Sending a student away to college is the bridge between childhood and independence. I need to avoid being the cobbler with no shoes, because for the first time I will have a child in college. As I prepare myself for the transition, I have compiled a list of important issues to consider beyond course selection, checking accounts, and living arrangements.
Students’ possessions in a college residence hall are typically covered under their parents’ homeowners insurance policy. However, since the deductible will likely exceed the value of your students’ items, and because it could compromise future renewals, we discourage parents from filing a claim on their policy in the case of theft or damage. Instead, some families may wish to purchase a low-cost College Student Renters Insurance policy to cover students’ items.
2. Off-campus housing and liability to parents
If your student moves out of the college residence hall and into off-campus housing, a new set of issues arises:
3. Power of attorney for health care and financial needs
“Helicopter parents” beware; your students over the age of 18 have the exclusive right to privacy over their healthcare, grades, and their financial records. So if your child is injured while away at school, hospitals and doctors may be legally prevented from sharing this information with you unless you have a power of attorney. Usually a power of attorney naming the parents and signed in the home state will apply, but it’s a good idea to check before your student leaves home. Be sure to keep a copy on your phone and with your trusted advisors for quick access in the event of an emergency. See the article from Financial Advisor for more information.
Before your child leaves for school, review the following:
Should you have a claim or an issue while your child is away at school (it’s inevitable I hear!), know that your agent will do what’s right for you, and advocate on your behalf.
Find an agent to learn more, or if you’re already a Chubb client, log in to review your coverage today.
Guest post by:
Founder and CEO, Chartwell Insurance Services
Independent insurance broker
The views, information and content expressed herein are those of the author(s) and do not necessarily represent the views of any of the insurers of Chubb Limited. Chubb did not participate in and takes no position as to the nature, quality or accuracy of such content. The information provided should not be relied on as legal advice or a definitive statement of the law in any jurisdiction. For such advice, an applicant, insured, listener, or reader should consult their own legal counsel.