Auto Insurance: Understanding you liability coverages

   Your auto insurance policy can be the first line of defense in covering your financial exposures in the event of an auto accident. The various areas of coverage on your auto policy extend coverage to very different areas of financial exposure. Bodily injury coverage  is what most people think of when they think of  the liability coverage on your car insurance policy. This portion of your car insurance policy is coverage that provides protection in the event that someone is subject to an injury resulting from your participation in an
accident.
   The areas of coverage on your car insurance policy include but are not limited to uninsured, underinsured, and medical payments. Uninsured and underinsured bodily injury are coverage areas that are often overlooked or not explained when a new policy is purchased or comes up for renewal. These areas of coverage award coverage to the party not at fault in an accident given that the other party does not carry an adequate coverage limit or possibly no coverage at all. In effect it is a liability coverage that covers the car insurance policy owner instead of another party. It is of paramount importance that attention be paid to these separate limits on your auto insurance policy; because if it were to ever happen that you would need to rely on these areas coverage you  will be thankful a comprehensive limit was put in place.

Homeowner's Insurace: Protecting your college student's property while away at school.

   Under home insurance contracts there are certain provisions provided for college student's property. Certain portions of their parent home insurance coverage is extended in event of a property loss while away at school. In most cases there is predetermined limit for the extended coverage, and is usually 10% of the personal property limit on the primary home insurance policy. For example, if you currently carry $150,000 of personal property coverage on your home insurance policy the limit for your college student's property would be $15,000.
   In addition to the personal property coverage being extended to your college student's property; you can also add a property schedule for higher value items such as a laptop computer to the primary home insurance policy. When these items are scheduled it awards more comprehensive coverage to the listed items, which in most cases can mean agreed value coverage (retail purchase price) in stead of actual cash value coverage in the event of a loss.
   Your home insurance policy is not the only policy effected by your student moving away to school. You will want to inform your insurance agent of the move to allow them to endorse your auto policy with the appropriate rating changes. There are different effects to policy if your student takes a vehicle to school as opposed to them leaving the car behind. In all cases you will want to leave your student on the policy as they will still be considered a listed driving member of the household.