You will be spending thousands of dollars for the college education of your kids. Your college student will be taking thousands of dollars worth of “stuff” to college too. Is it insured? Is there such a thing as college student insurance?
There is! And you probably already have it.
Whether this is their first or final year of college, there are a few areas of your student’s insurance risk that you should review as you send them off to get their heads stuffed with knowledge. Do you have proper insurance for their belongings, their car, and their health?
1. How will your student’s belongings be insured while away at college?
That depends on where they will be living while going to school.
- If they will be living at home, then their belongings are insured along with the rest of your personal property coverage that you have as a part of your home insurance or renter’s insurance policy.
- If they live in a dorm room it is likely that their belongings will be covered by your home insurance or renter’s insurance policy since the dorm room is seen as a temporary residence and not a primary residence.
- If they live in a fraternity/sorority house the situation would be similar to the dorm.
- If they are living off campus in an apartment or rental house, then it is advisable for them to have a renter’s insurance policy. This would certainly be advisable if they are going to school out of state.
- CONTACT YOUR INSURANCE AGENT TO DISCUSS YOUR SITUATION.
2. Covering a car at college?
In general you should not have to make any changes to your car insurance coverage when your student drives off to college.
If they will be away at college without a car, that will be important to tell your insurance company. You may be able to save some money on you auto insurance since they will not have access to the car.
Wait a minute…your student is listed as a driver on your car insurance policy, right?
I understand insurance is not the priority of most people’s lives (I’m an insurance nerd, so it is for me). The busyness of life can cause people to fail to inform their insurance agent/company that they have a child driving. But, this is vitally important so there are no issues if/when your student is in an accident while driving in an unfamiliar environment.
3. Health insurance?
Health insurance coverage doesn’t stop just because a kid goes to college. However, depending on where they are going to attend college, especially if it’s out of state, can lead to questions of where they will go for treatment if they are sick or hurt. An “out-of-network” doctor visit has a much different coverage definition (and cost) than a visit to an “in-network” provider.
Don’t wait for them to become ill or have an accident to become familiar with where the emergency room or doctor’s office is.
Sending your kid off to college can be an emotional transition for a family. Between the stress and excitement, insurance issues may not cross your mind until it’s too late.
Make an appointment or give us a call to discuss these and other insurance related risks that could apply to your college bound teen before they head off to campus this fall.