Insuring Your College-Bound Student

If you have a son or daughter getting ready to go to college, you're probably thinking of dorm supplies, textbooks, and how you will handle being apart from your infant. But many parents aren't as concerned by insurance as their circumstance increases. Regrettably, that oversight may end up costing you or your child a lot of money, something nobody needs on top of the cost of college tuition.

The truth is, you could have too little or too much coverage, depending on factors such as this:

• Whether your child will be driving to class.
• Where your child will be living (on campus or off).
• What expensive electronics, furniture, instruments, sporting equipment, or jewelry is inside your child's suitcase.
• If your son or daughter leaves possessions at school over the summer, it's wise.
• If one of your students takes out loans to assist with tuition, that's great.

Once your student enters the text books, it's a fantastic idea to also make contact with your independent insurance agent. Doing so can ensure your child and the whole household have the insurance protection they need for injuries or losses that can occur away from home.

To ensure that your insurance policies do well, here are a few pointers:

1. Tune up your auto policy.

• Your agent should let your school know if any of your students are driving an automobile that is paid for as part of your insurance plan. Having an accurate address for where the automobile will be stored is important in order to guarantee complete welfare in the event of an injury or theft.
• Bring your student's vehicle to school if he's going more than 100 miles away. Can save, on average, more than 16 percent on your bill.
• An excellent student discount can save you 5 to 15 percent a year, adding up to hundreds of dollars.
• Encourage your son or daughter to drive safely and abstain from lending the car to friends or roommates.

2. Make sure your homeowner’s policy lives up.

• Student personal items that are covered in your policy will be protected by your policy up to 10% of your total possessions coverage. So for $50,000 in total coverage, your student's possessions will be secured up to $5,000.
• Inquire about the worth of the items that your child picks out for college. If it surpasses your coverage, consider buying a floater, a replacement endorsement, or a stand-alone plan for expensive items.
• Do you know how your policy covers off-campus housing? If this is the case, consider a renters policy. Roommates may be able to help you cover the policy and the costs.
• Update school policies to cover new factors, such as pets.
• Evaluate the ones that could restrict the coverage of items left at schools over long summer break.
• Inform students to manage their own property. Many insurance policies don't cover losses, such as dropping a smartphone in a drink.

3. Look into life insurance for you—and your student.

• If you are paying for your child's education, consider term life insurance while your child is still enrolled in school. In the event something happens to you, the policy can help her finish her education.
• If your student has student loans to address the issue, think about a term life policy in their name. The proceeds will help relieve the balance of the loan if something happens to you before it's completely paid off.

4. Don’t forget to check up on health insurance.

• In addition to speaking with your independent agent about your auto, homeowner s, and life insurance policies, it s smart to be in touch with your health insurance company, as well. 
• Health insurance firms must make sure that their dependents can continue to remain on their program until the age of 263. But some plans may have geographical limitations or may not cover for sports-related injuries.