Insurance Essentials for College Students

The whirlwind of sending your student off to college is packed with excitement, anxiety, and a never-ending to-do list. Between packing, planning, and paperwork, there’s a lot going on! However, amidst the hustle and bustle, crucial aspects like insurance can sometimes be overlooked. Let’s break down key insurance decisions that can play a pivotal role in safeguarding your student’s well-being and your family’s financial stability.

Health Insurance Review

Before your child steps onto campus, it's essential to review health insurance coverage. Confirm whether your current health plan includes providers near the college campus. It might be worthwhile to compare your plan with any school-sponsored options, which might offer better local access to healthcare services.

When Renters Insurance May Not Be Needed

For students living on-campus, your homeowner's policy might provide partial coverage—often up to 10% of the personal property limit. However, keep in mind that this coverage might be limited, especially for high-value electronics or other costly items.

Auto Insurance Adjustments

If your student is taking a car to college, notify your insurer about the vehicle's new location during the school year. The car’s location can impact insurance rates and might even make your student eligible for certain discounts, especially if they're living in a low-risk area.

Renters Insurance for Off-Campus Living

For students living off-campus, it’s crucial to understand that landlord policies don’t cover personal belongings or liability. Renters insurance is generally affordable and offers protection for your student's belongings. Moreover, it may cover additional living expenses if the rental becomes uninhabitable. Note that each student needs an individual plan as roommates aren’t covered under the same policy.

Other Coverages Worth Exploring

Besides the basics, other coverages might be worth exploring, like tuition insurance, which protects against unexpected withdrawals. If your student plans to study abroad, travel insurance could be invaluable. While insurance isn’t the most thrilling aspect of college preparation, it’s undeniably one of the most important. Consider taking some time to review your current policies or explore new coverage options to steer clear of unexpected costs later.

If you’d like assistance with reviewing insurance coverage or obtaining a renters insurance quote, feel free to get in touch. We’re here to help ensure you and your student are prepared for the exciting journey ahead!