From the diaper changing table to the college dorm room – it’s finally here – your son or daughter is heading off to get a degree and they’re no longer under your roof (well, at least for most of the year).

Besides clothes, electronics, and the compulsory college fridge, there are other things to consider before your 18-plus-year-old adult child heads to school – and that includes auto and property insurance.

As with any neighborhood, crimes and disasters happen on college campuses. In 2014, there were 49,870 criminal offenses reported at more than 11,000 campuses, according to the U.S. Department of Education. FBI crime statistics looking at college campuses point to vandalism, thefts, burglaries, car break-ins and car thefts as the leading property crimes against students.

Auto, renters, and other insurance products can help cover losses and protect your assets.

 

Auto Insurance

The big question many parents ask themselves is whether to take their child off their auto policy or leave them on. If your student is on campus and doesn’t have a car, you may consider taking them off your policy if they won’t be driving your vehicle most of the year (though keep in mind that some insurers may reject them later if they have no history of continuous coverage), according to ValuePengin.com. Also, keeping an active auto insurance policy offers protection because they’re covered in case they drive another person’s car, which may not be adequately insured, or a friend’s car without consent. They may or may not be fully covered if they drive their roommate’s car either, which you’ll want to discuss with your insurance agent.

If they are bringing a car to school, talk to your agent about developing a coverage plan that protects their property and your assets, and calculate what you and your student can afford for deductibles. There are optional auto insurance coverages that may help in case the vehicle is damaged. These extra options include:

  • Rental car coverage: This will cover the cost of a rental car, especially if the vehicle is needed to get back and forth to work and school.
  • Road service: This covers most auto towing and some labor costs at the site of the breakdown.
  • Umbrella policy: This is separate from an auto insurance policy and increases your liability protection in case of a lawsuit.

Talk to your agent about whether certain coverages should be increased - or decreased. For instance, if your child has a real clunker on its last legs, you may be able to safely decrease or eliminate collision insurance - but you may want to increase medical payments coverage to help pay the costs of medical bills if passengers are hurt in a covered accident.

Finally, ask about discounts. Auto insurance companies may reduce your premiums if your student is more than 100 miles away from home and maintains a high grade point average.

 

Homeowners Insurance

Your homeowners insurance most likely will cover your student if living in a college dormitory. The liability limits should remain the same but coverage for personal belongings may be reduced if an incident occurs outside the home.

A homeowners policy usually covers possessions up to 70 percent of the home’s coverage limit, according to Kiplinger. This means if your home is worth $300,000, your policy would cover $210,000 for your possessions (on property), and up to $21,000 for items off property, such as a dorm. Your agent may be able to offer extra coverage, especially if your student has expensive electronics or jewelry.

Discuss your situation with your insurance agent to adjust your policy and understand what’s covered and what’s not.

 

Renters Insurance

If your student is living off campus in a rented home, they will most likely need a separate renters insurance policy since your homeowners policy won’t extend to their new digs. Fortunately, a renters policy are pretty inexpensive, about $15-$30 per month, and provides most of the benefits of a homeowners policy (not including coverage of the structure itself, which would be owned by the landlord).

Renters policy not only insures your student’s property but offers protection in covered situations such as when someone gets hurt in the household or if your student inadvertently injures someone else. Moreover, this liability protection helps foot medical expense costs and covers court fees and penalties in such incidents.

Renters insurance will also provide temporary housing in case the apartment is damaged or destroyed due to fire, etc.