Insurance & College Students: Must-Know Tips

As a new school year begins, parents and guardians find themselves amidst the whirlwind of sending a student off to college. The packing, planning, and paperwork can be overwhelming. While adjusting to this major life change, one crucial aspect often gets overlooked: insurance considerations. It is imperative to address and understand the key insurance decisions that can safeguard your student's well-being and your family's financial stability.

Auto Insurance Adjustments

Heading off to college often means your student's car will be parked in a new city or state, which could affect insurance rates. Notifying your insurer of the car’s new location is essential, as it not only keeps the policy accurate but might also make the student eligible for discounts based on the updated location.

Health Insurance Review

One of the first steps in ensuring your student remains healthy is reviewing health insurance coverage. Confirm whether your current health plan includes healthcare providers near the college campus. Sometimes, school-sponsored health plans might offer better local access and coverage, making it worth comparing the options available.

When Renters Insurance May Not Be Needed

If your student is living on-campus, they may be partially covered under your homeowners policy, typically up to 10% of the personal property limit. However, it’s crucial to check if this coverage adequately includes high-value electronics or other costly items. Consider the limitations and evaluate whether additional coverage is necessary to avoid unwelcome surprises.

Renters Insurance for Off-Campus Living

Students living off-campus must consider renters insurance. Landlord policies usually do not cover personal belongings or liability. Renters insurance not only protects personal items but also helps with living expenses if a rental becomes uninhabitable due to damages. This type of coverage is generally affordable. Keep in mind, however, that roommates are not covered under the same policy, highlighting the need for individual plans.

Other Coverages Worth Exploring

Beyond the essentials, other insurance options can be beneficial. Tuition insurance can provide protection in case of unexpected school withdrawals. Travel insurance is advisable for students planning to study abroad, covering unforeseen disruptions. While insurance may not be the most thrilling part of college preparation, it is undoubtedly one of the most important. A moment spent reviewing current policies or exploring new coverage options can prevent costly surprises. For assistance in reviewing coverage or obtaining a renters insurance quote, consider seeking professional help.