College Bound? Review your Coverages.

Life changes typically signify changes with your insurance. This holds true when a child heads off to college.  A college student has specific needs when it comes to homeowners, health and auto insurance, and it’s a good idea to address these needs before you drop them off at their new dorm.

Homeowners often don’t realize that most standard homeinsurance policies will offer some coverage for their college student if they are residing in an on-campus dorm. Many insurance professionals advise parents to check this coverage and also take inventory of your child’s possessions. Are they bringing expensive items like laptops, iPods, etc with them to their new dorm?  Be sure to talk with your home insurance agent to find out exactly what is covered and up to what limits.

Auto insurance is another factor. Most standard auto insurance policies will cover a college student under their parents’ policy. However, there may be exceptions especially if the student’s primary address is different than Mom and Dad’s.  Coverages vary by state so it’s typically a good idea to review your policy with your agent to determine your coverage levels for your college student.

Health insurance is a commonly overlooked type of insurance that can be affected when a child is college-bound. In recent years more colleges have begun to require health insurance for on-campus residents. At the same time, health insurance has become increasingly difficult to afford so more students might be trying to head off to college without coverage. The good news is that more universities and colleges also now offer their own medical insurance plans to help cover students while they are away at school. Also, medical  insurance companies sometimes offer affordable  plans for young college students.

Again, the best way to know that your coverage is enough is to contact your insurance agent and review your policy. Ask  questions about your limits and deductibles and make sure that you are getting the coverage you need.