Leaving home for college can be an exciting experience. In the excitement parents may overlook the fact that college students encounter insurance issues which may have not been considered.
Is your college student covered?
College students may encounter many insurance issues which they and their parents have not considered. Before there’s an auto accident, a fire or theft at a dorm, or an unexpected trip to the emergency room, it’s best to review your changing insurance needs in order to make sure your student is covered.
Does your homeowners’ policy cover your child while living in a dorm?
Most homeowners insurance policies will cover personal belongings up to a certain percentage of the personal property limit in your policy. Because this limitation may not cover your student’s high-priced electronics and other valuables, you may want to increase your policy limit or purchase a renter’s insurance policy.
What if your college student lives in off-campus housing?
Most homeowners insurance policies will not cover students living in an off-campus dwelling. You should consider a renter’s insurance policy for contents coverage, personal liability and the additional cost of living elsewhere.
What should you know about auto insurance?
If your child doesn’t take a car to school, you may be entitled to a premium discount. If they do take a car, your premium may increase or decrease, depending upon the location of the school. Also, your child may be eligible for a good student discount if they keep their grades up. Most companies will give a discount if the student maintains a B or above
average.
What about your college student’s health insurance?
If your child is younger than 26, they are eligible to remain on your insurance as long as they are not offered health insurance through their own employer. If your child is going out of state, be sure to check your plan’s network for emergency and out-of-network care options. If your child has limited or no medical coverage, you can purchase a student health care plan sold by health insurance companies who have contracted with the college. Contact your child’s school for information or you could purchase an individual health insurance policy through your health insurance agent.
Another insurance issue you should consider: Identity Theft Coverage
College students are more vulnerable to identity theft since they get regular requests for personal information. Before purchasing a separate policy, check if your homeowners insurance covers identity theft and if it covers students living away from home.
Additional questions? Contact your agent today!