Grange Insurance urges parents to work with an independent agent to plan for college...

With summer coming to a close, many families are preparing their recent high school graduates to move away from home for the first time. With these changes, there are severalinsuranceconsiderations that should be top-of-mind to parents as well.

Grange & AndersonInsurance offer advice for soon-to-be empty nesters during this time of transition.

1. Update your auto policy.

Is your son or daughter taking a car to use at college or leaving it at home? Either way, your autoinsurancepolicy will be affected. If your son or daughter does not plan to take a car to school, some carriers may decrease yourinsurancepremium because the car is not being used, lowering the overall risk.

2.Prepare your son or daughter for life’s unexpected events.

Some students may not know what to do if their belongings are stolen while away at school. Educate them on these steps to make sure yourinsurancecarrier will fully cover any losses. First and foremost, in the event of theft, your son or daughter should immediately call law enforcement and file a police report. Manyinsurancecarriers will not cover your claim for theft unless a police report was filed. From there, you can contact your independent agent, and he or she will assist you in filing a proper claim.

3. Consider a renters policy, especially for off-campus dwellers.

A renters policy will cover your son or daughter’s belongings in case of theft, damage, fire, liability and some water damage, making it a good choice for students living off campus. 

4.It’s never too early for lifeinsurance

Parents should also consider purchasing a term lifeinsurancepolicy for their son or daughter if they plan to use any type of loan to help with tuition. Lifeinsurancepremiums are based on several factors; one is overall health. Because college students are typically young, they’re likely in good health. This means their term lifeinsurancepremium will be lower.

5. Plan ahead for summer break. 

If your son or daughter plans to leave belongings covered under your homeowners policy at school over summer break, parents should know this may have an effect on their policy in the event of theft or damage. For example, let’s say your son or daughter is living off campus and leaves his or her belongings at the house for the summer, most policies state that, after 45 days, you are not able to make a claim if the off-campus house is broken into or damaged because it has been vacant. Parents should talk with their independent agent if they’re unsure about the limitations involved in keeping their son or daughter under the family’s homeownersinsurancepolicy, especially for this reason.