Courtesy of iii.org

With burglaries constituting approximately 50 percent of all on-campus crimes, according to the National Center for Education Statistics, it is more important than ever that college students and their parents review their insurance coverage.

For students who live in a dorm, most personal possessions are covered under their parents’ homeowners or renters insurance policies. However, some home insurance policies may limit the amount of insurance for off-premises belongings to just 10 percent of the total amount of coverage for personal possessions. This means that if the parents have $70,000 worth of insurance for their belongings, only $7,000 would be applicable to possessions in the dorm. Not all insurers impose this type of limit, so check with your insurance professional.

Expensive computer and electronic equipment, sports equipment, and items such as jewelry may also be subject to coverage limits under a standard homeowners policy. If the limits are too low, a special personal property floater or an endorsement can be purchased to cover these items. There are also stand-alone insurance policies for computers and cellphones.

Students and/or their parents may also want to consider purchasing a stand-alone policy specifically designed for students living away at college. This can be an economical way to provide additional insurance coverage for a variety of disasters.

Students who live off-campus are likely not covered by their parents’ homeowners policy and may need to purchase their own renters insurance policy. Your insurance professional can tell you whether your homeowners or renters policy extends to off-campus living situations.

For students going off to college, the I.I.I. recommends the following:

• Leave valuables at home if possible
  While it may be necessary to take a computer or sports equipment to campus, other expensive items, such as valuable jewelry, luxury watches or costly electronics, should be left behind or kept in a local safety deposit box.
• Create a “dorm inventory”
  Before leaving home, students should make a detailed inventory of all the items they are taking with them, and revise it every year. Having an up-to-date inventory will help get insurance claims settled faster in the event of theft, fire or other types of disasters.
• Engrave electronics
  Engrave electronic items such as computers, televisions and mobile devices, such as your smart phone, with your name or other identifying information that can help police track the stolen articles.

The I.I.I. offers the following advice to guard against theft of your personal belongings on campus:

• Always lock your dorm room door and keep your keys with you at all times, even if you leave briefly. And, not just at night—most dorm thefts occur during the day. Insist your roommates do the same.
• Don’t leave belongings unattended on campus. Whether you are in class, the library, the dining hall or other public areas, keep book bags, purses and laptops with you at all times. These are the primary areas where property theft occurs.
• Buy a laptop security cable and use it. A combination lock that needs decoding may be just enough to dissuade a thief.
• Most campus fires are cooking related so be careful about the types of hot plates or microwaves you to bring to school, and how you use them.

In the event a student is planning to have a car on campus, choose a safe, reliable vehicle and do some comparison shopping to find the best auto insurance rate. You should also check with your own insurance company as it may offer a multi-policy discount. If you decide to keep the student’s car at home, be sure to let your auto insurance company know, as many insurers will give discounts for students who are living at a school at least 100 miles away from home.

Courtesy of iii.org

Coverage needs change as circumstances in our lives change; an annual insurance review will ensure you have the proper coverage for your needs and budget.

Courtesy of iii.org

There’s a difference between an insurance company cancelling a policy and choosing not to renew it. Learn why your insurance might not be renewed

Auto insurance cancellation

Insurance companies cannot cancel a policy that has been in force for more than 60 days except when:

• You fail to pay the premium
• You have committed fraud or made serious misrepresentations on your application
• Your drivers license has been revoked or suspended.

Auto insurance non-renewal

Either you or your insurance company can decide not to renew the policy when it expires. Your insurance company must give you a certain number of days notice and explain the reason for not renewing before it drops your policy (the exact timeframes and rules will depend on the state in which you live).

There are a number of reasons an insurance company may choose not to renew a policy, and it may have nothing to do with you personally. For example, your insurer may have decided to drop that particular type of insurance or to write fewer policies where you live.

However, a nonrenewal can also be due to your record or your actions. Doing something to considerably raise the insurance company’s risk—like driving drunk—would be cause for non-renewal.

If you’ve been told your policy is not being renewed and you want a further explanation or think the reason is unfair, call the insurance company’s consumer affairs division. If you don’t get a satisfactory explanation, contact your state insurance department.

Note that nonrenewal at one insurer doesn’t necessarily mean you’ll be charged a higher premium at another insurance company.

Courtesy of iii.org

Road rage incidents are not only dangerous, they are exempted from coverage by many auto insurance policies. Understand your risks and take precautionary measures to avoid being a victim—or a cause—of aggressive driving accidents.

Crowded highways and traffic backups at times cause drivers to lose control and become extremely aggressive. Road rage is a real problem that can lead to serious accidents or even incidents of violence on the road.

It’s important to realize that road rage is listed as an exemption in many auto insurance policies. This is because any damage or liability stemming from aggressive driving isn’t considered an accident but rather as having been caused by risky behavior.

Rather than risk paying the consequences of road rage—one of which may be not having your auto insurance claim paid—it’s best to avoid a dangerous and costly aggressive driving incident in the first place.

If you encounter an aggressive driver on the road…

• Stay as far away as possible. Slow down or change lanes if need be, let the driver pass you and give yourself room at intersections to drive away.

• Record a description of the car and note the license plate number if possible so that you can report him or her to the police for the sake of everyone’s safety.

