It’s that time of year. The diplomas have been given. The caps have been exuberantly tossed in the air. The parental tears have been shed. Now, that day you’ve been dreading…or looking forward to…or, most likely, a little bit of both…has finally arrived.
YOUR KID IS GOING OFF TO COLLEGE.
The summer months will be a flurry of activity as you get them ready for this new adventure.
Don’t forget to add adjusting insurance coverage to your list.
Following are some things to remember…
1.Auto Coverage: If your student is not taking a car to school with them, you need to notify your agent and carrier and you may actually be able to suspend or lessen coverage. There may be a discounted rate for students who are a certain distance away from home that will be rarely driving. Depending upon where your student is going to school, it might even make sense to put him/her on a separate policy. Different regions have different rates. Also, remember to claim Good Student Discounts. Many companies continue offering these discounts into the college years. Make sure that you add this advantage to your policy, if it is applicable. These options could save you some money during the time your student is away at school.
2.Health Insurance: While most students can stay on their parents’ policy throughout their college years, there are options that might be worth looking into to either supplement or replace existing coverage. Many universities offer Student Health Plans. These generally count as qualifying coverage. Students can also enroll in the Marketplace independently. This might be a smart move if your student is going to school out of state as the coverage might better meet their needs when working with that state’s system. Until you look at the options, it is difficult to know which ends up being the most cost-effective, comprehensive coverage for your child.
3.Property Policies: Laptops, smart phones, TVs … All of these are valuable items that your student will probably be taking to school. While your homeowner’s insurance covers your child’s property when living in a dorm (though renter’s insurance is necessary for off-campus housing), some policies limit the percentage of off-premises property that is covered. It may be wise to adjust these limits to make sure those things are covered in the event of theft or accident. Making a detailed inventory of the property that goes to school would also be beneficial in the event that a claim is necessary.
4.Give Students the Facts: Students should understand that insurance follows the property so lending a car to a friend at school that results in a claim influences your entire family’s policy. The same is true for property damage that occurs when a laptop is stolen from a friend who was borrowing it. Reviewing expectations for lending and responsible behavior, including drinking and distracted driving of all kinds, is also wise.
We recommend bringing your kid to sit down with your insurance agent to go over options. It could not only save you some money, but it could also impress upon your student the responsibility that goes along with “adulting” in college.
There are so many things to do to get ready for this transition (Good luck!). You’ll feel good about getting these important insurance items checked off that “To Do” list.