Insuring your student

You’ve gone on countless campus tours, stocked the fridge and helped them unpack. But have you thought about insurance?

Insurance coverage is one of the most important and overlooked aspects of sending your kids off to college. Make sure you are asking the right questions.

Are my child’s belongings covered under my home insurance policy?

Renter's Insurance

While some homeowner's insurance policies protect belongings outside of your home, most do not. If your student’s belongings and liability are not covered under your policy, renter’s insurance could be the solution. On average, an inexpensive policy’s premiums fall between $150 and $200 per year for $15,000 worth of coverage.

If my student drives someone else’s car, will he or she be covered by my auto insurance policy?

Auto Insurance

If your son or daughter doesn’t take a car to college, you could save up to 20 percent on your auto insurance. (Not to mention all those parking tickets.) But most experts will advise against dropping your child from your policy altogether. If they get into a fender bender while driving a friend’s car, they won’t be covered.

If your child takes his or her car to a school in a metropolitan area, your insurance rates could skyrocket. Contact your insurance agent to discuss coverages and what sorts of premium adjustments to expect.

Is my student covered under my health insurance policy while at school?

Health Insurance

Imagine a 14 x 10 foot room, bunk beds, overflowing laundry baskets, dirty dishes, poor ventilation. It’s college: a veritable breeding ground for all kinds of bacteria and viruses, from the common cold to spinal meningitis. Not to mention young adults ages 19 to 29 are more likely than any other age group to sustain injuries that require emergency care. And most health insurance policies do not cover college students if they're going to school part-time, or if they're over the age of 23. Some policies also do not cover students if they're going to school in a state other than where the policy was purchased. Talk to your health insurance company to confirm what coverages are available for your student.

While fun and exciting, college can also be fraught with anxiety, so alleviate some of it for your son or daughter by making sure you’ve got the insurance part figured out!