Does my child need insurance in college? Here are some tips for ensuring your college-bound children have the right insurance coverage:
Health Insurance
- Stay on Parent’s Plan:
- Under the Affordable Care Act, children can stay on their parent’s health insurance plan until they turn 26.
- Student Health Plans:
- Many colleges offer student health insurance plans but check with your provider to see if they are of value.
Auto Insurance
- Notify Your Insurer:
- Inform your auto insurance company that your child is moving to college. This can affect rates based on the new location and mileage usage.
- Good Student Discounts:
- Many insurers offer discounts for students who maintain good grades.
- Resident Student Discounts:
- Some companies offer discounts if the student is attending school more than 100 miles away and doesn’t have regular access to a car.
Renters Insurance
- Coverage for Personal Belongings:
- Renters insurance can protect your child’s belongings in case of theft, fire, or other damages.
- Check if your homeowner’s insurance covers your child’s dorm room or if separate renters insurance is needed.
- Renters insurance can protect your child’s belongings in case of theft, fire, or other damages.
- Liability Coverage:
- Renters insurance also provides liability coverage, which can protect your child if someone is injured in their dorm or apartment.
- Roommate Considerations:
- If your child has roommates, suggest they get their own renters insurance policy, as one policy typically does not cover multiple people.
Additional Tips
- Identity Theft Protection:
- Consider adding identity theft protection to your insurance plan. College students can be particularly vulnerable to identity theft.
- Umbrella Insurance:
- An umbrella policy can provide additional liability coverage beyond your auto and homeowners insurance limits, offering extra protection.
- Review Policies Regularly:
- As your child progresses through college, review your insurance policies annually to ensure they continue to meet your needs and take advantage of any available discounts or adjustments.
By taking these steps, you can ensure that your college-bound child is well-protected, giving you peace of mind while they focus on their education.
At Raymond Nelson Insurance, we go the extra mile to find the coverage that best protects what matters most: the business you’ve built and the people you love. We always take the time to get to know each client and serve their best interests. Call us today at (270) 885-1800 or contact us online for more information.