Does Your College Student Have the Insurance They Need?
Your child is making the move to college, and, along with all the dorm and apartment decorations and planning, you have to consider whether your current insurance plans will cover your student while they’re away.
Coverage can vary widely based on companies and plans, but here’s a break down of things to keep in your mind.
- Rental insurance – Many landlords and apartment complexes require renters to obtain renters insurance, which is beneficial to both the renter and the landlord. Parents may be able to extend their renters or homeowners policy to cover the student’s new apartment, but, if not, renters insurance is easy to come by through any insurance agency. Renters insurance typically covers fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage, but not flooding. Additionally, like homeowners insurance, rental insurance also covers your responsibility to others injured at your home or elsewhere by you, a family member or pet, according to Insurance Information Institute.
- Health insurance – Full-time students are generally covered under their parent’s insurance plans, if not, colleges offer student health insurance plans for enrolled individuals. Selecting a health insurance plan may be challenging, but consider your personal doctor and health needs like frequency of office visits, prescriptions and urgent care needs. Additionally, under the recently passed Affordable Care Act, young adults under the age of 26 can now be insured as a dependent under their parent’s insurance plan regardless of school or employment status.
- Automobile insurance – If a student is covered by his parent’s insurance, the policy usually extends to the at-school student. Insurance companies typically offer good-student discounts to students who maintain a high grade-point average, and coverage is usually cheaper if it is filed under the parent, as insuring individuals under 25 is considered higher risk.
Other things to take into consideration include differences in state insurance laws, insurance minimums required by law and whether your current coverage will cover all of your liabilities and/or belongings in case of an unfortunate event. Additionally, many insurance companies offer discounts and savings by bundling products like renters and auto insurance, which can lead to greater savings for you and your student.
Allconnect can assist with your move to a new home, by offering free mover quotes, an online change of address form, and help transferring your essential home services. You can also compare services available at your new address to make sure you are getting the best deal. See tips to help you during your move.