Insurance Concerns for College Students

Sending a student off to college is a whirlwind experience full of excitement, anxiety, and a barrage of tasks like packing and paperwork. In this flurry of activity, it's easy to overlook crucial insurance considerations that can help safeguard your student's well-being and your family's financial stability. Here’s a guide to navigate the key insurance decisions you need to consider as the school year kicks off.

Renters Insurance for Off-Campus Living

If your college-bound student is moving into off-campus housing, it's important to understand that landlord policies generally do not cover personal belongings or liability. Renters insurance can be a lifesaver, covering personal belongings and liability, and providing support for living expenses if a rental becomes uninhabitable. Even better, it's typically an affordable option. Remember, though, that roommates need their own policies; individual plans are essential.

When Renters Insurance May Not Be Needed

For students living on-campus, parents may be relieved to learn that they often have some coverage under the family’s existing homeowners policy. This usually extends up to 10% of the personal property limit. However, caution is advised as this coverage might be insufficient for high-value electronics or other costly items.

Health Insurance Review

As you prepare insurance plans, it's crucial to review your health coverage. Confirm whether your current health policy includes providers near the college campus. It's also worth comparing your plan with any school-sponsored options that might offer better access to local healthcare facilities.

Auto Insurance Adjustments

If your student is taking a car, notify your insurer about the new school location. Where the car is parked for most of the year can significantly impact insurance rates and may even open the possibility for discounts. Keeping your provider informed ensures your coverage is accurate and up-to-date.

Other Coverages Worth Exploring

Consider tuition insurance as a safeguard against financial loss due to unexpected withdrawals from school. Furthermore, if your student plans to study abroad, travel insurance can provide peace of mind by covering unexpected incidents during their travels. While these insurance tasks may not feel like the most exhilarating part of college preparation, they're undoubtedly among the most critical. Take the time to review and understand your current policies or explore new coverage options to prevent costly surprises in the future. For assistance in reviewing your coverage or obtaining a renters insurance quote, reach out to us today.