What Insurance Follows Your College-Bound Student
Congratulations your child is off to college, way to go parents! This is an exciting time of year but also comes with a lot of questions. When it comes to insurance; let’s talk about what coverages follow your student to school.
Is your child taking a car to school?
>>YES. Let your insurance agent know so you can maintain full coverage, and ask about whether your child qualifies for a good-student discount, which could save on premiums.
>> NO. If your child moves 100 miles or more from home and doesn’t take a car, your carrier may allow you to temporarily exclude coverage for your child-which could decrease your rates significantly. Just remember to add them back to the policy before they come home for breaks. If, on the other hand, you need to maintain coverage, ask your agent if you’re eligible for a student-away discount.
Where will they live?
>> On Campus. In many states, unmarried full-time students under the age of 26 are considered resident relatives of your home and should be covered under your home policy; talk to your agent for specifics.
>> In An Apartment. It’s likely your home policy won’t offer full coverage on permanent items like furniture on electric equipment, so definitely consider a renters policy. It will also include liability coverage-an important protection in the event someone is hurt in the apartment.
Who’s Paying For School?
>>You. Consider a term life insurance policy for yourself. It could help your child stay in school if something happens to you.
>> Your Child. Talk to your agent about life insurance for your child’s financial future and ask for a Life Insurance Needs Analysis. They may be able to get a lower rate and better coverage. If you are a co-signer on your child’s student loans, a life insurance policy can help add to your financial protection as a co-signer.
Before your student heads off to college, give us a call, 651-237-5180. Let’s talk about your insurance options and discounts now and for the future.