clock August 25, 2020 comments No Comments flowchart Automobile InsuranceHomeowners InsuranceOur Blog tag coronavirusLiability

Rhode Island colleges are planning to re-open in the fall, but a recent rise in COVID-19 cases has caused Governor Gina Raimondo to reduce the number of people permitted in gatherings to 15 and she has extended Phase 3.

While everyone is moving along with preparations, Raimondo has made it clear that health officials have the final say. It is quite possible that college students will remain at home for some time.

With everything that’s going on, it can be easy to forget about day-to-day needs such as insurance. Here are a few things parents may want to consider if their college students remain at home.

Auto Insurance

Chances are your young adult is driving far less during the pandemic. Shelter-at-home, social distancing, and unemployment have put many people’s lives on hold.

During tough financial times you might be tempted to cancel their auto insurance if they’re on your policy. However, many insurers allow you to suspend coverage instead. They’re also offering extended grace periods if you’re struggling financially.

Alternatively, you may able to buy pay-as-you-go coverage that bases premiums on mileage since no one is driving as much as they normally do.

Personal Belongings

With everyone under one roof again, it is more important than ever that you review your homeowners insurance or renters insurance policy’s limits. If they brought everything with them when they left college, you might need additional coverage to insure expensive items like sports equipment, laptops, cellphones, and more.

If they left their belongings in a dorm or fraternity / sorority house, definitely talk to us. Your homeowners policy may not cover them for more than 45 days and you may need to ship items home or store them in a commercial storage locker.

If you bought a separate renters policy for your student, talk to your agent regarding your options. You may need to cancel and reinstate coverage later.

Liability Insurance

Most college kids thrive on social interaction. Even though their social circle is much smaller now, they will probably visit with their friends more often. After all, there’s not much else going on right now.

If your home is the social hub for your son or daughter’s social group, definitely review your liability insurance. This is especially true if you have a swimming pool, as it is often a magnet for get-togethers during the hot weather.

Partying in backyards has been identified as one of the primary reasons for the increase in coronavirus cases recently, especially when it involves alcohol. Fewer inhibitions can lead to unsafe behaviors, injuries, or even death.

In addition, many are discussing where liability lies if someone knowingly ignores the rules and infects others through their negligence. While it hasn’t led to a lawsuit yet, you can bet it will eventually.

Review your liability coverage with your agent to ensure you’re protected against the financial burden of a lawsuit, medical bills, lawyer’s fees, and a huge settlement. We all love our kids, but it’s always better to be safe than sorry.

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