It’s that time of the year again. Students are preparing for their trip to college for the first time. Their bags are now filled with everything a college student may need to survive the year – school supplies, dorm essentials, laptops, and perhaps a game console or two.
As parents, you are probably preparing as well… for tuition that is. Unfortunately, the tuition fees may not be the only cost that you need to cover. Make sure that you review the coverage on your health and auto insurance, and consider purchasing renter’s insurance to assure your children are protected.
Typically, your children will be covered by your health insurance until the age of 26. However, depending on your insurer, they may not be covered if they are going to school out-of-state. If that is the case, consider purchasing student health insurance directly from the school.
Some colleges offer their own health plans, but are often limited to on-campus services and available only to full-time students. There are also more comprehensive health plans available, but are generally more expensive and are paid in a single lump sum. Check with the college to see if these options are available and if these are right for your child.
Auto insurance laws vary from state to state, and so do their coverage. Before they leave with their precious cargo, make sure that they are fully covered for their drive. If they are taking a car with them, your insurance provider may increase or decrease your premiums depending on their driving history and their destination. However, if they will not be taking a car with them, they can still remain covered for when they go home. You may want to check with your insurance carrier because you may be eligible for a discount.
College students come with a lot of baggage… literally. They usually come with some very expensive electronic equipment like laptops and gaming consoles. Protect their assets and your investments by purchasing renter’s insurance. Renter’s insurance not only protects your from theft, but also damages caused by fire or the renters themselves. It can also protect you from potential financial liabilities like visitor’s injuries.
Renter’s insurance works similarly to auto insurance, wherein your coverage strictly depends on the plan you choose. However, it is not as expensive as you may think. A typical plan only costs $125 to $150 a year.