August 8, 2016
The start of the school year is upon us once again this Fall. If you are sending your son or daughter off to college, personal insurance coverage may be the last thing on your mind. Don’t worry because you might already have coverage in place.
How are your child’s personal belongings covered when they are away at school? Most homeowner’s policies provide coverage for your child’s personal property while it is at school. Coverage is usually limited to 10% of the contents limit on the primary homeowner’s policy. Depending on your insurance carrier, coverage may be limited to student on-campus housing. If your child is living in an off-campus rental, they may need a renter’s policy.
Is your child taking an automobile to school? You might be wondering if there is anything that needs to be done with your personal auto policy, too. The good news is that there is nothing you need to do because the coverage is already in place. Your personal auto coverage follows the vehicle. Conversely, you may be eligible for discounts if your child is going to school more than 100 miles from home and will not have regular access to the vehicle. Finally, good student discounts also apply to children in college when their grade point average is 3.0 or greater.
Please call or email the authors of this post, or a Fedeli Group associate, to discuss the coverage and limits available when your child is off to college.
October 20, 2022
On October 18, 2022, the Internal Revenue Service (IRS) released Revenue Procedure 2022-38, which increases the health flexible spending account (FSA) salary reduction contribution limit to $3,050 for plan years beginning in 2023, an increase of $200 from 2022. Thus, for health FSAs with a carryover feature, the maximum carryover amount is $610 (20% of the $3,050 salary […]
August 14, 2018
The Affordable Care Act (ACA) requires insurers who plan on modifying plan premiums to submit their rates to either the state or federal government for review. This applies to plans included on state and federal healthcare insurance exchanges. The rate review process is designed to improve insurer accountability and transparency. It ensures experts are evaluating whether the proposed rate […]