When your child leaves for college, it is a big event. One thing that you should think about is your insurance coverage and how it could change with your son or daughter away at school.
Protecting Your Student’s Belongings
Many homeowners policies consider a dorm room as an extension of your home, so items your child keeps there may be covered to some extent. However, if your child has expensive electronic equipment or furniture, you may want to consider purchasing additional coverage.
If your child lives off campus, his or her possessions may not be covered by your homeowners policy. In that case, you may want to consider renter’s insurance, which costs as little as $15 per month. Renter’s insurance will cover possessions in your child’s off-campus apartment or house as well as provide liability coverage if anyone is injured in the residence.
Changing Auto Coverage
If your son or daughter moves more than 100 miles away from home to attend school and does not keep a vehicle there, your car insurance premiums could decrease by as much as 30 percent.
Keeping Your Child Healthy While on Campus
Since 2014, children up to age 26 can stay on their parent’s employer plan even if they have another offer of coverage through an employer. This rule applies to all plans in the individual market and to new employer plans. It also applies to existing employer plans unless the adult child has another offer of employer-based coverage.
If you find your child does not have adequate coverage under your plan, you have a few options. Most universities have their own health plans, but some policies have low deductibles and low coverage maximums. It may be better to consider an individual policy for your student depending on his or her needs.
Insurance Questions to Ask
Here are some important questions to ask when your child goes to college:
- Will my child’s belongings be covered if he or she lives in off-campus housing?
- Do I have to change my auto policy if my child brings the car to school?
- If my child is an athlete, will he or she be covered under my family health plan if he or she is injured during a practice or game?
Count on Us
If you are sending a child off to college and haven’t looked at adjusting your coverage, contact us today to learn more. You could save money on your policies and protect your child from expensive incidents while away from home.
