College is an exciting time, but it can also be an adjustment for the student and their parents. Before your student even leaves home, there are many things to do to make sure you are both prepared, and that doesn’t include stocking up on ramen.
Whether your student is living on or off campus, they are most likely bringing expensive items with them like smart phones, computers, a television, a bicycle, and other electronic devices.
According to the Insurance Information Institute, burglaries make up approximately 50% of all on-campus crimes. Before packing anything, college students and their parents need to take precautions in protecting valuables.
How to protect valuables on campus
It should go without saying that if something has sentimental value or just can’t be replaced, you probably should just leave it at home. Other recommendations to help protect your valuables on campus include:
- Create a list of your valuables with their serial numbers, if they have them, in case they are stolen.
- Register valuables with campus police.
- Use GPS tracking apps or hardware on your smart devices to keep track of them.
- Keep your dorm room door locked when you are not there.
- Consider investing in a safe for your dorm room to keep smaller valuables inside.
Identity fraud expense coverage
Since identity theft occurs at a greater rate for young adults ages, 16-24 years old, it’s worth exploring MAPFRE’s Identity Fraud Expense Coverage. The endorsement, under your homeowner’s insurance policy, provides up to $15,000 in expenses for a loss arising out of identity fraud. The limit applies to expenses incurred as the direct result of any one identity fraud first discovered or realized during the policy period and subject to a $500 deductible. With the cyberattack endorsement, if you have a student under 25 years old enrolled in school, coverage will apply if there was indeed a cyberattack and the attack is reported to MAPFRE as soon as practicable but not more than 60 days after it was first discovered.
College students and car insurance
It can be confusing whether to keep your student on your auto insurance when they start attending college. Your independent agent can always help guide you, but as a rule, you should take your students off the policy if they are not bringing a car with them to campus and don’t plan to drive when at home on breaks. If your student is commuting to a college campus or bringing a car to school, you will want to keep them on your policy or consider having them get their own.
A student can usually stay on their parent’s auto policy if their permanent address is their parent’s address. They may also stay on their parent’s policy if the vehicle’s title is in the parent’s name. If your child will be living more than 100 miles from your home, you could also take advantage of MAPFRE’s “Student Away from Home” Discount on your policy.
Keep in mind, if a student is going to college out of state, you should notify your independent agent as the rates for the college’s city and state may be different from the one in which you currently reside and may need to be adjusted.
Students must get their own auto policy if they have their own permanent address and if they have their own car title.
Does your student need renters insurance?
If your student lives in a campus dorm and is under the age of 26, your homeowner’s policy may cover your student’s items. You should, however, check with your independent agent to make sure.
If your student decides to rent an apartment off campus where a lease has been signed, either you or the student should consider purchasing a renters insurance policy. A renters insurance policy protects your personal property and provides liability coverage for contents within a renter’s home or apartment.
Your independent agent can help you understand your coverage options, but should misfortune happen, having renters insurance with MAPFRE can protect your personal property from things like fire, theft, smoke, and vandalism. Keep in mind, that some landlords require tenants like students to purchase renters insurance to cover potential damage to the property.
We hope you found these tips helpful as your student heads off to college. Remember, a local independent agent in your state can help assist you with questions on your policy as well as help you make changes. And if you are not a MAPFRE customer yet, you can always get a fast, free car insurance quote today to see how much you could save on your car insurance or home insurance in Massachusetts.
