Insurance policies help us to feel secure, for the just in case, and we know that we will get the required coverage at the right time. However, it is a reality that we HAVE to have insurance and then changes will occur, like when the kids come home from college or have to move out for college. In this situation, we have to consider whether we remove them from our policies or not.
Then, when they return back home after they have accomplished their year at college, we need to review the insurance polices once more. Most won’t consider these changes or not even think about it but here are some ideas or tips that should help you out. However, always remember that Paula Smith Insurance is here to help with any questions you may have. We are your one stop insurance resource stop!
Update the automobile policy
In order to adjust the premiums or the monthly rates, you have to let your insurance provider know that your child is leaving for college and would not be using a vehicle or that they are returning from the college and would need to be added back on. However, if your college student is taking a car with them, be sure they have appropriate automotive coverage for wherever they are going to school. Then, when they return, ensure that the policy doesn’t, or does, need to be reviewed again. You always want to be sure that your student is covered appropriately, wherever they are going and regardless of which vehicle they are driving.
Medical insurance
When your child has moved for the college, you might need to get him/her a different insurance policy because there may not be a participating provider in that area and you might not want to incur the additional out of pocket costs for using an out of network provider. However, when they return home, you may want to re-adjust again. Obviously, all of this will depend upon the type of insurance coverage you carry – individual or group; PPO or HMO, the age of the student, their living situation or marital situation.
Cancellation of Renters insurance
In order to provide coverage for the belongings of your children in case of theft, we highly recommend you assisting your college bound student with some sort of renter’s insurance policy. Then, when they return and the need is no longer there, you may want to cancel that policy because you will not need the coverage when you child is back home. So make sure that you consider the situation of your student and consult with your insurance agent to make the necessary updates.
Bottom line
Situations change, family dynamics change and etc and with those changes, your insurance needs may change as well. Consult and review your situation with your insurance agent, hopefully you have a great relationship with them, to update all the insurance policies affected and update, review and/or cancel as required.
We are proud to work with the best insurance company and provide you and your family with the best possible deal with the best policy that suits your needs. Contact Paula Smith Insurance Agency with any questions you may have about any of your insurance policies at (281) 488-8880.