A New School Year: Beyond Packing and Planning

The whirlwind of preparing a student for college is an emotional one, filled with packing, planning, and numerous tasks. Amidst the excitement and concern, parents and guardians often overlook a crucial aspect: insurance. Protecting a student's well-being and the family's financial stability involves understanding key insurance decisions. Let's explore these vital considerations.

Health Insurance Review

Before sending your student off, confirm whether your current health insurance plan covers providers near their campus. Since health services can be a significant concern, compare your plan with any school-sponsored options, which might provide better local access.

Auto Insurance Adjustments

If your student will have a car at college, inform your insurer about the car's new location. This update is important because the insurance rates can vary based on location, and it might lead to new eligibility for discounts that can save you money.

When Renters Insurance May Not Be Needed

Students living in on-campus housing might have some coverage under a parent's homeowners policy, usually up to 10% of the personal property limit. However, assess the adequacy of this coverage, especially for high-value electronics and other costly items.

Renters Insurance for Off-Campus Living

For students venturing into off-campus accommodations, renters insurance is essential. Landlord policies typically don't cover personal belongings or liability. Renters insurance is generally affordable and can cover living expenses if the rental becomes uninhabitable. Note that roommates aren't covered under the same policy, so having individual plans is vital.

Other Coverages Worth Exploring

For additional security, consider tuition insurance as protection against unexpected withdrawals and travel insurance if your student plans to study abroad. Though insurance might not seem the most exciting part of college prep, it can prevent costly surprises down the road. Take a moment to review existing policies or explore new coverage options. While preparing your student for college, remember that insurance is one of the most important steps you can take to ensure their safety and your peace of mind. Should you need assistance reviewing coverage options or obtaining a renters insurance quote, feel free to reach out for expert guidance.