As a parent, it’s incredible how quickly time flies—one moment, you’re changing diapers, and the next, you’re packing up for college. With all the excitement of sending your teen off to their next adventure, it’s easy to get caught up in the whirlwind of checklists and preparations. But here’s one crucial item you don’t want to overlook: insurance.
Health Insurance: First Things First
Health insurance is often a requirement for college students, and the good news is, thanks to the Affordable Care Act, your teen can stay on your plan until they’re 26. However, it’s essential to ensure your policy meets the college’s requirements. If it doesn’t, or if your teen isn’t covered, you’ll need to explore other options, like the college’s health plan, which can sometimes be a bit pricey.
5 Additional Insurances to Consider
Beyond health insurance, there are a few other types of coverage that can help ease financial stress in the event of an accident or other unexpected events. Here’s a quick rundown of five insurance types worth considering for your college-bound student:
1. Car Insurance Your student may be able to stay on your car insurance policy while in college, but it’s worth checking with your insurance provider, especially if your teen is attending school out of state. Location can affect rates, and many insurance companies offer student discounts for those maintaining a B average or higher. Don’t forget to inquire about special rates!
2. Renter’s Insurance If your child is living on campus, your homeowner’s insurance might cover them—but it’s not a given. Each insurance company has its rules, so be sure to check with your agent. If your student is living off-campus, renter’s insurance is a must. Look for a policy that covers temporary living expenses in case their housing is damaged and they need to relocate temporarily.
3. Electronics Insurance Laptops, tablets, and smartphones are essential tools for today’s students. While these might be covered under your homeowner’s or renter’s insurance, the deductible could be high. A separate electronics insurance plan can cover theft, damage, or loss up to the replacement value—just make sure the coverage applies whether your student is in the dorm, classroom, or elsewhere on campus.
4. Identity Theft Insurance College students are prime targets for identity theft due to their frequent use of unsecured networks, shared living spaces, and sometimes lax attitudes toward personal information. An identity theft plan can include credit monitoring, recovery services, and even legal cost coverage—offering critical protection for your student. Ask your insurance professional about adding an identity theft rider to your homeowner’s policy or consider a separate policy for your student.
5. Personal Liability Insurance Personal liability coverage is often included in homeowner’s or renter’s policies, but it’s wise to ensure it extends to your college-bound student. This insurance can cover legal expenses if your student accidentally causes injury or property damage, offering peace of mind during their time away from home.
Peace of Mind for You and Your Teen
Before you head to the store for those extra-long twin sheets and dorm décor, take a moment to review your insurance coverage. Protecting your student with the right insurance policies can make all the difference, offering both you and your teen peace of mind as they embark on this exciting new chapter.
If you have questions about any of these coverages, need help reviewing your current policies, or want to discuss other financial plans, give our office a call at 714-968-8008. At Grace First Insurance Agency, we’re here to help you and your family every step of the way!
