When it comes time to send your child off to college, there is much to think about. Seeing them registered for the right classes, juggling new financial documents, shopping for dorm staples and books, and splurging on a new laptop, tablet, or television are just a few of the obligatory activities. One thing many parents may overlook, however, is making sure that their college student has enough insurance. What kind of insurance does your college student need? We discuss some specifics below.
Homeowners or Renters Insurance: Whether your child is living in an off-campus apartment or staying in the dorms, having coverage on their new home is vital to a happy college experience. When your college student is staying in the dorms, they may be covered under your home insurance policy in the event of fire, theft, and even vandalism – the same occurrences that could happen in your home. Keep in mind that many insurance policies will cover only a portion of dorm property rather than the full coverage you receive at home. If you’re unsure about coverage extending to your child, check with your trusted insurance agent about your policy and any floaters or addendums that may be required for more expensive items like laptops. If your college student is living in an apartment or housing such as a fraternity or sorority house, they may require their own policy coverage. Be sure to take an inventory of everything that is going to school with them and detail personal property costs in case you find it necessary to file a claim.
Auto Insurance: If your student is taking a car with them to school, it’s important to update your auto insurance policy. Whether your child is attending school in state or out of state, your insurer will most likely adjust your premiums depending on location and who the car is registered to. Keep in mind that while teen drivers can be expensive to insure, many insurance companies offer discounts such as a good student discount to keep the price of your policy affordable. If your college student isn’t taking a car to campus, you may still need to adjust your auto insurance depending on whether or not your child will drive when they visit home. Also, it’s imperative that your student understands the dangers of driving while intoxicated or driving and texting. Any infractions could result in higher insurance premiums or penalties.
Health Insurance: In addition to all of the new experiences and challenges your child will face in college, they may also run into health emergencies from germs or even accidents. So keep them protected. Your student may still be covered by your health insurance throughout college. If you’re unsure, check with your insurance agent. If you child is not covered, some colleges offer low-cost health insurance plans for students. You may also be able to find an independent policy through your insurer that will help insure your child throughout their college career.
It’s easy to overlook insurance considerations when your child leaves for college. However, making sure that your college student has enough of the right insurance is important to your peace of mind and their well-being. Take time to go through your policies to help prevent any problems well before they arise.