Sending a student off to college is an exciting yet challenging time for families. The preparation involves a whirlwind of activities like packing, planning, and paperwork. Amidst the excitement and anticipation, it's easy to overlook an important aspect: insurance. Insurance can play a vital role in safeguarding both a student's wellbeing and a family's financial stability. Let’s explore key insurance considerations for college students.

Auto Insurance Adjustments

When your student takes a car to college, it’s important to inform the insurance company about the vehicle’s new location. The car's location affects insurance rates, and updating this information might even make your student eligible for certain discounts.

Health Insurance Review

Before the school year begins, check if your existing health plan covers healthcare providers near the campus. It's also wise to compare your current plan with any school-sponsored insurance offerings, which may provide better access to local health services.

Renters Insurance for Off-Campus Living

For students living off-campus, renters insurance is a necessity. Landlord policies typically do not cover personal belongings or liability. Renters insurance can protect against loss or damage of personal items and can also cover living expenses if the rental becomes uninhabitable. This type of coverage is generally affordable. Remember, roommates are not covered under the same policy, so individual plans are crucial.

When Renters Insurance May Not Be Needed

Students living in on-campus housing might find that some coverage is provided by a parent’s homeowners policy, commonly up to 10% of the personal property limit. However, this coverage may not fully extend to high-value items like electronics, so it’s wise to evaluate your specific needs and limitations.

Other Coverages Worth Exploring

• Tuition insurance can offer protection in the event of unexpected withdrawals from school due to illness or other covered reasons.
• If studying abroad, travel insurance can provide peace of mind covering medical emergencies and travel disruptions.

While sorting out insurance may not be the most thrilling task in the back-to-school frenzy, it’s an essential one. Reviewing current policies and exploring new options can help you avoid costly surprises and ensure comprehensive protection. If you have questions or need assistance in reviewing coverage options, don’t hesitate to reach out to an insurance provider for a consultation or to obtain a renters insurance quote.