
There are significant differences between insurance policies. Please refer to your specific homeowners insurance policy to see what coverage you have. Or ask your insurance professional.
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