Insurance & College Students: What Parents Must Know

Sending your child off to college is an emotional whirlwind marked by a flurry of activities—packing, planning, and filling out countless forms. Amidst all this excitement and anxiety, it’s easy to overlook something crucial: insurance. Proper insurance coverage can safeguard your child's well-being and the family's financial stability. Here, we break down the essential insurance considerations for college students that parents often miss.

Auto Insurance Adjustments

If your college student is taking a car with them, it’s important to notify your insurer about the new location of the vehicle during the school year. Insurance rates can vary significantly based on location, and your child might qualify for discounts, especially if they have a good academic record or if the car will be located in a low-risk area.

Renters Insurance for Off-Campus Living

College students living off-campus often assume that their belongings are covered under their landlord's policy, but this is a misconception. A landlord’s policy generally won’t cover personal belongings or liability. Renters insurance can cover these aspects and also help with living expenses if the rental becomes uninhabitable. This type of coverage is usually affordable and essential since roommates aren’t covered under the same policy, necessitating individual plans.

When Renters Insurance May Not Be Needed

For students living on-campus, there's often partial coverage under a parent's homeowners policy, typically up to 10% of the personal property limit. However, this coverage can be limited, particularly for high-value electronics or other costly items, so it’s important to review the extent of this coverage before deciding if additional insurance is necessary.

Health Insurance Review

Before your student heads to college, confirm whether your family’s current health plan includes providers in the area near the campus. Compare this with any school-sponsored plans that might offer better access to local healthcare. Coverage adequacy is crucial should your student require medical attention during their time away from home.

Other Coverages Worth Exploring

Consider tuition insurance as a safeguard against unexpected withdrawals, which could be financially devastating. For students planning to study abroad, travel insurance is also highly recommended. These might not be the most thrilling aspects of college prep, but they are integral in preventing costly surprises later on. Take a moment to review your current policies or explore new coverage options, and reach out if you need help reviewing coverage or obtaining a renters insurance quote. It’s a step towards peace of mind as your student embarks on this exciting journey.