Insurance Essentials for College-Bound Students

Preparing for College: Don't Overlook Insurance

Sending a student off to college involves a whirlwind of preparation—packing, planning, and handling paperwork. Amidst these tasks, it's easy to forget about one critical aspect: insurance. Ensuring that insurance needs are met is key to safeguarding both the student's well-being and the family's financial stability. Here, we'll explore essential insurance considerations for college students.

Renters Insurance for Off-Campus Living

If your student plans to live off-campus, renters insurance is a must. This insurance covers personal belongings and liability, offering peace of mind that a landlord's policy will not include. Renters insurance can also cover living expenses if the rental property becomes uninhabitable. With affordability as a primary feature, it's important to know that roommates are not covered under a single policy, making individual plans necessary.

When Renters Insurance May Not Be Needed

Students living in on-campus housing might already have partial coverage under a parent's homeowners policy, generally up to 10% of the personal property limit. However, keep in mind that this could be limited in scope, especially concerning high-value electronics or costly items, which may need additional coverage.

A Crucial Health Insurance Review

Before your student heads to campus, review their health insurance coverage. Ensure that the current health plan includes providers near their college location. Additionally, compare this with any school-sponsored plans that could offer more convenient local access to healthcare.

Auto Insurance Adjustments

If your student takes a car to college, inform your insurer about the vehicle's new location as it may affect insurance rates and discount eligibility. This step is critical since location significantly influences auto insurance policies.

Other Coverage Worth Exploring

Consider tuition insurance as a safeguard against the financial impact of a sudden withdrawal due to illness. For students planning to study abroad, travel insurance can offer protection from unforeseen challenges. Though reviewing and managing insurance may not be exciting, it is undeniably one of the most crucial steps in preparing for college.

Taking Action

Take a moment now to review current policies or explore new coverage options to avoid unexpected costs later. Should you need assistance reviewing or obtaining renters insurance, don't hesitate to reach out.