• Do not engage with or challenge the offender in any way. Ignore the driver’s rudeness and don’t give into the temptation to react in kind or you might escalate the risky behavior.

• Put your safety first. If an aggressive driver starts to follow you, keep your doors locked, and head to the nearest police station. Never stop and confront an aggressive driver.

If you have a short fuse yourself stay cool and…

• Leave plenty of time to get where you need to go. When you’re in a hurry, your patience is short and you are much more likely to become aggravated.

• Remember other drivers are not annoying you on purpose. People make mistakes or they might be driving more slowly for a reason—they might be lost, or their sight might be impaired by sun glare.

• Don’t use hand—or single finger—gestures other than a wave to someone who lets you into your lane.

• Don’t tailgate slow drivers. Hanging on another car’s back bumper is dangerous. If the car in front of you has to stop short and you rear-end it, the accident would be considered your fault.

• Don’t honk your horn insistently. Leaning on your horn is a bad practice. While it might make you feel better to express your frustration in a traffic jam, it won’t make anyone go any faster, it’s annoying to other drivers and passengers and it increases everyone’s stress level, which may lead to more aggressive behavior.

• Never stop to confront another driver. It could lead to a dangerous situation for all concerned.

Courtesy of iii.org

Hurricanes are violent and dangerous to your family and your home. When a hurricane threatens to bear down, make sure that you know how to batten down your hatches and protect yourself, your loved ones and your property.

When it’s hurricane season

Hurricane season starts June 1 and runs through November 30. But don’t wait until a warning—take steps to prepare in advance for a potential hurricane—it’s the best way to protect your family, your home and your business.

For more preparedness tips, handy checklists (including ones you can personalize yourself) and evacuation planning advice to cover a variety of disasters, get the I.I.I.’s Know Your Plan app. It’s a great tool to help get you and your family—including pets—organized and ready to act more quickly if a hurricane or other emergency strikes.

When a hurricane watch is issued

A hurricane watch is issued when there is a threat of a hurricane within a 24-36 hour period. At that time, you should:

• Purchase any emergency supplies that you don’t already have on hand. Hit the stores early, as items such as batteries, candles and flashlights will get snapped up quickly.

• Prepare your yard by removing all outdoor furniture, lawn items, planters and other materials that could be picked up by high winds. If you haven’t already, remove weak branches on plants and trees. Lower antennas and retractable awnings.

• Prepare for a potential evacuation by reviewing your evacuation plan and, if you have a pet, your pet’s evacuation plan.

• Fully charge your cellphone.

• Fill your car’s gasoline tank.

• Jot down the name and phone number of your insurer and insurance professional and keep this information handy in your wallet or purse.

When a warning is issued

A hurricane warning is issued when hurricane conditions are expected in 24 hours or less, which means a storm is imminent.

• Stay informed of the storm’s progress by listening to the radio or TV. Even better, listen to a NOAA Weather Radio for critical information from the National Weather Service (NWS).

• Install hurricane shutters, board up or otherwise securely shutter large windows and draw drapes across windows and doors.

• Get off the boat—never remain on a boat during a hurricane! Check mooring lines of boats in water.

If evacuation becomes necessary

Hopefully, you’re fully prepared with an evacuation plan. Also remember:

• Don’t wait until the last minute—shelters might be full or the roads might be jammed. If you have pets, consider traveling before an evacuation is ordered—otherwise, you might be ordered by officials to leave your pet home.

• Take along survival supplies from your list.

• Keep important papers with you at all times, including your home inventory and make sure you have the name and phone number of your insurance professional.

• Take warm, protective clothing for the whole family in case you get stuck.

• Lock all windows and doors on your home. Don’t compound hurricane damage with the threat of possible looters.

• Keep all receipts for anything that might be considered to be an additional living expense (ALE) in the event your home is destroyed or damaged and rendered uninhabitable.

If you remain at home during a hurricane

Stay indoors. Don’t go out even during the brief calm when the eye of the storm passes over as wind speeds can increase dramatically in seconds.

• Stay away from windows and glass doors and move furniture away from exposed doors and windows.

• Stay on the downwind side of house. If your home has an “inside” room, stay there during the height of the hurricane.

• Keep the television or radio tuned into information from official sources.

After the hurricane, beware of the dangers that remain

The storm may have passed, but it likely has created new dangers.

• Beware of outdoor hazards like loose or fallen tree limbs, loose signage or awnings that are in danger of breaking off and falling.

• Keep away from loose or dangling power lines, and report them immediately to the proper authority.

• Walk or drive extra cautiously as washouts may weaken road and bridge structures.

• In the event of a power outage, throw out food that may be spoiled.

• Boil municipal water before drinking until you have been told it is safe.

If your home is damaged

Notify your insurance professional as soon as possible of any losses. If you had to relocate, let your representative know where you can be contacted. In addition:

• Make temporary repairs—if they can be made safely—to protect property from further damage or looting; for insurance purposes, keep all receipts for materials used.

• Get written estimates for any proposed repair jobs and use only reputable contractors. Be especially careful of building contractors who want huge deposits up front or encourage you to spend a lot of money on temporary repairs. Ask for their references and check with the Better Business Bureau on complaints.

• Gather any other receipts for expenses that will be covered by insurance or will be tax deductible.