For parents and guardians, sending a student off to college is a whirlwind of packing, planning, and paperwork. Amidst all the excitement and anxiety, it’s easy to overlook one crucial aspect: insurance. It might not be the most thrilling part of the college preparation checklist, but understanding the key insurance decisions can safeguard a student's well-being and a family's financial stability.

Renters Insurance for Off-Campus Living

If your student is moving into off-campus housing, it's important to highlight that the landlord’s policy doesn't cover their personal belongings or liability. Renters insurance plays a critical role here. Not only does it protect personal items, but it also provides living expenses if a rental becomes uninhabitable. Generally affordable, renters insurance is a smart choice, although keep in mind that each roommate needs their own policy since coverage doesn’t extend to them under the same plan.

When Renters Insurance May Not Be Needed

Students living in on-campus housing might already have partial coverage under a parent's homeowners policy, typically up to 10% of the personal property limit. However, it’s crucial to review this coverage because it might not be sufficient for high-value electronics or other pricey items, potentially leaving significant gaps.

Health Insurance Review

Before your child departs for college, confirming whether your current health plan includes healthcare providers near their campus is essential. It's worth comparing your plan with any school-sponsored options, which may offer better local access or additional benefits tailored for students.

Auto Insurance Adjustments

Has your student's car moved with them to college? Notify your insurer of the vehicle's new location during the school year as rates can vary by location, and this may also affect eligibility for certain discounts. Making these updates can help in maintaining proper and cost-effective coverage.

Other Coverages Worth Exploring

Consider tuition insurance as a way to protect against unexpected withdrawals due to illness or other covered reasons. If your student plans to study abroad, travel insurance can provide additional peace of mind. Insurance might not be the most exciting task, but it’s crucial to take a moment to review current policies or explore new coverage options, so you aren’t caught off guard by costly surprises. For assistance in reviewing your coverage or obtaining a renters insurance quote, feel free to reach out to us.