Before they go, make sure they have the right insurance coverage
For most parents, sending their kids off to college is a bittersweet time. While you’re eager for them to spread their wings, you know you’ll be saying goodbye to a big part of you.
In any case, along with many other things to think about, the health and safety of your child are probably top priorities. And while you won’t be able to keep tabs on them as closely anymore, there are ways to make sure they’re protected. Having the right insurance – and proper coverage – can give you real peace of mind no matter how far away your scholars may be.
Which types of insurance do college kids need?
Chances are, your child is already on your car insurance. If this is the case, you don’t really need to do anything if they’re planning to bring a car to college or if they’ll be commuting.
If they will live on campus – with many public transportation options – and won’t take a car, you may want to consider taking them off the policy.
But before you do that, think about their future driving habits. If they will drive when they come home on breaks or for the summer, they will need to be covered.
It’s also important to remember that your policy covers them if they are involved in an accident while walking or riding a bike or even as a passenger in someone else’s car. Another reason to keep them on your policy is so that they’ll have continuous coverage, which insurance companies will look at favorably when it’s time for their own policy.
If you have home or renter’s insurance, you’ll be happy to know that your policy provides a great safety net when your son or daughter lives in a dorm on campus. It will cover up to 10% of your personal property coverage.
If, for example, you have $50,000 in coverage, you will get $5,000 in coverage for your kid’s stuff. If that 10% isn’t enough, you could opt for a floater for your policy to get more coverage. This can come in handy for expensive things like computers or other tech equipment. Dorm insurance is something else to think about, as these policies are inexpensive.
Things change a lot if your child bypasses the dorms for an off-campus apartment. This is because the policy you have for your home won’t extend there. Even if the landlord doesn’t require it, a renter’s insurance policy is a great idea. In addition to providing excellent coverage, you can probably find a policy for as little as $15 per month.
Again, if your child is already covered by insurance through your employer or another source, you can skip this. They can stay on your policy up until age 26.
Even if they graduate in four years and immediately get a job that gives them the option to get their health insurance, they don’t have to do anything until they’re 26. If your child is older than that, there are other options.
Many colleges and universities offer Student Health Insurance Plans. These utilize financial aid to pay for coverage. Plus, your child could get medical services right on campus. The downside is that these policies can be costly. Also, often they are dependent on a student maintaining full-time status.
Coverage through the Affordable Care Act marketplace could be another good choice, as there are typically many policies to choose from and the prices are generally low. Depending on your income, your child may also be able to qualify for Medicaid, which is another low-cost option.
Making sure your son or daughter has the best insurance coverage before they make their way in the world of academia can help you sleep a little better at night. If you’re not sure exactly what they need or you want to augment your current policies, just get in touch with Avante Insurance. Give us a call at 305-648-7070.