The Concerned Insured: Kids Away at School

It’s a Beautiful Morning In the Insurance World

It’s Tuesday and another great question has been asked and answered by CounterPoint Insurance.  We hear this question a lot from homeowners with kids who are away at college.  As we all know kids start to acquire a lot of stuff at this age, and some it can be pretty expensive.  Under a Homeowner’s policy, personal property is covered on a replacement value basis under “Coverage C” on your policy.  This coverage level is reserved specifically for your personal

Beautiful

property (laptops, furniture, instruments, etc.).  Some of these items can be worth a lot of money, like antiques or jewelery, and homeowners will often “schedule” these items on their policy to ensure that should something happen, they will be covered in case there is a loss or a theft.

The great thing about Coverage Part C on your Homeowners policy is that your personal property is covered not only in your home, but anywhere in the world.  However, if you have your property off of the insured premises, that coverage extends only 10% of the amount you are insured for under Personal Property Coverage.  It might not seem like a lot, but take a look at your policy, and it may be more than you think.

Ask Your Insurance Questions Here!

So the question that was posed is this:

My son is away at college.  He has a lot of musical instruments and a laptop with him in his room.  If something should happen, is there coverage for a loss of his personal property under our Homeowner’s policy?

And there are two sides to this answer.  The main question is:  Is your child staying in on-campus housing?  Or are they staying in an apartment off-campus?  We’ll look at this from the last question and get to the first.

Renter’s Insurance

Kids.

If your child is staying in an apartment off campus, that usually means that they are no longer considered a “member” of the household.  They have their own place, their own rent and utilities, and so their personal property would not be covered under your Homeowner’s policy.  The way that your child could have their things covered is if they start up an individual Renter’s policy for their apartment.  These policies are relatively inexpensive and cover any personal property owned by the insured inside the walls of the apartment.

Homeowner’s Insurance

Now, if the student is staying in on-campus housing, this is where your homeowner’s policy Coverage Part C kicks in.  Although it’s only 10% of your personal property coverage, that is usually enough to cover any personal property off-premises.  It may seem that this is your answer, but there is more to it so hold onto your hats!

Often with a Homeowner’s policy, your deductible can be much higher than the value of the personal property that was stolen, destroyed, etc.  Because of this, you may end up paying out-of-pocket to replace these items.  Scheduling property on your policy can only go so far if the value of the items is less than your deductible.  But if the total of the items that have suffered a covered loss total more than your deductible, your insurance company will cover the rest.

Help Where it’s Needed

Many colleges and universities offer insurance products that are much like Renter’s policies for students staying on-campus.  These policies have low-deductible plans and can be very beneficial for this type of risk.

That just about sums it up!  It was a great question and one that we feel many homeowners with kids in college will find useful and informative.  More answers lay with your independent agent so don’t hesitate to give them a call!

Bottled Water vs. Insurance: Who Woulda Thought To Compare the Two? Oh right, Us.

Your Auto and Homeowners Policies are WHERE?!

We all know that it can be a hassle sometimes dealing with your insurance company.  All those hidden fees and premium increases can really bog down on your finances.  Fortunately, Counterpoint Insurance offers an easier way to manage your policies, without feeling like you have just become another number in an accounting ledger.

Side-by-Side:  An Insurance Analogy

Buying insurance from large direct writers like Esurance, GEICO, Allstate (you know the names) can be a lot like buying bottled water.  You know it’s just a corporate plot for profits, so why buy it?  Water should be free to everyone because it’s a natural resource and no one can really take ownership over that.  However, corporations have created monopolies over prime real estate that they have purchased from the State to privatize water sources.  They bottle up water and sell it for much more money than it is worth (which should be nothing), but people will buy it because it is a commodity, a basic need.  On the other hand, where you could continue to spend more and more money on new cases of water, you could have just as easily purchased a water filter one time for your home tap water.  And the water may well be even more pure than the bottled water you are buying!  Then you just have to change the filters and you’ve got a seemingly endless supply of freshwater that you are already paying for in utilities (they’ve gotta get you somehow).

What Are You Going to do Now?

Counterpoint Insurance is like that water filter.  You buy it once and then there are no hassles!  Then your renewal comes around and we inspect the filter, and change it if necessary at no extra cost to you.  We aren’t trying to make money off of a commodity, we just want to make sure you are getting the best service and deals when it comes to your auto, homeowner’s, motorcycle and even business owners policies.  Let us take a look at that filter for you; maybe it’s time for a new one.

Counterpoint Insurance.  Relax, we’ve got you covered.

“Like” us on Facebook would ya?!

Oh, and take this poll if you wouldn’t mind

Y U No Have New Hampshire Personal Property Insurance?!

“Grandson, do you still have that spoon I gave you?”

If you rent an apartment, and you don’t have a policy to cover all of your belongings inside of that apartment, you may want to consider it.  Did you know that in New Hampshire, if you purchased a minimum of $25,000 worth of coverage for your stuff, it can cost you as little as $100 per year?  And if your things are worth more than that, a renter’s policy can be tailored to cover higher amounts, and specific items like jewelery, artwork, collectibles or even hearing aids.  Sure, no one needs another expense on their hands, but no one wants to lose everything they hold dear in an accidental fire or a break in. 

“Why ME New Hampshire insurance company?!”

We all know that life is full of little surprises and aggravations that find us off guard and throw off our day-to-day.  It could be a call from the Principal at school, or maybe another project thrown on top of the rest of the things you have going on.  And sometimes, it could be an unexpected raise in your insurance premium that can get you so confused and frazzled that you are pulling out your hair trying to figure out what you did to deserve this.

“But they have commercials…”

Assume you have your auto policy already with a direct writer like GEICO or Allstate.  Things were going alright for the year until they send you a proposal for your renewal and the premium has increased $200 per year or more!  After you’re done putting your eyes back in their sockets, you want to know why, but you don’t want to talk to a machine for two hours on the phone to figure it out.  So you are looking through your local phone book and you find Counterpoint Insurance, an independent agent.  You decide to give them a call because their logo is a screaming guy crumpling up his bills and throwing them in the air.  “That is EXACTLY how I feel right now!”  You think, so you give them a call and tell them you are looking for an auto quote.  Now you get a call from the agent you spoke to who has run some numbers with all of the 12 companies that he does business with.  What he is quoting you is $500 cheaper than your renewal, and $300 less than your original policy through your direct writer!  So much savings, you don’t know what to do with it. 

It’s like buying wholesale services!

This is where that renter’s policy comes in.  You have a couple of antiques you got from your grandmother that you keep in your apartment, along with your furniture, computer and musical instruments.  Now you have $300 saved up to put towards something else, so why not put $100 towards $25,000 worth of coverage for your stuff?  This is an option that is available to you.  And the best part is:  You get a discount for packaging your policies with the same company, so you’re still saving money!  Not only that, but when your renewal comes around, and your auto policy has gone up AGAIN, your agent is there to help you find another company that you can move your coverage to another company with more affordable options so you don’t have to!

Aren’t New Hampshire insurance agents great?

If you haven’t thought about Counterpoint Insurance as your independent agent, you should.  We work for you, not the insurance company, and we are there for you when you need us and when you’re frustrated beyond recognition.  Make your life safer and easier, and call or click Counterpoint Insurance today at (603)645-8600  or toll-free at 1-877-GET-SR22 (438-7722). 

Relax, we’ve got you covered.

“Like” Counterpoint Insurance on Facebook!