Insurance Considerations for College Students: A Guide for Parents

Navigating the New School Year

Sending a student off to college is an overwhelming experience filled with a mix of excitement, anxiety, and, often, a mountain of paperwork. Amidst the whirlwind of packing and planning, insurance considerations might easily slip through the cracks. However, they are crucial for safeguarding your student’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 for protecting personal belongings and covering liabilities. Note that landlord policies typically won't cover personal items or provide liability coverage. Renters insurance can be a lifesaver, as it also covers living expenses if the rental becomes uninhabitable. It's generally affordable, making it a smart choice, especially as roommates aren't covered under the same policy, which necessitates individual plans.

Auto Insurance Adjustments

If your student will be taking a car to college, it’s important to notify your insurer of the car’s new location. Insurance rates can vary significantly by location, and you may also be eligible for discounts. This simple adjustment can help ensure your student’s coverage is adequate and cost-effective.

When Renters Insurance May Not Be Needed

Students housed on-campus might enjoy partial coverage under a parent’s homeowners policy — often up to 10% of the personal property limit. However, this coverage can be limited, particularly for high-value electronics or other expensive items. It's important to understand these limitations to avoid any unwelcome surprises.

Health Insurance Review

Before the school year kicks off, check if your current health plan includes providers near the campus. Compare this with any school-sponsored plans, as these might offer better access to local healthcare providers, which can be vital in emergencies.

Other Coverages Worth Exploring

There are other insurance types worth considering. Tuition insurance protects against financial loss if a student must unexpectedly withdraw from school. Additionally, for students planning to study abroad, travel insurance might be beneficial. While insurance tasks aren't the most thrilling part of college prep, they're some of the most critical. Taking a moment now to review or update your existing policies—or explore new ones—can prevent costly surprises down the road.

Consider contacting us for assistance in reviewing coverage or obtaining a renters insurance quote. Ensuring that your student is well-insured brings peace of mind and allows you to focus on other exciting aspects of the college journey.