Insurance for College Kids

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college lecture hall

college lecture hall

Getting ready for college is an exciting time and it is easy to focus on the fun aspects like dorm room decorations and back-to-school shopping. One thing we suggest is while you should definitely focus on the fun aspects of moving away to college, don’t forget to cross insurance off your list and review the type of insurance coverage your college student will need while away at school.

Check your homeowner’s policy to ensure your college student’s possessions will be covered when they move and also be sure to review their auto and health coverage policies.

How to protect your child’s possessions while at school

Generally, if your student is 24 years old or younger, enrolled in classes and living in on-campus housing, your homeowner’s policy will likely extend to cover the possessions they take to college. However, if your student is living in off-campus housing, landlord’s insurance coverage often will not extend to your college student’s personal property. Consider purchasing renter’s insurance as it will cover their personal property and can cover medical payments if your college student or others are involved in an accident inside their apartment.
Note: if your child is bringing unusually expensive items like nice jewelry or an extensive musical instrument, add additional coverage for those items.

How to protect your college student with auto insurance

If your child is bringing a car to college and is currently on your existing auto insurance policy, their move from home can impact your overall insurance rate. Ask your insurance agent about a “good student discount” as many insurers offer this if your student maintains good grades.
If you are letting your child borrow your car to take to college, talk about your rules for letting other people drive your car. Any claims (regardless of whether your child was driving or not) can hike up your auto insurance rates.

Head to college with the right health insurance

Definitely make sure your student has a copy of relevant insurance cards and review whether or not the physicians or hospitals are considered “out-of-network.” Identifying and using in-network physicians and hospital services can result in significant savings on your out-of-pocket costs.

Moving to college prepared

Help your child move to college and be the most prepared they can be for any situation. With the right health, auto and property insurance, you can protect your child and yourself from financial losses in the future. Do you have more questions about protecting your child with insurance while away at college? Talk to your insurance agent and discuss any potential areas you may need additional or less coverage.

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