3 Types of Coverage to Consider before Move-in Day
If you are sending your child off to college this fall, you have a lot on your plate. From school supplies to dorm-room essentials, you want to make sure they have everything they need to settle in and study hard. While you are checking things off your list, don’t forget about insurance coverage. It’s often-overlooked in the frantic activity before move-in day, but not addressing it now can lead to pricey headaches later.
Here are three types of insurance to think about before sending your little bird out of the nest:
Many colleges, including all of them in Massachusetts, require their enrolled students to carry health insurance. Your child may already be covered under your family plan, but age limits can vary from age 18 to age 24, so it’s best to check. You’ll also want to take a look at what’s covered—if you have an HMO, you may face out-of-network fees and the hassle of referrals if your child is outside the area.
Also, be sure to check the specific requirements for the school your child is attending. Some schools have detailed criteria, such as limits on deductibles.
If your child lives at home or in an on-campus dormitory and is enrolled full time, their belongings are likely covered under your homeowners insurance, but again, it’s worth checking to make sure.
However, you should consider renters insurance if your student:
- lives in off-campus housing or an apartment
- is attending school part-time
- changed their legal, permanent home address on documents such as their driver’s license or tax returns
Most college students have electronics that would be expensive to replace, such as laptops, televisions, stereos and more. There are numerous considerations when determining what someone needs for renters insurance, and we are happy to walk you through them.
Here’s where you may be able to save money. Let us know if your student maintains a 3.0 or greater grade point average, as they may be eligible for a “good student discount.” And if they need renters insurance, you may be able to save by bundling it with their auto insurance.
If your child will be more than 100 miles away and no longer driving the family car, you may be able to take them off your policy to save money. However, if they will be using the car when they are home on break, or if they drive friends’ cars at school, you’ll need to keep them on the policy. We can walk you through all the implications of keeping or removing your college student from your auto insurance coverage.
It’s also important to let your insurer know if your child is taking one of your vehicles with them to school as that may also impact your rates and your coverage.
Protecting Your Pride & Joy
Whether it’s your first or fourth, sending your child off to college is a big step for both of you. While you want to foster their independence, as a parent, you also want to continue to provide a safety net for them as they move further into adulthood. Contact us with any questions you have, and to learn more about how we can help you help them.