The days are getting shorter; the nights are getting cooler. The telltale signs of the approaching school year are ever-present. Now is the time to review your insurance policies to assure your new college students have the proper insurance coverage. Below are some of the items you need to consider regarding College Students and Insurance Coverage.
Personal Property Insurance
For college students living in on-campus dormitories, there’s a good chance your homeowners insurance policy will cover their belongings. Check to make sure more expensive equipment like electronics and furniture are included.
The story changes for students living in off-campus housing. Most insurance companies consider off-campus apartments and houses a separate permanent residence, and it’s likely additional renter’s insurance will be needed to adequately cover your student’s personal property.
If your college student will not have a car during the school year, don’t assume it’s a good idea to drop them from your insurance plan. Most insurance companies have a discount for students going to school 100+ miles from home. Keeping students covered also allows them to drive when they’re home on breaks.
If your student takes a car to school, be sure to inquire about good grade discounts. Even if it’s just one semester of a shining GPA, many insurance companies just need a single piece of proof to apply the discount.
In most scenarios, college students will remain covered on their parent’s health plan while away at school as long as they are younger than 26 years of age. Consider any potential geographical repercussions, especially if your student is attending school out-of-state. Many health plans have geographical network limitations; however, some offer special programs for college students.
The benefit of working with a full service agency is that your advisor has the ability to coordinate all of these policies and confirm that proper coverage is in place. Give one of our advisors a call before your student leaves home to make sure the potential gaps are properly covered.