The months leading up to dropping your child off at college are full of checklists and preparation. To make life easier, we’ve created this rollup of the most important insurance considerations to help save you money and keep your college student protected.

Here’s a snapshot of what to keep in mind!

Auto Insurance

Is your child traveling out of state for college? Although it’s not a good idea to take them off your auto insurance, is it a good idea to let your insurance company know for several reasons:

• If your child is going to school over 100 miles away and not taking a car with them, you may receive a discount.
• If your child is going to school out of state and taking a car with them, it’s a good idea to notify your insurance company so that you can update your policy.
• Regardless of where your student is going to school, ask your insurance company if there is a good grade discount and what
  the criteria may be to qualify.

Renters Insurance

We’ve written an entire blog on the complications of student housing and insurance, but it all boils down to whether your student lives on campus, in student housing, or off campus in a private rental.

• First or second-year students living on campus are typically covered under parents’ homeowners policy.
• Students living off campus are often required by their lease to have renters insurance, and it is a good idea regardless to protect personal property from theft or damage.

Health Insurance

Although health insurance is no longer federally required, it is often legally required by most colleges and universities. It’s also just a good idea to have to protect you and your child from the financial burden of a medical emergency.

Here are a few things to keep in mind to make sure you are choosing a plan that makes sense for your child:

• Students under 26 who are staying in-state can often stay on their parent’s insurance plan during college. This is ideal if your child wants to continue to their same doctors when they are home on break, or if they have a preexisting condition.
• Students under 26 who are going out-of-state should check with their parent’s insurance carrier to see if they will be covered while attending school out-of-state, and what doctors/providers are in-network in that area.
• Another option to consider is the school provided health insurance plan but this comes with additional considerations. Sometimes the plan is only active during the school year, meaning you’ll have to consider a short-term plan or shift your child back to your plan during the summer. Another question to ask is whether there is financial aid available to supplement the school provided health insurance plan, and to compare the premium and policy of this over a family health plan.

Want to discuss making changes or upgrades to your policy and taking advantage of unique savings opportunities while your child is in college? Call YUR agent at The Yurconic Agency today to get started, 610-770-6600.