Preparing for College: Insurance Considerations for Students Away From Home
Sending your child off to college is an exciting time, filled with new experiences and opportunities. However, it’s also important to be prepared for potential risks and ensure they have the proper insurance coverage. Here are some key insurance considerations for students living away from home:
Dorm Protection:
* Renter’s insurance: This covers personal belongings such as furniture, electronics, and clothing against theft, fire, and other covered perils. Check if your homeowner’s insurance policy offers coverage for your child’s belongings while at school.
* Liability insurance: This protects against financial losses if your child is responsible for causing property damage or bodily injury to others. Some renter’s insurance policies include liability coverage.
Belongings:
* Valuable items: Consider additional coverage for high-value items like laptops, jewelry, and bicycles through a personal articles floater or scheduled personal property endorsement on your renter’s insurance policy.
* Off-campus housing: If your child lives in off-campus housing, they will need renter’s insurance to protect their belongings and potential liability.
Tuition Insurance:
* Tuition protection: This type of insurance reimburses you for tuition, fees, and room and board expenses if your child is unable to attend classes due to covered events like illness, injury, or mental health issues.
* Consider the cost and benefits: Tuition insurance can be expensive, and it’s essential to weigh the cost against the likelihood of your child needing to use it.
Additional Considerations:
* Health insurance: Verify your child’s health insurance coverage and ensure it extends to their college location. Consider supplemental plans for additional coverage if needed.
* Auto insurance: If your child takes a car to college, ensure they have adequate auto insurance coverage.
* Review insurance needs regularly: As your child’s circumstances change, their insurance needs may also change. Review their coverage regularly to ensure it remains appropriate.
By taking these insurance considerations into account, you can help ensure your child is protected from potential financial losses while they are away at college.
Here are some additional resources that you may find helpful:
* The National Association of Insurance Commissioners (NAIC): https://www.naic.org/cipr_topics/topic_college_student_insurance.htm
* The Insurance Information Institute: https://www.iii.org/article/college-student-insurance