Educating Your Child About Insurance Before They Leave For College

Insurance for College Students in Eugene, ORAttending college is an exciting time for your child. Whether it’s deciding where to go, what to major in or figuring the finances, there are a lot of decisions to think about. Before your child leaves the nest, here are three things to consider when it comes to having the right insurance policy.

1.) Auto Insurance Policy

  • If they are taking their car to college, be sure to update their auto insurance policy. This can easily be taken care of by reaching out to your insurance agent! You’ll want to ensure your child is protected if they get into an accident or experience theft. If your child is attending college out of state, talk with us to see if anything changes on their auto insurance policy.
  • Not taking a car? We suggest still keeping them on your auto insurance policy if they plan to drive when they return home for a visit or in the event they need to borrow a friend’s car on campus.
  • Ask for discounts. See if your child qualifies for any additional discounts.
    • Discounts may include:
      • Good student discount
      • Distant-student discount.
      • Pay in full discount
      • Safe driver discount
      • Data tracking discount

2.) Educate On Liability

College is an amazing social and learning experience. Be sure your child understands the serious consequences of drinking and driving, buying alcohol for kids underage or the other risks that are associated with drugs and alcohol. One poor decision could impact the rest of their life.

3.) If worried about theft while living off-campus, invest in a renters insurance policy.

  • If your child owns valuable items like laptops, televisions, printers, cameras or other expensive items, invest in a renters insurance policy.
  • Construct a full inventory of your child’s items that include model and serial numbers.
  • If your child is living with roommates, remember each child needs their own policy.
  • A renters insurance policy offers more than just covering your property. It can provide important liability coverage.

If my child experiences theft, will I be fully reimbursed?

This is where actual cash value and replacement insurance coverage comes into play. Replacement cost is very simple: It is literally the cost to replace your item with an item of similar quality. Replacement cost policies tend to be a bit more expensive since you are essential getting a brand new item for one that may have otherwise depreciated. Actual cash value is the cost to replace the item minus any depreciation. So, if your child had wear and tear on an expensive electronic device, your insurance would pay out the cost of the electronic minus the depreciation. Talk to your agent for clarification.

Whether it’s changing your child’s auto insurance or investing in renters insurance, let our local experts at LeDoux Insurance Agency help you find the best insurance to fit your needs. For more information about LeDoux Insurance Agency, visit our website.

Engagement Ring Coverage

Engagement ring coverage in Eugene, ORGetting engaged is an exciting time and brings happiness to not only the couple, but their family and friends. While the new couples should cherish this special moment, they should also find an insurance policy to protect the engagement ring immediately.

Anything can happen to an engagement ring, whether it’s stolen, damaged or accidentally falls down a drain. While memories of the ring itself cannot be replaced, a good insurance policy can provide financial protection to an unfortunate situation.

Like other valuables coverage, insurance for your engagement ring can simply be added to your home or renters insurance policy on something called a “floater.” It’s a simple insurance policy extension. A good policy will cover everything from theft and damage. The cost of coverage varies, typically $1 – $2 per $100 in value for a yearly policy. So, for a $5,000 ring, you’d expect to pay $50-$100. By calling LeDoux Insurance, we will ensure we find the best coverage for your ring.  We can also help answer any questions regarding ‘what if’ situations.

Before seeking out insurance, you will need to provide an appraisal and receipt for your ring. This is typically provided by reputable jewelry dealers at the time of purchase. If your engagement ring hasn’t been appraised, you can meet with a gemologist to receive an official appraisal for a small fee. Once you have your appraisal, store it in a safe or vault.

An additional thing to consider for all newlywed couples, if the bride and groom were living in separate homes before the wedding, make sure the ring insurance is transferred to the right home address. Often times, individuals have the ring insured at the bride’s previous address on a different policy and forget to transfer it to the new living address and insurance policy.

If you are recently engaged or planning an engagement, call the insurance agents at LeDoux Insurance. We can help you the best option to protect your investment.

Understanding Why Renters Insurance Is Important

Renters Insurance in Eugene, ORIf you’re one of the millions of Americans that rents a home, condo or apartment, chances are you’ve either had renters insurance in the past, or currently do have a policy. If you don’t have a policy, you’ll want to really pay close attention to this post.

