Aug 09, 2017
Attending college is an exciting time for your child. Whether it’s deciding where to go, what to major in or figuring the finances, there are a lot of decisions to think about. Before your child leaves the nest, here are three things to consider when it comes to having the right insurance policy.
1.) Auto Insurance Policy
2.) Educate On Liability
College is an amazing social and learning experience. Be sure your child understands the serious consequences of drinking and driving, buying alcohol for kids underage or the other risks that are associated with drugs and alcohol. One poor decision could impact the rest of their life.
3.) If worried about theft while living off-campus, invest in a renters insurance policy.
If my child experiences theft, will I be fully reimbursed?
This is where actual cash value and replacement insurance coverage comes into play. Replacement cost is very simple: It is literally the cost to replace your item with an item of similar quality. Replacement cost policies tend to be a bit more expensive since you are essential getting a brand new item for one that may have otherwise depreciated. Actual cash value is the cost to replace the item minus any depreciation. So, if your child had wear and tear on an expensive electronic device, your insurance would pay out the cost of the electronic minus the depreciation. Talk to your agent for clarification.
Whether it’s changing your child’s auto insurance or investing in renters insurance, let our local experts at City Insurance Center help you find the best insurance to fit your needs. For more information about City Insurance Center, visit our website.
City Insurance office4610 200th St SW Suite C