Sending Off Your College Student: More Than Just Packing
As parents and guardians, the mix of emotions that accompanies sending a student off to college can be overwhelming. Between the packing, the planning, and the endless paperwork, it’s easy to overlook one crucial element — insurance. While it may not be the most exciting part of getting ready for college, understanding insurance needs is vital for protecting your student’s well-being and ensuring your family’s financial stability.
Auto Insurance Adjustments: A Necessary Step
If your college student is taking a car along to campus, notify your insurer about the new location. Insurance rates can vary dramatically based on where the vehicle is primarily garaged, and this change might open up opportunities for discounts. Make sure you’re paying the right amount — and not more than necessary.
Health Insurance: Plan Review
Health insurance is another critical area to consider. Before the semester begins, confirm if your existing health plan includes providers near the campus. In some cases, a school-sponsored health plan might offer better access to local healthcare services, so take time to compare options.
Renters Insurance for Off-Campus Living
For students living off-campus, renters insurance is essential. Remember, a landlord’s insurance won’t cover personal belongings or liability. Renters insurance can offer coverage for your student’s personal items, liability, and living expenses if their rental becomes uninhabitable. Note that roommates aren’t included under a single policy, so individual coverage might be necessary.
When Renters Insurance May Not Be Needed
If your student lives on-campus, check if their belongings are partially covered under your homeowners policy, typically up to 10% of your personal property limit. However, coverage for high-value items, such as electronics, might be limited, necessitating a closer look at the specific terms of your policy.
Other Coverages Worth Exploring
Beyond the usual suspects, consider tuition insurance, which can safeguard against the financial impact of unexpected withdrawals. Additionally, travel insurance is a smart choice for students studying abroad. While insurance may not be the most thrilling part of prepping for college, it’s one of the most important. Take a moment to review your current policies or explore new options. Avoiding costly surprises down the road is worth the effort.
Ready to dive into the details? Reach out to us for assistance in reviewing your coverage or obtaining a renters insurance quote today.