Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.” The same holds true for students leaving for college without taking the proper insurance precautions.
- Will your child be taking a car with them to school? If so, will they need their own insurance policy?
- Will they be living in the dorms, or off-campus? What difference will that make with regards to your homeowners insurance?
- Is there an in-network health provider nearby?
If you have a son or daughter that is planning to attend college this semester, there are many questions that you might not have thought of regarding insurance. Read on, this post was written especially for you.
Will Your Child Need Their Own Auto Insurance Policy?
If your full-time student takes a vehicle with them to school, in most cases they can remain on a parent’s auto insurance policy. However, you should still let your agent know that they will be taking the vehicle with them to confirm coverage.
If, on the other hand, they are not taking a vehicle with them and are attending school over 100 miles away from home, you may qualify for a student away discount. Additionally, many insurance companies offer good student discounts for full-time students when they maintain a 3.0 GPA or higher.
Is Your Student Covered by Your Homeowners Insurance?
That’s a good question, and the answer depends on certain factors. For example: if your student is living in the dorms and is a full-time student, they will benefit from your homeowners insurance. Generally, 10% of the personal property limit on the parent’s home policy would apply at the student’s location. On the other hand, if they are living off-campus and are not taking a full load of credits, and stay away at college throughout the entire calendar year, then they definitely should be talking to us about renters insurance. Our advice is to give us a call to describe your particular situation. From there we can give you’re the straight answers you’re looking for.
Take Inventory of your Belongings
A lot can happen on a college campus, and unfortunately, it is not all good. Since the majority of students live with one or more roommates, personal belongings are constantly exposed to potential theft. In fact, theft is the number one reported crime on college campuses according to Bankrate.com. Before students leave for school, take inventory of all your belongings, writing down serial numbers and snapping photographs if possible. Leave the list at home where it can easily be retrieved in case you need to file a claim for personal loss. As an added precaution, take time to determine the value of your belongings and ensure the homeowners insurance offers adequate protection.
Find a Doctor and Hospital in Your Health Insurance Network
Most college students can now carry their existing health insurance plans to school when they leave home. Because of the Affordable Care Act, more adult children than ever are remaining on their parent’s health insurance plans. However, students who travel far from home may be in for a surprise when the time comes to file a claim. As a precaution, find a reputable doctor and hospital that participate in your health insurance plan network before leaving for school. Then, be sure to have all of your health insurance information with you before you leave, including an insurance card and prescription information. If you are unable to find a healthcare provider, you may need to explore alternative insurance options, such as a private coverage plan.
Bonus Tip: Talk to a Trusted Insurance Advisor about Your College Insurance Needs
Leaving for college may be a new experience for the whole family. In the rush to get everything ready, it is easy to overlook the most important things, like insurance. Contact Thiel Insurance Group with any questions you might have about insurance protection for you and your college-bound student.
