Insurance Considerations for College-Bound Students

A New School Year: Excitement and Overlooked Essentials

Navigating the new school year can feel like a whirlwind for parents and guardians. Amidst the packing, planning, and paperwork, it's easy to overlook crucial components like insurance. Yet, safeguarding a student's well-being and a family's financial stability is pivotal as they embark on this journey. Here, we break down essential insurance decisions to ensure peace of mind.

Health Insurance Review

Making sure your health insurance covers your student while away is key. Confirm whether your current plan includes providers near the college campus. Compare this with any school-sponsored health plans, which might offer better access to local healthcare. Ensuring seamless medical coverage can prevent unnecessary stress during emergencies.

Auto Insurance Adjustments

If your student is taking a car to school, notifying your insurer about its new location is essential. A car's garage location influences insurance rates and might qualify you for additional discounts. Communicating changes promptly can help maintain appropriate coverage and potentially reduce premiums.

When Renters Insurance May Not Be Needed

Students residing in on-campus housing might be partially covered by a parent’s homeowners policy, typically up to 10% of the personal property limit. However, this coverage is usually limited, especially for high-value electronics or other costly items. Evaluating these limitations ensures that your student's possessions are adequately protected.

Renters Insurance for Off-Campus Living

Students moving off-campus should consider renters insurance, as landlord policies don't cover personal belongings or liability. Renters insurance can also help with living expenses if a rental becomes uninhabitable, providing a financial safety net. It's generally affordable, though it's important to note that roommates aren’t covered under the same policy, necessitating individual plans.

Other Coverages Worth Exploring

Lastly, explore other relevant coverages, like tuition insurance, which offers protection against unexpected withdrawals. For students planning to study abroad, travel insurance can safeguard against unforeseen travel disruptions. While insurance may not be the most thrilling aspect of college preparation, it is one of the most important. Taking a moment to review current policies or explore new coverage options can help you avoid costly surprises down the road. Reach out for help reviewing coverage or obtaining a renters insurance quote to ensure your peace of mind.