Sending a student off to college is an exciting yet daunting experience. Between the packing lists, travel arrangements, and emotional goodbyes, insurance considerations can often be overlooked,...

Sending a student off to college is an exciting yet daunting experience. Between the packing lists, travel arrangements, and emotional goodbyes, insurance considerations can often be overlooked, but they remain a critical aspect of securing both the student’s well-being and the family’s financial stability.

Renters Insurance for Off-Campus Living

If your student is moving into an off-campus rental, it is key to understand that landlord policies generally do not cover personal belongings or liability. Renters insurance is essential here, offering coverage for personal items and also assisting with living expenses if the rental becomes uninhabitable. It’s generally affordable, making it a smart investment. Note that roommates must have separate policies, as each individual’s belongings are not covered under the same policy.

When Renters Insurance May Not Be Needed

Students residing in on-campus housing may have some coverage under a parent’s homeowners policy, usually up to 10% of the personal property limit. However, be cautious, as this coverage might be limited, especially for high-value electronics or other costly items. It’s wise to review what is covered and consider additional insurance if necessary.

Health Insurance Review

Before your student heads off, confirm whether your current health plan includes providers near the campus. It’s also beneficial to compare this with any school-sponsored health options that may offer better local access. This will ensure your student has the healthcare support they might need while away from home.

Auto Insurance Adjustments

If your student will be bringing a car to campus, make sure to notify your insurer of its new location. The car’s location can affect insurance rates and may even open up eligibility for discounts, potentially decreasing the overall insurance cost. Maintaining accurate information with your insurer is crucial to ensure the proper coverage is in place.

Other Coverages Worth Exploring

Tuitions are significant investments, and tuition insurance offers protection against unexpected withdrawals due to medical issues or other emergencies. Additionally, if your student plans to study abroad, travel insurance could provide invaluable protection against trip cancellations, lost luggage, and other travel woes. While sorting through insurance isn't the most exciting college prep task, taking the time to review current policies or explore new coverage options can save you from costly surprises down the road.

We encourage you to take proactive steps and reach out for assistance in reviewing your current coverage or obtaining a renters insurance quote today. A little preparation now can ensure peace of mind throughout your student's college journey.