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. Insuring possessions
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, Living with someone? You may need your own policy to protect your belongings.
Auto insurance
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.
Health insurance
Under the Affordable Care Act, parents can keep children on
their health insurance policies until age 26. Read more about health insurance for families.
