These days there are several new risks that didn’t exist last century when it comes to sending your kids to college. Luckily, there are various forms of insurance to help guard against financial losses from these risks that may involve stolen or hacked computers. Here are some of the risks covered by insurance you need to consider when sending kids to college.
Last century most college kids carried books, not computers to class. These days every student has a computing device as part of the education process. Computers can be worth hundreds or thousands of dollars, so they need to be protected by an appropriate insurance plan.
Sensitive Data Leaking into the Wrong Hands
Since everyone at a college typically has a smartphone or laptop, it makes campuses prime targets for hackers to steal sensitive data. Any type of data tied to a person’s finances can be useful information to a hacker.
Colleges often offer free Wi-Fi networks to students. Without strong cybersecurity, such as multi-factor authentication, hackers can tap into these networks and quietly steal data. It’s important to make sure the insurance for computers covers such losses or damages.
Tips for Protecting Campus Students
- Add identity fraud coverage to your home insurance plan
- Beware of suspicious emails requesting sensitive information
- Research a website’s reputation and security before transacting with them
- Don’t allow sensitive information to be easily accessed by strangers
- Regularly review financial statements to check for suspicious activity
- If your kids become victims of a crime, report it immediately to authorities
Auto Insurance Issues
Car theft has skyrocketed this century, so it’s important to make sure you have the right auto coverage plan. The coverage will not be valid if the campus is in a different state where the insurer does not hold a license.
If the campus is in another state, make sure your kids are aware of possible different traffic laws there, such as different speed limits. If they can wrack up multiple tickets quickly, it can lead to paying much higher insurance rates.
How to Protect Personal Belongings On Campus
There’s usually about a 10 percent personal property limit on what your home insurance policy will pay for lost, stolen, or damaged belongings of your kids while they’re attending college. Certain types of computing devices may require special coverage in addition to a standard home policy.
For students renting an apartment or other lodging facility, it’s important to take out a separate renters insurance plan for them. A renters plan covers contents with a residence, which landlords typically don’t cover in their commercial property insurance policies. After a natural disaster, the landlord will be responsible for restoring the physical structure of the property, whereas the tenants must protect their own possessions with separate renters insurance plans.
Make Sure Your Kids Have the Right Coverage with J Archer Insurance
The world of insurance can be complex when you start considering all the risks that need financial protection. However, we make it simple and stress-free for you. Our experts at J Archer Insurance Group will help you find the right insurance plan for your needs. Contact us today for answers to your questions and help to resolve insurance issues.