When your college student leaves for school, there are some implications that could impact your coverage needs, but it’s easy enough to handle! Let’s get started.
When your child leaves for college, it is a big event. Once you are done worrying about what to pack and how you will get it all to campus, you should think about your insurance coverage and how it could change with your son or daughter away at school. You should be sure to check your coverage if your student is:
- Moving more than 100 miles away
- A member of any of the school’s intercollegiate sports teams
- Living in an off-campus residence
Overview of Coverage that could change when your child leaves for college:
- Your auto policy could be modified depending on whether your son or daughter takes the family car to school
- Your homeowners’ policy may not cover your student’s belongings
- Your health insurance probably covers full-time students, but are there in-network providers nearby?
Continue reading for more insight on these insurance implications, and how to handle them.
Property Insurance for College Students
Protecting Your Student’s Belongings
It is crucial that you contact Davis & Towle Insurance Group about the rules and limitations of your coverage when it comes to your son or daughter’s dorm room. If you’re purchasing big-ticket items to compliment their schooling like a laptop, you’ll also want to talk to your agent to make sure those items are specifically covered for their value. Many homeowners’ policies consider a dorm room an extension of your home, so all items your child keeps there will be covered to some extent. But if your child lives off-campus, his or her possessions may not be covered. You may want to consider renter’s insurance, so call our NH Insurance agency at 603-225-6611 for more information.
Car Insurance For College Students
Changing Auto Coverage at School
If your son or daughter moves more than 100 miles away from home to attend school and does not keep a vehicle there, your car insurance premiums could decrease by as much as 30 percent. Inform Davis & Towle Insurance Group, and you will save money as well as keep coverage for your child while he or she is home for vacation.
Health Insurance for College Kids
Keeping Your Child Healthy While on Campus
Since 2014, children up to age 26 can stay on their parent’s employer plan even if they have another offer of coverage through an employer. This rule applies to all plans in the individual market and to new employer plans. It also applies to existing employer plans unless the adult child has another offer of employer-based coverage (such as through his or her job).
If you find your child does not have adequate coverage under your plan for any reason, you have a few options. Most universities have their own health plans, but some policies have low deductibles and low coverage maximums. However, new rules prohibit any pre-existing condition from being imposed by group health plans or group health insurance coverage, and extend this protection to individual health insurance coverage. This prohibition generally is effective with respect to plan years beginning on or after Jan. 1, 2014. However, for enrollees who are under 19 years of age, this prohibition took effect for plan years beginning on or after Sept. 23, 2010. It may be better to consider an individual policy for your student depending on his or her needs, so contact Davis & Towle Insurance Group to make sure you’re covered.
Q/A: Common Questions About Insurance for College Students
Q: Will my child’s belongings be covered if his/her dorm is subject to theft, fire or other disasters?
A: Usually homeowners’ policies extend to a campus dorm room, but only up to a certain amount. If your student has expensive items, consider getting more coverage.
Q: Will my child’s belongings be covered if he/she lives in off-campus housing?
A: It depends. Call 603-225-6611 to determine whether your student’s property would be protected under your homeowners’ policy. If not, consider purchasing renter’s insurance, which ranges from $15 to $30 per month and also provides liability coverage if anyone is injured in the residence.
Q: What happens if my student gets seriously injured while at school?
A: This is a very real possibility, so it is important to contact Davis & Towle Insurance Group to discuss your health plan and whether there are providers near your child’s university or college.
Q: Does my child need to be a full-time student to be covered under my health plan?
A: No. Your child is eligible as long as they are under 26 years old.
Q: Can I get a discount on my auto policy if my young driver is away at school?
A: Usually you can, provided your son or daughter attends a school that is more than 100 miles away from your home. Your auto policy could also change if he or she takes a car to school, so be sure to contact Davis & Towle Insurance Group.
Contact us to review your coverage, and make sure your college student has the insurance and protection they need.
Disclaimer: This brochure is provided for informational purposes only. The information provided herein is not intended to be exhaustive, nor should it be construed as advice regarding coverage. Eligibility for coverage is not guaranteed and all coverages are limited to the terms and conditions contained in the applicable policy. © 2009, 2013 Zywave, Inc.
