It might be with mixed emotions that you pack up your young adult and ship them off for the college or university experience. You’re excited to see them finally stretching their wings and exploring outside the nest, yet you are keenly aware that this is the same brilliant mind who ate cereal for an entire week while you were away. Fear not Mom and Dad, they know more than they are letting on and believe it or not those survival skills will kick in. However, a little extra peace of mind never hurt, so let’s talk insurance.
Liability
I mentioned liability insurance in a recent Pokémon post, it’s that coverage we never think about and most of us don’t even know we have. This journey your kid is about to embark on is the perfect example of when you might need it. You could be held financially responsible, or sued, if someone injures themselves in your student’s residence. Alternatively, if your child accidentally damages property or injures someone else while not in a vehicle, liability insurance, also known as third party coverage, means you’ll be protected.
Liability is part of your home policy and in many instances, policies extend to students living away from home, however that’s not a given so check with your advisor for:
- Adequate coverage – you many need to increase coverage or consider a separate tenants policy.
- Out of province coverage – you may have limited or no coverage in another province or country. Don’t wait until you need this to find out.
Tenants/Contents
Like liability insurance, most home policies will provide contents coverage for a student living away, but it’s worth consulting with your advisor to double check the details.
- The amount of coverage – expensive computers, specialized technical equipment, and materials your student may need for their studies may not be adequately covered.
- Who is covered? – If your student has a roomie they’ll need to get their own insurance, this coverage is just for your child. It’s also important that all roommates are listed on a lease; this splits the liability evenly in the event of an accident or incident.
- Floater vs. additional policy – Between extra liability and contents coverage, it might make more financial sense to temporarily add a new tenants policy in your child’s name, rather than just adding a floater to your current policy. Your advisor will know best, just ask.
The Vehicle
If your student will be taking a car with them to school, not much changes. However, if they will be taking it out of province, you’ll need to check with your broker. It’s possible that your provider is not licensed to insure you outside of your home province.
And, here’s the good news, if they are leaving their car behind you might be entitled to some savings. Let your broker know that your student is away and they will adjust your coverage accordingly, possibly putting a few bucks back in your pocket.
With the right coverage in place you can put your mind at ease, and go back to stuffing their suitcases with something that has a nutritional value beyond ramen noodles and mac and cheese. Good luck!
Want to know more? Review these sources and resources.
Government of Canada – Studying Abroad
Canadian Business – The Parents Guide to Insurance for College Students
Have More Questions?
Let me know and I’ll do my best to address it here for you and all of our readers. Better yet, contact an InsureMy advisor; these guys know their stuff. Email Info@InsureMy.ca or give them a call locally at (403) 410-1896 or toll free at 1-844-410-1896.
Everyday Insurance With Allie
Working mom, lover of the great outdoors and self-professed know-it-all. Our resident blogger, Allie isn’t the insurance guru she claims to be – but she’s learning and we are happy to help guide her. All the while keeping you in the loop on the “insurancey” stuff you need to know. #AskAllie
