Insurance Goes To College

As the summer is winding down and you may be preparing to send your college student off to campus, we want to remind you of a few important insurance tips to review.

Where will they be living?

On campus; Any student enrolled in school full-time, who is a resident of your household before moving out to attend school is covered under your homeowner’s insurance if they are under the age of 24. The policy extends coverage for your child’s bike, computer, clothing and all the other essential college equipment.

Renting an apartment; Certain property of a student in college, such as bikes and computers, may still be provided under your homeowner’s insurance policy. However, a renter’s policy is recommended to consider to cover both liability and property coverage for your student. Talk to your agent about the best way to protect your child while renting at school.

Will your child take a car to school?

Yes; Let your agent know where they will be going so you can maintain full coverage. Remember to encourage your child to study hard and get good grades to qualify for the good student discount. Ask your agent about qualifications for the discount, which could save on premiums.

No; If your child is away at college without a vehicle and is more than 100 miles away from home, a resident student classification may apply to your policy which will save on premiums.

Who is paying for school?

You; If you don’t already, consider life insurance. Leave peace of mind for your child to continue their education if something happens to you. Talk to your agent what the right coverage amount and type is for you.

Your child; A life insurance policy can help cover debts so co-signers or joint account holders won’t be responsible should the worst happen. Buying life insurance when you’re young and healthy can also help ensure that you benefit from a lower premium.

Before your students goes to college, talk to your local agent about your insurance options.

Author: Sara Grade, Senior Product Specialist at Rural Mutual Insurance Company