Each fall, many parents shuttle their newly fledged adults off to the college or university of their dreams where their offspring blithely saunter off to enjoy the big wide world without a parachute. 

Oh, to be young again!

The truth is that launching your child headfirst into the next chapter of life can be daunting, and it isn’t something you can ever be completely prepared for. Luckily, you’re not alone, because if there’s one thing Mark Reid, owner of Mark Reid Insurance, knows, it’s how to protect our precious angels in ways we may not have even considered.

Proper Coverage for Valuables

While it’s true that there are a multitude of new risks associated with sending kids off to college, having the right insurance coverage can ease the burden of the unknown. According to Mark, one of the ways parents and students can be prepared is by anticipating the not-so-fun events that may happen, including theft or loss of property. For example, a stolen laptop could cost as much as $3,500 to replace depending on the brand and specs. That’s not something you’ll want to pay out of pocket for after all those tuition and book fees. 

Although many colleges and universities provide insurance for personal belongings, Mark suggests checking with your homeowners’ insurance provider to ensure that such a loss is covered, “Chances are good that it may be more comprehensive and a better value.” Mark goes on to say that although homeowners’ insurance does provide some coverage for personal property away from home, “About 10% of the property limit, Coverage C on your homeowner policy,” computer equipment and other similar property may require additional protection.

Updated Automobile Coverage

Additionally, Mark suggests that providing your child with a car while away from home may necessitate additional automobile insurance coverage, “If your child is attending a school located out of state, your current insurance coverage may not cover it. It’s a good idea to amend your policy to make sure you’re expanding your coverage so that there aren’t any gaps or limitations.”

Identity Fraud Coverage

When asked to discuss other potential risks parents should consider when sending their newly minted college student off to school, Mark doesn’t hesitate, “Identity fraud,” he says.

Identity fraud includes a host of crimes that happen when personal information is stolen. According to Mark, “Stolen passwords, bank account information, and social security numbers can be used to access student accounts and to seize personal assets.” Additionally, many colleges and universities assign students with an ID number matching their social security number, which is often used as identity verification, “This is a gateway for identity fraud,” says Mark.

Mark also cautions that cell phones are also vulnerable to identity theft, as personally identifiable information, as well as account information can be accessed. “Always have a pin, password, or biometric security measures to access, and talk to your children about not sharing any sensitive or personal details on social media websites or apps.”

Experts in the insurance business since 1989, Mark Reid Insurance has seen it all and knows exactly how to help in any of these situations. Don’t hesitate to reach out to them with any questions or concerns, and with a little foresight and some informed preparation, parents and students alike can be assured of a safe and successful college experience!

About the Expert:

Mark Reid opened the doors of Mark Reid Insurance, February 1, 1989. Mark has led the charge to provide great protection, affordable pricing, and trust to grow his agency to what it is now. Today, they have a staff of six and offer many markets for both personal lines and commercial. His staff is licensed and knowledgeable of each phase of the insurance realm with many years experience. 

Mark is very involved in his community. For many years, he coached youth baseball and volunteered as assistant coach on the high school basketball team. Mark is past chairman of the White House Area Chamber of Commerce, and most recently on the Board of Directors at The Credit Union for Robertson County. His referral program has allowed his agency to donate over $10,000 the past several years to the American Cancer Society and American Heart Association.

Website: https://www.markreidinsurance.com/

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