Insuring Your College Student
Almost 18 million undergraduates are expected to enroll in U.S. colleges and universities in the fall of 2017.1 Sending a student off to college can be hectic — and insurance might not be at the top of the to-do list. But every college student has insurance needs that should be addressed.
Health policies vary among schools, so be sure you understand the specific requirements and available options. Most schools offer a group health insurance plan, and some require coverage as a condition of attendance. However, the most cost-effective solution may be to keep your student on your family policy. (Young adults may be able to stay on their parents’ health insurance policies up to age 26.) Medical care at campus facilities is typically provided to students at a relatively low cost, but you may want to check whether campus facilities and doctors are participating providers in your network.
If your student takes a car to school, it is typically less expensive to include the vehicle on your own policy than to purchase separate coverage. However, you should report the new location to your insurance company; your premium may go up or down depending on the location. If a car won’t be taken to school and the campus is more than 100 miles from home, your student may qualify for a resident student discount on your policy. This would allow the student to drive your family vehicles when visiting home on vacations or weekends and may extend through the summer.
Personal Property Insurance
Your homeowners insurance may cover personal property, up to a stated percentage of your total coverage, if your undergraduate lives in a dorm. Check your policy and compare any coverage limits on dorm-room protection with the total value of the items your child intends to take. You might consider purchasing a separate student policy that offers more specific coverage in dorms and on campus. These policies typically allow you to select from a menu of deductibles and coverage amounts. Some plans may offer coverage for accidental damage as well as for loss.