Whether it is the first day of freshman year or later in the college career, there is always much excitement surrounding the return to campus… new roommates, new professors, new texts books and the idea of being one step closer to graduation. As a family, there is a different set of emotions about the return of the school year… finances often being a major part. What about insurance though? Have you considered or planned for the following?
Auto Insurance. Did your student leave their car at home? Is their school more than 100 miles from your home? Does your child maintain a 3.0 GPA? If you answered yes to any of those questions, you may be eligible for discounted rates on the policy. Discuss your options with your Insurance Agent, you may make adjustments to your policy or it may make more sense to have your child on their own auto policy. You may consider going light on collision coverage if their vehicle is older. However, be sure your student has adequate liability coverage.
Health Insurance. Often times your college student is covered on the parents’ Health Insurance plan. If this is the case, make sure they have the same coverage while away at college. Another option is to purchase the school’s plan as many colleges offer affordable Health Insurance Coverage. If changing plans be sure to consider deductibles, prescription coverage, and if it is year-round coverage. Finally, some colleges mandate insurance coverage of college students, if so check to make sure your current plan meets the requirements of the school.
Renters Insurance. Will your student be living on or off campus? Is your student going full time or part time? Has your student changed their permanent address on their ID? Depending on how you answer those questions, your student may still be covered under your homeowner’s policy. If not, it might be wise for them to get a Renters Policy. These policies are typically affordable and cover property if they are lost, stolen or destroyed. Renters insurance also includes liability coverage… something that you never want to skimp on.
There are many things to consider with the return of the school year. The most important thing is that you and your child have the proper protection. Every policy is different so call your Insurance Agent and discuss your options. In fact, this phone call could save you money!