Would your home or auto insurance cover your child while living away from home at college?

It depends.

It is generally accepted that students attending college away from home are residents of their parents' household. The test is whether or not the move is intended to be permanent or temporary.

Your homeowners policy will cover personal property owned or used by a household resident while the property is located anywhere in the world. However, policies may limit that to 10% of the personal property limit when away from the home address.

Look at your policy personal property limit and take 10% of that amount. What did your child take to school? clothes, TV, computer, other electronics, furniture, and household items. How much would it cost to replace those items if they were lost at the same time due to fire or other catastrophe?

Some policies won't cover theft of personal property from the student's residence (except while the student is temporarily living there).

Liability coverage is afforded in case a family member is legally liabile for another person's injury or damage to another person's property. But again, some policies may limit the coverage when an accident occurs at a residence other than the family home. You may be able to purchase additional liability coverage for a separate residence for an additional cost.

As you can see, there are potential coverage gaps in your homeowners policy when your student is at college. We recommend you purchase a tenant (renter's) homeowners policy for the student's residence. The cost of such a policy is small compared to the benefits it provides.

Your automobile policy will provide coverage for vehicles anywhere in the United States and Canada. This includes coverage for damage to the vehicle (if coverage was purchased) as well as coverage for injury or damage to other persons or property.

Even if they didn't take a vehicle to college, some coverage may still apply if they are riding in or even driving a vehicle belonging to someone else.

To find out if your insurance has potential gaps, please call Shelly at Ben Goodwyn Agency 972.618.0100 shelly@bengoodwynagency.com