Protecting your Assets of All Ages

Protecting your Assets of All Ages

The great investment begins with the gender announcement party.  Then the baby shower.  Toddler music classes.  The best preschool.  Ballet classes to travel ball.  By the time they turn 18 you’ve covered all those college application fees, made the dorm room down payment and you’re supporting the employees and their families at Bed, Bath and Beyond, in both your local neighborhood store *and* the one near college.  Next, the solicitations come in for mass-made care packages delivered throughout the school year.  And just that fast, they’re suddenly in the hands of the chosen college, living with their new ‘family,’ ensconced safely on campus so you sleep safely at night knowing they won’t be behind the wheel until they’re home for winter break.

My son just finished his freshman year at UCLA and I’ll agree with most of what you see in the above paragraph, at least it’s what I thought and believed for several months!  I got excited texts and links to pictures of him out in the desert, launching rockets with the Rocket Project.  Using a rented electric scooter to travel across campus after retuning from Thanksgiving, luggage on his back.  Independence!  Navigating those next level life experiences!  And occasionally I would text him when Facebook showed me a police chase nearby campus, an approaching wildfire – “Are you ok???” Yes, he was.  However, the activities put me at risk and it should be a reminder to all parents to make sure they speak with their insurance agent to discuss their new exposures as they launch their 18 year olds.

Here are some things to think about:

What if their laptop gets stolen?

What if there is a fire in their dorm room causing damage to their property, the room, or both? 

What if they accidentally run into someone while riding a rented electric scooter?

What if they’re in an accident while renting a local car for an hour?  Or driving a truck for the Rocket Project?  Or borrowing a friend’s car to run to Target?

Once they’re 18 and launched, they are still yours.  All yours.  Renters insurance may cover stolen/damaged items, but what if they suddenly have to relocate?  The loss of use coverage in a renters policy is very valuable.  Do you need to keep them on your auto policy?  They’re expensive and not driving!  Or are they driving?  The hourly rentable cars likely provide state minimum limit coverage.  What if a lawsuit comes after you for something that happens there?  Will your umbrella policy cover your legal defense fees? 

If you’d like to discuss your insurance exposures and have us pair you with the right coverage, give me a call or send me an email.  I’m right there with you! 

- Felicia Robertson