Sending Students Off to College: A Whirlwind of Emotions
As parents and guardians prepare to send their students off to college, the excitement and stress of the new school year come roaring in. Between packing everything from sheets to sandwiches, planning routes to campus, and endless paperwork, it's easy for some things to slip through the cracks. One crucial consideration often overlooked is insurance. Ensuring your student is well-covered can provide peace of mind and safeguard your family's financial stability.
Health Insurance Review
One critical task for families is reviewing health insurance coverage. It's essential to confirm if your current health plan covers providers near the campus. This is particularly important if your child is attending a school out of state. Also, many colleges offer their own health plans, which might provide better local access to healthcare providers, so comparing the two options is a wise decision.
When Renters Insurance May Not Be Needed
For students residing on-campus, it's possible they may have partial coverage under a parent’s homeowners policy. Typically, this coverage extends up to 10% of the personal property limit. However, be cautious as this might not fully cover high-value electronics or other costly items your student owns.
Auto Insurance Adjustments
If your student takes a car to school, be sure to notify your insurer of the vehicle’s new location. The school’s location can affect insurance rates, and your student may become eligible for discounts, particularly if the car will be driven less or parked in a more secure area.
Renters Insurance for Off-Campus Living
For students renting an off-campus apartment, renters insurance is a necessity. Landlord policies typically don't cover personal belongings or liability, meaning students should have their own plan. Renters insurance also helps with living expenses if a rental becomes uninhabitable. Even better, it’s an affordable way to protect valuable assets. Remember, roommates are not covered under the same policy, making individual plans essential.
Other Coverages Worth Exploring
Beyond the basics, there are additional coverages worth considering. Tuition insurance can protect against unexpected withdrawals due to illness or other emergencies, while travel insurance is advisable for students planning to study abroad. While it might not be the most exciting part of college prep, reviewing and understanding insurance is one of the most crucial steps you can take for peace of mind. Don't hesitate to reach out for help reviewing your coverage or obtaining a renters insurance quote to avoid costly surprises in the future.
