As college nears and you get ready to send your child off to school things are sure to be busy. Between dorm furnishing, orientation weekends, last-minute family dinners, and everything else it is hard not to feel like you are forgetting something. You just want to make sure you have everything in place and that your child will be protected and have a great year at school. I hate to break it to you, but you may be missing the most important piece. Insurance. Insurance can protect your student from the various risks that going away to school can bring with it as well as address any concerns that may arise with the change.
The Affordable Care Act ensures that your child is now eligible to remain dependent on your health plan until 26. This is a great solution if your student is remaining in state or local but if they choose to go further it can become an issue. Your child may have problems locating in-network providers or ensuring that a pharmacy will take the insurance.
Most universities offer health insurance plans that are often cheaper than traditional coverage and you can use student loans or funds to help cover premiums since this is a school expense. Your child may also be eligible for subsidized coverage through the state. Discuss your options with the university and your insurance agent if you find that you need different health coverage for your student.
Identity Theft Insurance
College students are great targets for identity theft. They are consistently sharing personal data, may not effectively use passwords to protect their accounts, and are unlikely to shred personal documents. It is important to teach them how to create effective passwords and shred documents, but identity theft insurance can be a great way to protect them in the event those preventive measures don’t work.
Your homeowner’s insurance policy may include identity theft coverage or allow you to purchase a rider for fraud protection. However if not, you can always purchase identity theft insurance on its own. Either way, you should meet with your insurance agent and discuss what you are currently covered for and what your needs are.
Odds are if your student is a driver, they already have auto insurance. However, depending on what they are doing or where they are going to school, there may be some items that need addressing before you pack up and head off. If your student is under your insurance policy, they should be able to remain on it without issue. If they aren’t going to remain on your policy, they should purchase their own policy.
Students should also alert the insurance company of their new address and location. Rates may change, but it is important that they are insured in the event of an accident. Your student may also be eligible for a good student discount if they maintain good grades.
Students who live on campus may be covered under your homeowner’s insurance policy; however, you should notify your insurance company of the changes. If they will be living off-campus, their possessions may not be covered. This is when it is important to look into a separate renters insurance policy. A renters insurance policy is not very expensive and can provide coverage for valuables such as electronics that may be in their home or apartment. College housing, on-campus or off, can be targeted for theft as the student is often out of the house on a set schedule and during breaks. Speak with your insurance agent to discuss your coverage needs and to ensure your student and their possessions are protected.
College can be an exciting time for your student. They are finally getting to explore the world a little and chase their dreams. For you, it can be scary. The uncertainty of sending your child off to school can be unnerving. Don’t worry. You have prepped your student for this day, and they are ready! In order to make sure you are, why not look into some added protection for them to make sure everything runs smoothly. Call us at 844-GANNONS to discuss your options.