Insurance for College Students...
It is almost time to send them off to college, for some their first extended period of time away from home. You have all of the details handled; school tuition, dorm room or apartment, food, computer, phone, who to contact if there is an emergency. But, did you think about what insurance, if any, your student will need? Property, Liability, Auto, Health...
Property and Liability Insurance
If your student is moving into a dorm, most homeowners policies will cover their personal property away from home at 10% of the personal property limit on your policy. Most policies should also extend liability coverage since they are away from home at a temporary residence and normally return to reside in your home during the summer months. If your student leases an apartment or a house for the school year, you will generally need to purchase a tenant homeowners policy for them to cover their property and to provide liability coverage for them. These policies are very inexpensive and well worth the price. Be sure to check with your Personal Insurance agent to review what your policy provides and what coverage your student needs.
Automobile Insurance
If your student is taking a vehicle to school, make sure you notify your Personal Insurance representative to let them know where the vehicle will be garaged. Some companies may charge a different rate for where the vehicle is garaged- a rural community may be less expensive than a metropolitan community. If your student is not taking a vehicle with them and will be over 100 miles away from home at school, there may be a discount available. Again, check with your representative, each company may treat the situations differently. Also, be sure and provide grades to your agent, a 3.0 GPA or better may qualify for a discount.
Health Insurance
Check with your doctor or provider to see what care is available in the town where your student will be living. Most colleges have clinics for minor injuries or illnesses. You will want your student to know what they should do if there is an unexpected emergency that cannot be handled by the clinic.
Hope these few tips make it easier to send your student out on their own.
