01 Aug 3 Tips for a Safe Sendoff to College
As summer comes to an end, many students will be headed back to college or to college for the first time. For parents, this is an exciting and emotional time. As you send your student off to school, it’s important to consider the ways you can protect your student, and your finances, as they embark on this new journey of adulthood.
1. Renter’s Insurance
If your student is living on campus, your homeowner’s insurance will likely cover the cost of their personal belongings should anything happen – like water spilled on their laptop or it being stolen from the library. However, if they are living off-campus in a non-school-affiliated apartment or house, most landlords will usually require the student to provide proof of renters insurance as part of the lease agreement. That’s because the landlord’s insurance usually only covers the building, not the tenant’s possessions. Even if the landlord does not require it, it’s still a good idea to have this type of coverage.
2. Auto Insurance
There is no limit to how long your child can stay on your Auto insurance policy if they maintain the same primary address as you and use a vehicle that you own and insure. But is it worth maintaining their coverage if they study abroad or leave their car at home? Yes! There are many good reasons to leave them on your policy!
One of the main benefits of leaving your student on your policy is you won’t have to worry about picking up coverage every time your student is home on break. Your policy also provides a level of protection if they drive a friend’s car while away at school. Most importantly you can save some money too! Typically, insurance companies will provide discounts for your student’s good grades, clean driving records, and even based on the distance their school is from your home.
3. Health Insurance
As your student heads off to college, chances are they are thinking about their classes, roommates, and the fun to be had this semester. They probably are not thinking about health Insurance or where to go for healthcare. Prepare your student with the following options, especially if they are over 18.
- Students under 26 have the option to remain on their parent’s health insurance plan. If choosing this option, it’s best to contact your health insurance provider to understand out-of-state coverage if your student needs it
- Many colleges offer students basic coverage. Contact your child’s school for more information
- Purchase health insurance through the marketplace, which might also enable you to qualify for financial assistance from the Government for healthcare
Whether you’re the parent of a new or returning college student, back-to-school season can be a bit stressful. At SAVA we are here to help and can provide some peace of mind and the coverage you need to keep your loved ones protected.