College students are on the move, heading to college dorms and apartments on and off campus. For freshmen especially, it is a time of anticipation and new beginnings. However, in addition to excitement, big life changes such as these can trigger anxiety for both children and parents. Knowing that your student has solid insurance protection can alleviate many of your worries.
Theft is the most common crime on U.S. college campuses according to the Insurance Information Institute. In 2014, the Department of Education reported more than 18,000 on-campus burglaries and thefts. If your student moves into a dorm room, your homeowners’ policy will likely cover their belongings in case of a loss, but will it be enough? The value of your child’s possessions, especially pricey electronics, add up quickly and many homeowners’ policies limit the amount of coverage for off-premise belongings to 10% of the total coverage for personal possessions. If you have not done so already, it makes sense to take a home inventory and do your math here. Adding a cost-effective floater to your homeowners’ policy is often a very smart decision.
If your co-ed leases an off-campus apartment, renters’ insurance is necessary to protect their belongings. These polices are relatively inexpensive and cover computers, electronics, jewelry, clothing, furniture and other valuables from losses due to theft, fire smoke, lightning, vandalism, explosion, windstorm, hail and water damage from plumbing. Most polices will also help pay living expenses if alternate accommodations are necessary during repairs.
Students have several options for health insurance coverage while away at college. If your child is covered under your insurance now, that should remain in effect with any plan that offers dependent coverage to age 26. Be sure that your child has copies of insurance cards and knows which doctors, hospitals and pharmacies are covered within your plan. College students may also have the option to purchase health insurance through the marketplace or through their school.
Moving away to college is an exciting time for both students and parents, having the proper insurance coverage can provide peace of mind for all of you!
At D.F. Dwyer Insurance, we understand that insurance coverage needs to grow and change over time with your family. We’re here to help adjust your coverage to grow with your family as your family grows. Call us at 401-846-9629; let’s talk about family and review your policies this month!