Consider These Key Insurance Plans for College Students
Parents and guardians face a whirlwind of activity when sending a student off to college: packing, planning, and filling out endless paperwork. Amidst the excitement and anxiety of this transitional phase, insurance considerations can easily be overlooked. However, assessing these aspects is crucial in safeguarding a student’s well-being and a family’s financial stability. Here, we break down key insurance decisions to consider during the college years.
Health Insurance Review
Confirm whether your current health insurance plan includes providers near your student’s campus. If it doesn’t, comparing your existing plan with school-sponsored options could provide better local access, potentially offering more comprehensive care during the school year.
When Renters Insurance May Not Be Needed
Students residing in on-campus housing may find that they have partial coverage under a parent’s homeowners policy. Usually, this coverage extends up to 10% of the personal property limit. However, be cautious as this might be limited, especially if your student owns high-value electronics or other costly items.
Renters Insurance for Off-Campus Living
Landlord policies typically don’t cover personal belongings or liability. Renters insurance thus becomes a critical safeguard, helping with living expenses if a rental becomes uninhabitable and generally offering affordable coverage. Note that roommates aren't protected under the same policy, making individual plans essential.
Auto Insurance Adjustments
If a car will be relocated to your student’s college town, notify your insurer. The shift in location can affect insurance rates and may even render your student eligible for various discounts.
Other Coverages Worth Exploring
Consider tuition insurance as protection against unexpected withdrawals, ensuring financial support in unforeseen circumstances. For students planning to study abroad, travel insurance is another worthy consideration. While insurance isn’t the most exciting college prep task, it’s certainly among the most important. A moment spent reviewing current policies or exploring new coverage options can prevent costly surprises later. If you need help reviewing coverage or obtaining a renters insurance quote, don't hesitate to reach out.