As our students get ready for college, what types of insurance do they need?
In addition to health insurance, which is mandatory, consider these options:
Whether your student lives on or off campus, it’s wise to protect him against theft, and this type of insurance costs relatively little, often under $200 for a year’s coverage. If your student lives in a campus residence hall, your homeowners or renters insurance policy may extend to cover his belongings. Most policies limit a student’s coverage to 10% of the parent’s coverage. In other words, if your homeowners policy has a personal property limit of $300,000, your student’s belongings are covered up to $30,000, after the deductible. Consider talking with an insurance representative to better understand the coverage available specific to your student’s living situation. Protect your stuff with Allstate Renters for as low as $4/mo.
Provided through a third party, tuition insurance is low cost and will protect you from losing any prepaid tuition if an emergency arises and your student needs to withdraw mid-semester. Individual college refund policies may differ depending on whether the student is receiving financial aid. Before investing in this type of insurance, ask the college about its tuition refund policy. Many colleges send out information about tuition insurance when they mail or e-mail the tuition bill, and refund policies should be readily located on the school website.
If your student takes a car to college, you need to alert your insurance company. Depending on where he attends school, you may have to make changes to meet minimum coverage requirements for that state, which in turn may impact your premiums. Even if your student doesn’t take a car, it’s a good idea to keep him on your policy so he can drive during school breaks. Call your agent to see if his living situation qualifies you for a discount.
Identity theft is a growing concern, and college students are particularly vulnerable due to their online presence and penchant for using unsecured wireless networks to complete financial transactions. To make matters worse, according to a recent survey, young adults aged 18-24 took an average of 132 days to realize they had been affected by identity theft! In addition to considering identify theft insurance, review the identity protection tips below with your student.
In addition to contents insurance, you should consider insuring your student’s laptop. Laptop coverage is affordable, often with an annual premium of under $100. The laptop will be covered for accidental damage such as drops and spills as well as theft, fire, flood, natural disasters and lightning strikes. You can also purchase a laptop tracking service that will give you the location if the laptop is lost or stolen.
Share these tips from UniversityParent financial expert Judy McNary with your student!
Other recent articles by Suzanne Shaffer:
Did you enjoy reading this article? Sign up for UniversityParent’s weekly eNewsletter and purchase the Guide to Supporting Your Student’s Freshman Year for additional tips, insight, and to help your college student succeed. You may also add to the discussion and get feedback from fellow college parents by joining our Community Forum and College Parents’ Facebook group.
306 S. Washington Ave
Royal Oak, MI 48067
Post your own housing listing on Uloop and have students reach out to you!
Flatscreen Rentals for Students. Roomate Packages Under $89. CampusTVs rents high-definition televisions to college students at a fraction of what it would cost to purchase from the local department store.
Display your business name, description, address, phone number, and a clickable link in a category that fits you best.
Parents choose our website first because we rank higher and solve more of their problems in comparison to the university pages.
Our Online Guide Listings get 5 times more click throughs than Google & Facebook Ads (average 10% vs. 1.5-2%).
“UniversityParent was one of the best resources when my son went to college. They have everything!”
“With my daughter going off to college, UniversityParent quickly became my #1 essential resource”