Insurance for College Students
Going to college is a big step in a young adult’s life. They will not only be leaving home, but you will also be making new friends and experiencing life on their own terms for the first time. It’s an exciting and scary time – especially for us parents!
You will certainly be concerned about our children’s safety when they go off to school and begin living so far away. That doesn’t mean that you have to leave it up to chance. While you can’t make decisions for them while they are away, you can at least protect them with some basic types of insurance every college student should consider.
Car Insurance
The question of whether or not your child should bring their car to college is a complicated one. If you do decide that it’s the right move, make sure they have an auto insurance policy before sending them off.
Most states require drivers to carry a minimum level of insurance. Even if you have a policy on their vehicle currently, you will want to check with your agent to ensure they will still be covered at school. Some policies have distance limits.
It is critical to look for an insurance policy that provides extensive auto coverage at a reasonable price, so you can be confident that your child will not have to pay the majority of the costs in the event of an accident.
Renters Insurance
When your child moves out of your house and into on-campus housing, they have to take a lot more than clothes with them. They need furniture for their dorm room or apartment; dishes, cooking supplies; electronics like laptops and TVs – everything to make the transition as comfortable as possible! Some students forget about how much they actually need, while most go way overboard.
Renters Insurance will cover theft or damaged property on most items in the case of a flood, or natural disaster.
Electronics Insurance
While Renters Insurance is generally affordable and can provide protection for your child’s room, furniture, clothes, and even those household devices they just had to have – what about all those gadgets? Some renters’ policies might not include that. Your child’s electronic devices, such as an iPhone or MacBook, may be stolen or damaged, and replacing them is expensive.
To save yourself from the trouble of emptying your pockets, here’s a good tip:
Talk to your agent to ensure you know what is and is not covered. If needed, purchase protection plans for their gadgets. With a protection plan, you can insure your child’s electronic devices against theft, damage, or even loss.
Umbrella insurance
Does your child need more than just auto and renter’s policies? Maybe.
One final coverage to consider is Umbrella Insurance. This can provide your child with additional coverage for situations that your auto or renters insurance won’t. If their car is totaled in an accident, the property damage might exceed what’s covered by a traditional policy but a personal umbrella policy can extend the limits of other types of insurance so that your child is covered no matter what happens! It really pays off to have extra protection from these kinds of risks.
Final Thoughts
College is an adventure and time for growth. You will have enough to worry about while they are away. The right coverage can at least give you peace of mind knowing that the costs will be covered if the unfortunate happens.
If your child is heading off for the first time, or maybe the last (sorry to pull at those heartstrings…) a little insurance protection will go a long way. Click here to contact us, call or stop by to discuss your options.