Insurance for Your College Kid
When you send your child off to college, you may want to be sure that you’ve figured out their personal insurance. As a parent, you can help your college kid start an independent adult life with the necessary insurances in case of emergency. Our insurance brokers at Gallant Risk & Insurance Services, Inc. have a few recommendations that can help you set your child up just right.
Our experts on insurance at Gallant Risk & Insurance Services, Inc. can help you prepare your child for college by setting up the right insurances. For assistance, contact us at (951) 368-0700 or through our online contact form today.
Make sure your child has health insurance. Currently, all dependents under age 26 who live in the same state as their parents can be included on their parents’ plan. Those who live in a different state can stay on their parents’ plan or apply for their own. Basic health insurance coverage is also provided by many college student health care plans. Help your children take care of their health by making sure they are covered by some form of health insurance plan.
Renters insurance (sometimes called tenants insurance) is also something to consider. Your own insurance policy may provide limited coverage of personal property for your children who are attending school full time. Children may also be covered in case they cause damages to another’s property. However, not every policy is the same. If your college kid changes his or her permanent address, your homeowners insurance will no longer cover them. Additionally, the type of housing your child lives in during college will determine the type of coverage they’ll need. For example, if they live off campus or attend school only part time, they may need renters insurance. Consider getting renters insurance to protect your child’s valuables at school, such as expensive technological devices, jewelry, musical instruments, etc.
By the time your child is headed to college, hopefully they have a few years of driving experience under their belt. However, young drivers are still more likely to get into accidents. Typically, college students should be able to be responsible for their own driving and should have their own auto insurance. If your college-age child does get into an accident and auto insurance rates go up as a result, you shouldn’t have to pay the consequences. It’s also worth exploring whether getting an individual policy in the state where your child is attending school will be less expensive than keeping your child on your plan. If your child drives a clunker, you may be able to drop collision coverage or other bells and whistles because the car can more be easily replaced. Or, if your child doesn’t have a car, lives close to campus and works on campus, auto insurance may not even be necessary.
No parent wants their young adult son or daughter to make mistakes, but if they do, parents can be held liable. Umbrella policies can protect you when claim limits are exhausted on homeowners and auto insurance policies. If someone files a lawsuit against your child, an umbrella policy will help protect your assets. It may mean having a higher premium, but it could ultimately be worth it to be extra cautious rather than risk losing your valuable assets.
This recommendation is for you, not your child. If you have children going to college, especially if you are paying their tuition, make sure you have life insurance for their protection. If anything were to happen to you and your child is just starting their adult life, how will they deal with it? The emotional difficulty will be plenty without having to endure extreme financial hardship as well. Life insurance money could mean all the difference in helping your child get through the trial and make their own way in the world.