Insurance Coverage for Students
at University or College!
I urge parents to review their insurance policies and ensure proper student insurance coverage for students moving away this fall to university or college.
In September, many Ontario students will be moving away from home to university and college campuses across the province for the first time. I suggest parents review their insurance policies with their insurance advisor or broker to ensure their coverage extends to their child’s new residence.
A common blunder is that many parents assume their current policy extends to their child. The reality is that policies vary between insurance companies. Contacting your insurance advisor or broker prior to your child leaving for school is essential in ensuring they are protected if something were to happen.
“Step one is for the parent and student to assess the content insurance coverage they will have. While some companies have a limit on this, others will measure the contents limit under the parent’s policy. Depending on the amount of personal property the student brings, there could be a large underinsurance exposure.”
Parents also need to review their liability to consider how a claim situation would affect their policy.
Parents and students should review the following questions with their insurance advisor or broker:
- -Does the parent’s liability limit automatically extend to the student’s new residence?
- -Do they have to live in the actual post-secondary school dorm facilities/accommodations or is any apartment or home covered?
- -Does the insurer require the name of school or address of the student’s location?
- -Would the normal policy deductible still apply?
- -If the parent’s policy has already had claims against it, would a claim at the student’s location jeopardize the carrier’s willingness to continue coverage?
- –If so, perhaps a tenant’s policy for the student may be advisable. This may be the best solution in any event because then the student starts their own insurance record thus not affecting their parent’s policy.c