Insurance Musts for College Students: What Parents Should Know

Navigating College with Peace of Mind

As the flurry of sending your child off to college intensifies with packing, planning, and piles of paperwork, it's natural for parents and guardians to feel both excited and anxious. In the midst of this whirlwind, insurance considerations can easily be overlooked. However, aligning the right insurance safeguards can not only ensure your student's well-being but also protect your family's financial stability. Here's a breakdown of key insurance decisions you should consider.

Renters Insurance for Off-Campus Living

If your student is living off-campus, renters insurance is a smart choice. Landlord policies typically do not cover personal belongings or provide liability protection. With renters insurance, you can safeguard against loss of belongings and even cover living expenses if the rental becomes uninhabitable. It's generally affordable, making it a practical investment. Keep in mind that each roommate will need their individual policy, as sharing isn't covered under the same plan.

Auto Insurance Adjustments

It's important to notify your car insurer about the vehicle's new location during the school year, as this affects insurance rates. Informing the insurer might also be an avenue to unlock discounts specific to the new location.

When Renters Insurance May Not Be Needed

For students residing in on-campus housing, a parent's homeowners policy might offer some coverage, typically up to 10% of the personal property limit. However, exercise caution, as this protection may be limited when it comes to high-value electronics and other costly items.

Health Insurance Review

Health coverage is crucial, so confirm whether your current plan includes providers near your child's campus. Comparing this plan with school-sponsored options might reveal more comprehensive local access for your student’s healthcare needs.

Other Coverages Worth Exploring

Consider tuition insurance as often overlooked protection against unexpected withdrawals. If your student plans to study abroad, incorporating travel insurance is a wise move. Though sorting through insurance options isn’t as thrilling as the rest of college preparation, it is absolutely essential. Take a moment to review current policies or explore new ones to steer clear of any unforeseen expenses.

For peace of mind and tailored advice, feel free to contact us for help reviewing your policies or obtaining a renters insurance quote.