Insurance Essentials for Parents of College Students

Sending your child off to college is an exciting milestone, filled with the whirl of packing, planning, and paperwork. As parents and guardians, amidst this excitement and a flurry of emotions, it's crucial not to overlook key insurance considerations which can guard your student’s well-being and your family’s financial stability.

Renters Insurance for Off-Campus Living

For students living off-campus, it's important to understand that landlord policies generally don’t cover personal belongings or liability. Renters insurance can bridge this gap, ensuring that personal possessions are protected. This type of insurance can also cover living expenses if the rental becomes uninhabitable, and fortunately, it is generally affordable. Keep in mind, roommates aren’t covered under the same policy, so individual plans are essential.

When Renters Insurance May Not Be Needed

If your child is living in on-campus housing, they might already have partial coverage under your homeowners policy, typically up to 10% of the personal property limit. However, this coverage can be limited, especially for high-value electronics or other costly items, so it’s wise to verify the specifics.

Health Insurance Review

As students head to new cities or states, ensure that your health plan includes providers nearby their campus. It may also be worth comparing your current plan with school-sponsored options that might offer better local access.

Auto Insurance Adjustments

If your child is taking a car to school, inform your insurance provider of the car’s new location. This is important as car insurance rates can vary by location, and there might be eligibility for certain discounts.

Other Coverages Worth Exploring

Beyond the basics, parents might want to consider tuition insurance as a safeguard against unexpected withdrawals, or travel insurance for students who are planning to study abroad. While insurance isn’t the most exhilarating aspect of college prep, it is one of the most important. Taking a moment to review current policies or explore new coverage options can help you avoid costly surprises down the road.

For assistance with these decisions or to obtain a renters insurance quote, feel free to reach out. Our team is here to help you ensure your college-bound student is well-protected.