Sending your pride and joy to college is a big step. Besides clothes, electronics, and the compulsory laptop, insurance coverage is another thing to consider if you are sending your child off to college. Most people often overlook the importance of insurance, which can lead to pricey headaches later. Here are types of insurance to think about before sending your child to college.
If your child will be bringing a car to school, talk to your agent about developing a coverage plan that protects him or her, and calculate what you can afford for deductibles. You can ask your agent if you should consider taking your child off your auto policy or leaving them on. If your child doesn’t have a car and won’t be driving your vehicle on campus, you may consider taking them off your policy.
Your homeowner’s insurance plan will likely cover your child if living in a college dormitory. The liability limits might be the same but coverage for personal belongings may be reduced if an incident occurs. Contact your agent if they can offer you extra coverage should your child has expensive electronics or jewelry.
If your child is living in a rented home off-campus, they will most likely need a separate renters insurance policy since your homeowner’s policy won’t extend to their new homes. Renter’s insurance policy is pretty inexpensive and provides most of a homeowner’s policy benefits. Renter’s insurance protects your child’s property and covers situations such as if a child injure someone else.
Many colleges require their enrolled students to have health insurance. Try to check the specific requirements for the school your child is attending. Your child may already be covered under your family plan, but it’s best to check. Take a look at what’s covered— if your child is outside the area, you may face out-of-network fees.