Move-in season at college campuses can be a stressful time for students and parents.
But you can get a little peace of mind by making sure you have the right insurance coverage in place.
Specifically, you’ll want to look at your homeowners, auto and health insurance to know what’s covered and what’s not.
Kids often leave for college with a lot more than you think including numerous high-value items, such as computers and TVs.
If your child is moving to on-campus housing, your homeowners insurance will usually provide coverage. However, be sure to find out if there’s a limit on possessions coverage because the items your kid takes with them won’t be in your home.
If your student moves to off-campus housing get ready to write another check, but it won’t be as much as tuition. A basic renters policy, with $15,000 of property coverage and $500,000 of liability coverage, typically ranges from $125 to $150 per year.
Auto insurance coverage often depends on where your child is going to school. If your student is leaving the state to go to college and is taking the car, it’s important to find out the minimum insurance requirements in their new state to determine if you need to update your policy.
But, if your child moves more than 100 miles away from home and doesn’t take a car, your premiums could drop significantly and they will still be covered when they return home for breaks.
As with your property insurance, your own health coverage should still cover your child while they’re away at school, especially since adult children can stay on policies until they’re 26. However, it’s important to check to see if your plan’s network of doctors and hospitals extends to where your student will live at school.
Consider buying a student health insurance policy, offered by most institutions, as a supplement to your health insurance if there’s limited in-network coverage near the campus.
Celebrate this milestone and use it to do an insurance checkup.