College Insurance

Insurance Coverage for Your College Student

College InsuranceWhen preparing to send your child to college, be sure to review their insurance coverage. It’s a good idea to take an inventory of your student’s property that will be moved to a dorm or an apartment.

Insurance companies consider college students to be residents of their parents’ home, temporarily residing elsewhere. Your homeowners insurance will generally cover your student if living in a dorm. They consider dorm-room contents to be “personal property, located off premises”. The liability limits will be the same as your homeowners policy, but coverage for personal belongings may be limited to 10% of your total possessions coverage (rules vary by insurer). Add up the value of your student’s property and make sure you have enough coverage…you may want to buy some extra coverage if this includes an expensive computer system and other valuable electronics.

Your home insurance policy may not cover your student if living in an off-campus apartment with a 12-month lease. In this situation, check with your Insurance Advisors Representative regarding how to handle the insurance coverage. Also, ask about any coverage limits if your student is traveling abroad…some companies, such as Chubb and West Bend provide worldwide coverage, but some others do not.

Let your auto insurer know that your child is going away to college even if without taking a car. If your student goes to school more than 100 or 150 miles away from your home and doesn’t take a car, you could get a big discount on your auto insurance premiums but still have coverage when your child comes home for holidays and vacations. If a car is taken to school, the premiums may rise or fall depending on the location of the college, where the vehicle is parked, and how many claims the insurer has had to pay in that area. Either way, many insurance companies continue to offer discounts on car insurance if your student maintains at least a B average.


Life Insurance: Leaving A Legacy

Use Life Insurance To  Leave A LegacyLife Insurance | Family

Year after year, studies show that Americans give more to charity than the residents of most other countries. We care about our communities and our fellow citizens, and we express that conviction with our donation dollars.

As you look at your legacy and the impact you will leave on others, you may want to consider a charitable donation as an important part of what you leave behind. Life insurance can be a valuable tool in making that legacy a reality.

When you purchase a permanent life insurance policy such as whole life or universal life and list a charitable organization as the beneficiary, you guarantee your generous wishes will be carried out. Permanent life insurance protection means that as long as you pay your premiums, the policy will remain in force for your lifetime. As a result, you will be honoring the organization you care about when it receives your life insurance benefit.

 Additionally, life insurance proceeds pass tax-free to the beneficiary, so you can be confident that the donation you wish to give is truly what will be received.

As you look at the blessings ad accomplishments in your life and consider options to give back as part of your legacy, please consider life insurance as a vehicle for your gift. Call us today to help you choose the best life insurance program to meet your legacy needs.

Auto-Owners Insurance

Insurance Update, October-December 2012