![](https://cincinnatifamilybusinessinsurance.com/wp-content/uploads/2019/01/Do-You-Have-The-Right-Insurance-For-Your-College-Student_.jpg)
Do You Have The Right Insurance For Your College Student?
As your child prepares to head off to college, you understandably may be stressed with all of the preparatory steps and financial adjustments required. This is a monumental event that can be considered a major life change for you and your college student. Life changes often impact the types of insurance coverage that are needed. The discounts that you qualify for as well as the coverage limits and options may also change. With this in mind, it makes sense to reach out to your preferred agent and to review all types of coverage that impacts your child.
Auto Policy
Many college students drive, but their driving habits may change once they get to college. For example, if your child lives on campus and rarely ventures off of campus, he or she may qualify for a low mileage discount through some providers. You may have purchased a new car for your child as a high school graduation gift, and this would result in changes to required and optional coverage that may be most well-suited for your teen. Because your child may be permanently living in another area, the change of address could impact his or her coverage needs and premium. Keep in mind that each state has different minimum coverage requirements. A quick call to your experienced and friendly agent will provide you with accurate, detailed information about auto coverage changes that need to be made at this time.
Life Coverage
Life insurance is not something that you typically may associate with college life, but this is a type of coverage that is important to purchase. At minimum, you may want to purchase enough term life coverage to pay for burial expenses for your child. Some parents choose to start a long-term or permanent life policy for their college student now. Premium rates are usually much more affordable for very young adults who are healthy than they are if your child waits a decade or two to purchase coverage. Now may also be a time to update your own coverage. If you have an empty nest, you may be able to scale back some of your coverage. However, if your child is dependent on your financial support through college, this should be taken into account.
Rental Property Plan
Some college students live in a dorm on campus, but others choose to live just off of campus in an apartment or a rental home. If your child rents a property off campus, there is a good chance that the landlord requires rental property insurance. Exact coverage requirements will be determined by the landlord. Even if this coverage is not required, it makes sense to purchase it. After all, you may need to file a claim if your child’s furniture, electronics, clothing or other personal items are damaged or destroyed.
Coverage needs for a typical college student vary dramatically based on many different factors. These factors range from where they live to the type of car they drive, how they plan to use their vehicle and more. Financial losses can occur for a wide range of reasons, and they can have detrimental consequences on you as well as your child. Setting up the right coverage for your child is an essential step to take to avoid potential financial hardship in the future. Regardless of whether your teen is preparing to move out soon or has already relocated to his or her college home, it makes sense to reach out to your trusted agent and to review insurance coverage options today.
Comments
Not found any comments yet.