As your child leaves for college, one option for a little more peace of mind is insurance to protect your child’s possessions. For about $150 per year, this insurance will protect against theft or damage caused by fire, lightning, smoke, vandalism, electrical surges, windstorms, hail, water damage from utilities or appliances, and more. The same insurance also provides liability protection for students living off-campus. Here are some common questions and their answers: Q: What kind of insurance does my student need? A: Depending on your current insurance coverage, your student may need Renters Insurance. An added benefit of purchasing a Renters Insurance Policy in the student’s name is that any claims filed will not be on the record of your policy. Some insurers allow students rooming together off campus to purchase a joint Renters Insurance Policy. Q: Does my Homeowners Policy cover my child? A: Homeowners Insurance Policies typically cover the belongings of students younger than 26 who live away from home and are enrolled in classes. If you rely on a coverage extension from your policy, your student would have limited coverage on their possessions, as most policies limit the total amount of insurance coverage for personal possessions. Some possessions, like jewelry and electronics, may have coverage limits, and if your child lives off campus, the possibility exists that their personal property will not be covered by your Homeowners Policy. Q: How much coverage would I need? A: Ask your child to create an inventory of the items they have at college. An internet search will provide templates that your child can fill out and send home, and there are several free apps available as well. Back up this written list with photos and videos of valuables. Q: How else can I protect my child’s belongings? A: Aside from purchasing insurance, here are some additional tips for protecting your student: Engrave their electronics and other possessions with their name and phone number, or mark items with a permanent marker. This is a simple action that can help police validate stolen items. Keep digital copies of store receipts for high-ticket items. Insist your student lock the door to the dorm room every time they leave. They should also store valuables out of sight as a habit. If they have something really valuable that they can do without, it’s a good idea to leave it at home. Tell them not to leave their backpack, laptop, or other possessions unattended.
Four Homeowners Coverages You May Not Know You Need
When you own a home, there may be circumstances or property that your insurance doesn’t cover. There are extra coverage options, called endorsements, that can be purchased separately and added onto your policy to help cover risks that you may not have thought of when choosing your Homeowners coverage. Here are four good endorsements: 1. Additional Insured Residence Premises This endorsement is specifically for people who have an ownership interest in a property. but don’t live there. For example, this would be a good option if you are helping your adult children with buying a home and want to protect your part of the investment should the house be damaged or destroyed in a calamity. 2. Other Members of Your Household This coverage is becoming more important as more people cohabitate. For example, if you live unmarried with a significant other and consider that person a member of the household, the insurance company would not consider them insured. An additional insured cannot be a guest, household employee, tenant, or boarder, and whomever you intend to cover must be identified by name on the endorsement. 3. Other Structures Increased Limits If you have a detached shed or cottage, your Homeowners Insurance Policy likely will not cover the entirety of the loss of the structure should it burn down or suffer some other damage or theft. Other structures can also include gazebos, patios, barbecue pits, swing sets, and other items in your backyard. Depending on your policy, there may be differing endorsement limits. 4. Mechanical Breakdown This endorsement covers the mechanical failure of household appliances, such as central air conditioning, central vacuums, chairlifts and elevators, electric vehicle charging stations, heating systems, water heaters, home automation and security systems, saunas, hot tubs, therapeutic baths, swimming pool pumps and filtration systems, stoves, wall ovens, refrigerators, well-water pumps, and sump pumps.
Insurance carriers are also offering “simplified issue” policies, including life insurance that does not require an exam. That may be convenient, but it may not be a great deal for you - especially if you have less-than-perfect health.
Builders Risk and Umbrella Insurance Pricing Climbing Fast
Insurance rates are rising rapidly for contractors, especially for Builders Risk and Excess Liability policies as the cost of claims continues to increase dramatically. Pricing for excess liability and umbrella coverage have, in some cases, doubled from the year prior.
An umbrella policy, often referred to as excess liability coverage, kicks in when the underlying limits on your homeowner’s or auto insurance policies have been exhausted, or if you are sued personally for something that neither your homeowner’s nor your auto insurance covers.
