Many college students are heading back to college or starting their college careers this time of year. In addition to outfitting students with laptops and dorm room supplies, parents may want to think about whether their students are covered by the right insurance policies.
For students who live in a dorm, typically the parents’ homeowner policy will cover the student’s personal belongings while they are away. The same is true for college students who live at home. Some policies may have a dollar limit for off-premises personal property, so check with your agent or broker to find out what your policy covers.
If the student is renting an apartment or house, it’s worth looking into renter’s insurance. If you have a roommate, read our blog post from earlier this month: Living with someone? You may need your own policy to protect your belongings.
Auto insurance policies typically don’t change once a driver goes to college, but it can’t hurt to check with your agent or broker if the car will be driven in another state for an extended period of time or, conversely, if the car will stay home while the student is in school and isn’t likely to be driven. You can also ask about any discounts they may have available for good grades or good driving records.
Under the Affordable Care Act, parents can keep children on their health insurance policies until age 26. Read more about health care reform for families.