Must-Have Insurance Coverage for Your College Student

Sending a child to college is an exciting transition for the whole family. While they’re making plans for this step towards independence, don’t forget the importance of insurance coverage to protect your child’s health, belongings, and financial future. Here are three types of insurance your college student should have as they head off to school.

Personal property coverage for college students

If your student will live in a college dorm, your homeowners insurance may extend coverage up to a certain limit for your child’s personal belongings. As you’re packing up their gear, make note of the items and their value. Take pictures and save receipts, especially if you buy new and expensive items like laptops or smartphones for your student to take to school. Confirm coverage limits with your homeowners insurance company, and remember that your homeowners insurance deductible will apply if there’s a loss.

If your college student will live in a rented apartment or house, they’ll need renters insurance. Renters insurance protects against fire, theft, and other damage to property, and provides liability coverage if a visitor gets hurt at your student’s rental.

For affordable renters insurance, call 941-747-4600 or click here for an online quote.

Car insurance options for college students

The best car insurance coverage for college students depends on several factors. Will your student live at home or in a dorm or apartment at school? Will they take a car to school with them?

If a college student hasn’t moved out permanently, they can usually remain on your family auto insurance policy. This is more convenient and often cheaper than buying a separate policy for your child, and you will be covered driving each other’s cars as long as all parties are listed as drivers on the policy. Even if a student will only be driving on weekends or during school breaks, it’s a good idea to keep them on your car insurance policy. If your college student will be living more than 100 miles away and isn’t taking a vehicle, you may receive a small discount on your auto insurance rate.

If your student will be taking a car to college with them, that’s more complicated. Contact your car insurance company or agent for guidance.

Be sure to notify your insurance company if your child is moving out for college and confirm coverage and restrictions. Some insurance companies offer good student discounts if your student attends college full time and maintains good grades (a B average or better).

For an auto quote online, click here. Or call us at 941-747-4600.

Insuring the health of your college student

What if your child gets sick or injured while they’re away at school? Most US colleges require that your student has health insurance, and even if your child’s school doesn’t, it’s still essential. A health emergency or accident could be financially devastating.

If you have a family health insurance policy, your college student can continue to be covered under it until age 26. This is the cheapest and most convenient option for most families, but you need to be aware of issues you might face. For example, if your child is going to college out of town or out of state, you’ll need to check that your current health insurance has a network of providers in that area. Contact your health insurance provider for more information about making sure your college student is covered.

If you don’t have family health insurance, other options for college student health insurance include health insurance offered by the college itself (student health plans), private insurance, or a policy purchased through the health insurance marketplace.

Having the right insurance coverage is one way to increase peace of mind as your child goes off to college. These three types of insurance provide basic coverage for your college student’s needs. If you need help deciding what insurance options best meet your family’s requirements, let the independent agents at Lakewood Financial Services help you compare policies and rates to find the best fit! Please contact one of our agents at 941-747-4600, or click here to contact us online.