One of the most unpleasant accidents for a motorist is hitting a deer or other animal. Additionally, if you live in or are ever driving through a rural area, there is always a chance of stray livestock wandering onto the roadway. As deer and livestock are fairly large, the damage to the vehicle can be substantial.
Signs Your Child May Need More Support During the Pandemic
While the COVID-19 pandemic has been stressful for everyone, many children and teens are having an especially difficult time. They're struggling to deal with the lack of activities and social interaction, especially if they are attending school online. Depression has skyrocketed as a result of isolation, lost jobs, and/or the illnesses or deaths of family members who have contracted the coronavirus.
Thousands of Americans are blinded each year by work-related eye injuries that could have been prevented with the proper selection and use of eye and face protection. Eye injuries alone cost more than $300 million per year in lost production time, medical expenses, and worker compensation.
COVID-19 has changed a lot about society, with many people working from home, wearing masks in public and socially distancing from others. A recent government study also indicates that the pandemic has also made us worse drivers.
While pet insurance may not seem like a needed investment, many pet owners are reconsidering its importance. In some cases, pet owners are better off setting up their own savings accounts for vet expenses, but there are also many people who may benefit from buying this type of insurance.
How to Reduce the Risk of Theft and Vandalism at Your Business
Burglary, robbery, and vandalism can be particularly devastating to small businesses in terms of financial loss and customer and employee safety. Merchandise and equipment could be damaged or stolen, and employees and customers could be in mortal danger if your facility is robbed.
Life Insurance provides peace of mind that our loved ones will be protected from financial loss after we die. But the need for this protection changes throughout our lives. What was important when the kids were young is less important when they’ve grown up and moved out on their own. Marriage and business ventures also begin and end, and the importance of life insurance in financial plans changes with them.
With the holiday season rolling around again, so are holiday safety considerations. From holiday parties and risk of electrical shock to fires and trips and falls, companies have a set of safety and risk management challenges that may not be present during the rest of the year. Decorating and decorations present their own specific safety challenges. Here are some things to be aware of when decking your office’s halls.
Home-Based Business Not Covered by Homeowner’s Policy
With many working from home or having been laid off due to the pandemic, you may be planning to start a home-based business. But will your homeowners policy cover the risks of a home-based business? In most cases, the answer is no.
Now that the weather’s cooling down, if you own a boat you have likely pulled it out of the water and parked it at home or in some other dry dock. Just like you, we’re already looking forward to next year when it’s time to get back on the boat. For now, it’s important to make sure to keep your boat primed and protected by properly preparing for fall and winter.
Does it seem that whenever you are trying to save money, a big, unexpected expense pops up? Many people feel the same way. One way to prevent this feeling is by creating a budget, looking carefully at your current expenditures and itemizing your expenses to help you focus on how to get the most out of your paychecks.
For many people, the COVID-19 pandemic has brought up concerns for those with dependents just what would happen to their loved ones if something were to happen. As a result, there’s been a growing interest in estate planning in order to secure the futures of our loved ones should we pass.
What Every Parent Should Know About Teen Drivers And Car Insurance
Behind every teenage driver is, as every parent knows, an expensive insurance policy. This is because many insurers consider anyone under the age of 25 a risk. Here are some tips to help keep your driver safe and your insurance costs down.
A fact that many people often overlook is that getting insurance isn’t a one-and-done thing. For example, the policy you purchased when you had sparse furnishings after buying your home is no longer going to fit once you’ve outfitted your home with nice furniture and appliances.
Nearly 100,000 people each year have their identity stolen, according to Federal Trade Commission statistics. Just one bank slip or piece of mail can lead to having your credit destroyed by an identity thief. Here are 5 ways you can help protect your personal information.
Traditionally, insurance companies have considered a driver’s history when calculating auto insurance premiums, basing prices on factors such as age and record of accidents and traffic tickets. Usage-based insurance or “pay as you drive” and “mile-based insurance,” is gaining traction.