If your son or daughter is heading off to university this fall take a look at the check list below to ensure they are protected.
If your kids are living in an apartment or residence make sure you have their personal belongings including, computers, clothes, and sports equipment covered for fire and theft. Some homeowner policies will automatically extend coverage others will not. And most have limits i.e. max $5,000. Find out how your policy will respond.
If you leased an apartment or live in residence you need liability insurance for any bodily injury or property damage that may occur. Even if your child is not responsible for an accident they will certainly be sued if their name is on a lease and an accident occurs. Parents who co-sign a lease may also be dragged into the same lawsuit. Make sure your home policy extends coverage to the leased premises. And review the limits. We suggest a minimum of $2,000,000 but strongly recommend $5,000,000.
Are they taking a car to school? Make sure they have roadside assistance with CAA or equivalent. The last thing a parent needs is a phone call from their son or daughter advising they have a flat tire or the vehicle won't start.
Collision Damage Waiver
Before you rent a truck to move your kids, check to see if your existing auto policy will extend physical damage insurance for the truck rental. Otherwise you may be buying insurance that you already have. Most people are unaware that their auto policies already have coverage that will extend physical damage to a rental vehicle providing it is a private passenger vehicle or for larger cube vans used for moving so long as the rental period is not more than 7 days. You also need to check your insurance limits and ask who is named on your auto policy, as only those individuals will be covered when driving the rented vehicle.
If your son or daughter is currently listed as an occasional driver on your auto policy and is going to school over 100 kilometres away you may qualify for a discount. The University Discount is provided for these kids since they will be driving the car less frequently than they did when they were home. Contact your insurance broker to find out how your policy will respond.
Health Dental and Travel Insurance
Most schools provide a policy for health, drugs, dental and travel insurance. This is valuable for people without a health plan and/or for people with limited coverage. If you're not sure how your group policy at work responds contact the provider. If in doubt buy the university plan. It is usually excellent coverage at a low premium.
Most homeowner or tenant policies limit coverage on a bicycle to $500 or $1,000. If your son or daughter has a more valuable bike you need to buy separate insurance. Ask your broker how much your policy would pay in event of a loss.
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