Types of Insurance to Consider for College Students

There is usually a lot to think about when your kid joins college or returns to campus life. Insurance is not an item you usually find on your college to-pack list, even though it should be. Many college students are living independently for the first time, and there’s a lot you should know about protecting them and their valuables. Here is a quick list of the essential insurance your child might need while away in college.

1. Health Insurance Coverage

Children living with their parents are usually covered under their parent’s health insurance plan until age 26. If your child is going to another state to study, you must contact your insurance company and ensure there are in-network insurance providers close to your child’s location.

In the rare event that there are no in-network providers in the location, you will be required to take your kid to the doctor for their routine medical tests while they are still at home waiting to start college. Additionally, you will have to create a plan to handle emergencies. Your child can buy health care insurance coverage from their college, which is available to kids of 26 years and above.

2. Renters Insurance Coverage

Theft is a common menace that happens on college campuses around the world. This is why each student needs to obtain renters insurance. For a student bringing in personal property worth a lot of money, you need to protect your personal belongings from burglars. Your current homeowner’s insurance coverage will cover their belongings if they live on a college campus.

However, if your child is staying in an apartment off campus, they must obtain a separate renter’s coverage from you. Personal items covered include jewelry, laptops, phones, and other electronic devices.

3. Personal Liability Insurance Coverage

This is one of the essential insurance coverage a student can obtain. Your child is living off-campus in a rented apartment, for instance. In this case, they should obtain personal liability coverage in case a person gets injured while at their place. Another instance is of them hosting a party at their place, and one of their friends injures themselves accidentally. They can file a lawsuit against you, asking for compensation for emotional trauma and medical expenses. Your insurance will cover the costs saving you the burden of paying out of your pocket.

4. Auto Insurance Coverage

If you buy your child a car they park on campus, you must ensure it is adequately insured. Insurance companies tend to charge students a higher premium rate if it is parked in a location with a high probability of becoming a target to car thieves. The insurance company will tell you the amount of auto coverage a student needs if they drive to school.

However, you should not drop your child off auto insurance coverage even if they will not take the car to college. Be aware of the factors that affect auto insurance rates for students. For example, the type of car they drive, location, credit card history, and driving record. In short, students should stay on their parents’ auto insurance coverage if they are under 25.