Insuring Your College-Bound Student: Protecting the Next Chapter

Insuring Your College-Bound Student: Protecting the Next Chapter

May 26, 2023

Sending your child off to college is an exciting milestone. While we have a few months to prepare, having a packed car full of everything they need for the school year will be here soon enough. Amidst the flurry of preparations, it's crucial not to overlook important insurance considerations. We’re here for you! We can review your situation and what changes, if any, need to be made to your insurance policies.

Question 1: Will your student be living on campus?

If they will be living in a dormitory or college-owned housing, we can review your existing homeowners policy to see if coverage extends to their belongings. If not, we can review the option of obtaining additional coverage such as renters insurance specifically designed for college students. If your child will be living off-campus in a rental property, we can look at obtaining a separate renters insurance for your child. This ensures that their personal belongings are protected against theft, fire, or other covered perils.

A helpful tip for your student (and all of us) is to create an inventory of their personal belongings, including electronics, furniture, and valuables. This inventory, stored digitally with receipts, photos, and videos, will not only help determine appropriate insurance coverage but also prove invaluable in the unfortunate event of theft or damage.

Question 2: Will your student be taking a vehicle to college?

If so, let us know about the change in location, in addition to how frequently the vehicle will be used and where it will be parked (on-campus or off-campus). These details may affect the premium and coverage requirements.

Speaking of auto insurance, we can check to see if you’re student is eligible for potential discounts because of their good grades or for completing a defensive driving course to help lower insurance costs.

Question 3: What about health insurance?

Now is a good time to review your child's health insurance coverage. If they are currently covered under your policy (most students are covered until age 26), we can check whether it includes out-of-network healthcare providers near the college. If not, discuss options for student health insurance provided by the college or explore alternative health insurance plans. Ensuring that your child has comprehensive health insurance is essential for their well-being while at college.

As your student embarks on their college journey, taking the time to address insurance considerations is crucial for their protection and peace of mind, as well as yours. By proactively reviewing policies, understanding coverage limits, and exploring additional options, you can provide protection for your student and their belongings.  Taking these steps will help your student focus on their studies and enjoy their college experience with confidence.