Insurance Coverage for College Students

insurance coverage for college students

Be sure to contact your insurance agents for a review of coverage for your college student.

If your student goes to a college more than 100 miles away and doesn’t take a car, your auto insurance premiums can drop significantly (20% on average), and he or she will still have coverage when home for the summer or holiday vacations.  If your child takes a car to school, your insurance costs may rise or fall depending on the campus location.

If you’ve recently helped a college student pack-up for school, you know that just about half of their total possessions go with them – possessions that can be very expensive to replace.  Check to see that computers, smart phones, and all other electronics are covered.  Don’t forget extras such as photography equipment, musical instruments, and other high-end or custom-made items, such as special sports gear.
If your child is living in a dorm, your homeowners insurance will generally cover his possessions, but some carriers set limits, and some specific items must be scheduled separately.  If he’s in an apartment, and needs higher coverage for extra furnishings, renter’s insurance is recommended.  If there are roommates, each person needs to get a separate renter’s policy, and if he is headed even farther away for international studies during the year, be sure to ask about world-wide coverage for all of his personal property.

Carefully review the school’s student health plans, which often cost hundreds of dollars each semester.  They may have exclusions and low coverage caps, or they may require you to get most health care through the student medical center.  Once again, this is an especially important consideration when international studies are planned – check for world-wide coverage.  Children can usually be covered under their parents’ health insurance policy until age 26, so most families can rely on that insurance when students go to college.  Just remember – in order to avoid unnecessary charges, you may have to formally decline or waive the college’s student health plan if it is not needed.

A review of your student’s insurance exposures will go a long way to minimize your concerns while your student is away.

Note: The opinions voiced in this material are for general information only and not intended to provide specific advice or recommendation for any individual. Please remember that past performance of investments may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this newsletter (article), will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this post serves as the receipt of, or as a substitute for, personalized investment advice from Vermillion Financial Advisors, Inc. To the extent that a reader has any questions regarding the applicability of any specific issue discussed within this newsletter to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. A copy of our current written disclosure statement discussing our advisory services and fees is available for review upon request.

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