Six Types of Insurance Your College Student May Need

Sending your teen off to college is a milestone filled with excitement and a long to-do list. Amidst all the preparations, one crucial item often overlooked is insurance. Here are five types of insurance you might want to consider to help protect your college student while they're away from home:

1. Health Insurance: Most colleges in the U.S. require students to have health insurance. Thanks to the Affordable Care Act, your student can stay on your health insurance plan until age 26. If your plan doesn't meet the college’s requirements or doesn't provide adequate coverage in the area where the college is located, consider the college’s health plan. Be aware that these plans can sometimes be expensive, so it’s important to compare your options.
2. Car Insurance: Your student may still be covered under your car insurance policy while they're in college. However, where they're attending school could impact your rates, so it's wise to check with your insurance provider. Many companies offer discounts for students who maintain good grades, so don’t forget to ask about any potential savings.
3. Renter’s Insurance: If your child will be living on campus, check whether your homeowner’s insurance extends to their dorm room. Some policies may not cover possessions outside the home, and off-campus living usually requires separate renter’s insurance. Look for a policy that includes coverage for temporary living expenses in case of damage to their residence.
4. Electronics Insurance: Electronics are often covered by homeowner's or renter's insurance, but the deductible might be high. Consider a protection plan that covers theft, damage, or loss, especially since students often carry valuable gadgets like laptops and smartphones.
5. Identity Theft Insurance: College students are frequent targets for identity theft due to shared living spaces, unsecured personal information, and careless handling of sensitive data. Identity theft insurance can provide credit monitoring, recovery assistance, and legal cost coverage, helping your student avoid the financial fallout from identity theft. Check if you can add this as a rider to your homeowner’s policy or if a separate policy is needed.
6. Personal Liability Insurance: Personal liability insurance, often included in homeowner or renter policies, covers legal expenses if your student is responsible for someone’s injury or property damage. Confirm that your policy extends to your student while they’re at college, offering protection in case they’re held liable in such situations.

Before purchasing any new insurance, consult with your insurance professional to see if these coverages can be added to your existing policies. As your student embarks on their journey to independence, having the right protection in place can provide peace of mind for both of you.

If you need further guidance on insurance for your college student or have questions about college funding and investment plans, feel free to reach out to our office. We're here to assist you every step of the way.