You’ve purchased the notepads, kneepads, and iPads your child will need for the new school year, but have you thought about the insurance they’ll need? The beginning of a new school year is a good time to review your insurance coverage and make sure your child is adequately covered. Here are some situations to consider as the kids head back to school.
If your teen is heading away to college, they are most likely taking some of their own valuables (and yours!) with them. Fortunately, the contents coverage in your Farm Bureau Insurance homeowners policy will extend to protect your child’s belongings anywhere in the world (up to policy limits), whether they live in a dorm or off-campus in an apartment or residence.* More expensive items such as musical instruments, sports equipment, electronics, and jewelry may require special coverage or an endorsement to be covered.
If your child will be getting a driver’s license this year, it’s time to talk to your Farm Bureau Insurance agent about setting them up on your auto insurance policy. If they go to college out of state but the car is still registered in Idaho and your child is still a resident of Idaho and your household, the car will be covered to the full extent of your auto policy.* Although it can be costly to add your child as a new driver, there are some ways to save money. A Good Student Discount is available to students enrolled full-time who have a cumulative GPA of 3.0 or higher, a great incentive for your kid to hit the books.
If your child is over 21 but under 25 and needs car and contents insurance, it may be a good time for them to move to their own policy. Farm Bureau Insurance created the “Sibling Squire” (so named because it’s a sister policy to our “Squire” homeowners policies) just for these situations. The advantages of a Sibling Squire are that it can lower the exposure and premium on mom and dad’s policy while providing an affordable contents and auto insurance policy with lower limits for the child. Mom and dad can still pay for the policy though, if it’s too early to cut the apron strings completely.
A Sibling Squire not only protects your child’s car and personal property, but it also works like a renters insurance policy in that it provides liability and guest medical protection. Liability protection helps cover your child if someone sues them at their place. Guest medical protection helps if someone incurs medical expenses from an injury suffered at your child’s place.
Back-to-school time can be an exciting time for both students and parents. It’s also a great time to review your insurance coverage. A new driver or a move to a college dorm could mean new insurance needs. Keep your children safe this new school year. Contact a Farm Bureau Insurance agent today to review your car and home insurance.
*In general, Farm Bureau Insurance’s Farm & Ranch, Country Squire, and City Squire policies cover your student as long as they are (1) a resident of your household, even if they are away at school and (2) they are not a graduate student, not married, and not in a residency-type program.
This article does not supersede any applicable policy language. If anything in this article may be construed to conflict with your actual policy language, the policy language prevails. If any of the items mentioned above caused you to question your current coverage, give your Farm Bureau agent a call. He or she will be happy to help answer any questions you might have.