Navigating College Insurance Needs: A Parent's Guide

As another school year begins, the whirlwind of sending your child off to college can be overwhelming. Between the packing, planning, and endless paperwork, it's easy to overlook some finer details. One such detail that often slips through the cracks is insurance. Yet ensuring proper coverage is crucial to safeguarding your child's well-being and your family's financial stability.

Renters Insurance for Off-Campus Living

If your student is moving into off-campus housing, renters insurance is a must. Many landlords’ policies do not cover your child's personal belongings or any liability issues. Renters insurance also steps in to cover living expenses if their rental becomes uninhabitable. An important note: while renters insurance is generally affordable, each roommate needs their own policy as they are not covered under the same plan.

Auto Insurance Adjustments

If your student is taking a vehicle to school, notify your insurance company about its new location. The car’s new location can affect insurance rates and might make your student eligible for various discounts, potentially lowering your premiums.

When Renters Insurance May Not Be Needed

If your child lives in on-campus housing, they may already have some personal property coverage through your homeowners policy, typically up to 10% of the policy's personal property limit. However, this coverage might not be sufficient for high-value items like electronics, so reviewing the policy details is essential.

Health Insurance Review

Before the semester starts, verify that your family's health insurance plan includes providers near the college campus. It's wise to compare your plan with the school's health plan, as sometimes these offer better local access and services.

Other Coverages Worth Exploring

Consider tuition insurance for peace of mind against the financial impact of unexpected withdrawals. If your child plans on studying abroad, travel insurance is another essential coverage to look into. While insurance might not be the most exciting back-to-school task, reviewing and securing the right coverage can prevent costly surprises and ensure your student's college experience goes smoothly.

We encourage you to take a moment to review your current policies and explore new insurance options. Contact us for assistance or to obtain a renters insurance quote to ensure your student is adequately protected.