In its most basic form, renters insurance helps cover your personal belongings from fire, theft, vandalism and other losses as well as provides you with some basic liability coverage in the event you’re found liable for bodily injury or property damages. There are also different types of renters insurance policy. A replacement cost policy will help pay for replacement of your items as if they were new. A nice thing considering that depreciated jeans, furniture and computers won’t help you become whole again.

A recent article from the Insurance Information Institute states that less than one-third of all renters (31%) have a renter’s insurance policy. Why is that? Do people assume that since they pay rent, their items are covered by that rent cost? Do they assume their landlord has insurance and it would cover this loss? Do they think maybe their auto insurance covers some items? The answer to this is that none of these items will likely cover any of your items. Only a renter’s insurance policy will.

There are 2 basic types of renters insurance:

  1. Actual cost value: Pays to replace your damaged or stolen items up to your policy limits, less depreciation.
  2. Replacement cost: Pays to replace your damaged or stolen items up to your policy limits with new ones, no depreciation.

Some additional things to consider is if you have expensive jewelry, musical equipment or collectibles that you want to insure. This may require a “floater” to be added to your policy.

One last item to ponder is how much liability you want to be covered for. You can get up to $500,000 in liability coverage. This will protect you from lawsuit. If you want even more coverage, you should consider a personal umbrella insurance policy. This goes above and beyond your renter’s limits to provide even more coverage.

Renters insurance is very inexpensive. It can come in around just 50 cents per day.

If you’d like to learn more about renters insurance in Oregon, call LeDoux Insurance Agency.

LeDoux Insurance Agency is committed to improving the quality of our community by insuring your life’s hard work. Setting a standard of excellence, our professional staff will help you understand your current and future risk exposures by building a lifelong relationship. Our clients can be confident in the proven stability and years of insurance experience. LeDoux Insurance Agency is dedicated to continuous improvement through the use of technology in order to provide the most comprehensive and cost effective solutions for your insurance needs. Whether you’re looking for auto, home, renters or business insurance, LeDoux Insurance can help. Visit us online anytime.

8 Scenarios That Would Warrant an Umbrella Insurance Policy

There are many scenarios that would warrant the need for an umbrella insurance policy. We outline a few of them here.Umbrella Insurance Eugene

Example #1: Your teenage daughter is babysitting the neighbor kids and leaves the house for a moment to run to the store. When she returns, one of the children is badly injured and requires surgery. The child’s medical bills exceed $700,000. The parents of the children sue you to cover the medical bills.

Example #2: Your son dislikes his gym class as well as the teacher. He goes on social media and writes some very reproachful comments about the teacher that leave him in a bad light. The teacher sues and is awarded $650,000.

Example #3: Your 17 year old child decides to pick up some friends and go “cruising” in your car. He loses control of the vehicle while showing off how fast the minivan is. Each child is critically injured. Your umbrella policy helps cover the medical bills as your auto policy limits were exhausted.

Example #4: You invite friends over to your home to celebrate the 4th of July. You provide all the entertainment, food and refreshments, including alcohol. One friend who is known for drinking too much, does just that, gets in his car and drives home getting in a terrible car accident that kills one person. The family sues you and you’re found to be liable for serving the friend too much alcohol.

Example #5: Your rental property’s deck is rotted and your tenant falls through it badly injuring their leg and requiring reconstructive surgery. A jury awards the tenant $750,000 for damages.

Example #6: You host a wedding on your property and rent a bouncy house. The house is not staked down and blows away in the wind with children inside of it. The kids are fine, but you’re sued for negligence. The families of the children are awarded $150,000 each for mental and post-traumatic stress.

Example #7: Your dog gets out viciously attacks the neighbors show dog. The dog can no longer show because it has scars and a limp. You’re sued for loss of income and a jury awards the dog owner $750,000.

Example #8: You’re the “cool mom” and agree to buy your kids and their friends alcohol if they promise to stay at the house. One of the friends leaves the house and is killed in an accident. He is found to be intoxicated. The parents of the child sue you for providing them with alcohol. A jury awards $2 million.

There are countless situations that can occur and exhaust your current liability limits on your home or auto insurance policy. The good news is that umbrella insurance policies are relatively inexpensive. Contact an agent at our office for your personalized umbrella insurance quote today.