Post-secondary education is an investment in the future. Since you’ve planned carefully and worked hard to get your child there, you don’t want to see something derail both of your hard work. Looking after the insurance needs of students while they’re away at school is an essential part of any complete personal protection plan.
Your home insurance coverage will usually offer partial or full protection for your children if they study away from home. As you prepare to move them into their first home away from home, make ensuring there aren’t any gaps in coverage part of your checklist of things to do. This is especially true if your child is going to be driving while he or she is away.
The Ins and Outs of Standard Coverage
A good starting point is to take a look at your current home insurance policy, or to contact your provider to find out what’s covered and what isn’t. Student children do enjoy some protection under standard home insurance policies while they’re away at school, but you should also be aware of your coverage limits.
One of the most important such considerations is the financial limits on your protection. A student’s personal belongings are usually eligible for coverage, but only up to a specified dollar amount. If his or her valuables are worth more than that amount, you’ll need to add more coverage to keep them protected.
What About Health Insurance?
Provincial health insurance policies will provide essential coverage, but dental plans and supplemental health plans are a little trickier to navigate. In most cases, students under the age of 26 will still be covered under parental health and dental insurance plans when away.
Students over the age of 26 may qualify for reduced insurance rates through their scholastic institutions. Premiums can usually be added to tuition fees, making things easier to manage from a financial standpoint.
Finally, be sure to consider travel insurance if your student’s activities take him or her out of province or out of the country. You don’t want to be on the hook for any emergency medical costs that may be accrued.
Add Renters Insurance
Tenant insurance, also known as renters insurance, can be used to close any gaps that may exist between your home insurance policy and your student’s needs. If your student lives off-campus or with roommates, it’s a good idea to add this type of coverage to your portfolio.
Of course, avoiding the need to file a claim is the best kind of insurance policy. To that end, make sure your student follows these helpful tips:
- Leave valuables at home if possible
- Keep bedroom and house doors locked whenever you’re not home
- Avoid leaving valuables unattended in libraries, campus centres, and other public areas
- Maintain an up-to-date list of all valuables the student has with him or her at school, and submit a copy to your insurance provider
Vehicle and Driver Insurance
Auto insurance is yet another tricky subject when it comes to students who take family-owned vehicles away to new cities. You should always check with your vehicle insurance provider to make sure your current coverage extends to such situations.
It’s also worth checking to see if your student qualifies for vehicle insurance discounts. Some insurance providers offer reduced premiums to students at particular institutions, and to students who maintain good grades.
Student Insurance for Calgary Parents: Questions? Concerns? Talk to the Pros at Lane’s
Lane’s Insurance is a leading Alberta-based brokerage, with caring and knowledgeable professionals who always work in your best interests. If you have any questions about insurance for students, or if you have any concerns about your insurance coverage in general, the friendly experts at Lane’s will be happy to help.
In addition to excellent resources, Lane’s Insurance offers home and auto bundles that help customers save up to 20 percent on their premiums. To learn more, please visit Lane’s Insurance for a free home insurance quote.