What to Insure When Going Away to College

It is almost that time of the year for college students to either return to school or begin their new journey as a college student. For most, this is an exciting time and marks the first major step on the road to independence. For parents, it can be a bit scary and sad to watch their child leave home. A main concern for both parents and students is if their possessions will be safe away from home.

Insurance coverage for college students is not always clear. It can be confusing trying to decipher what type of insurance is needed from renters insurance to auto coverage. Here are some helpful tips to keep in mind when choosing insurance.

Protecting Possessions

Typically possessions are protected under a homeowners policy but what happens when a child is away at school? Are their possessions still covered? When a student is living in a dorm room the family's homeowners insurance can protect many of their possessions. This is not always the case, so it is important to contact an independent agent to verify the coverage you may already have. Some policies limit coverage on dependents' dorms to 10% of the value of the home's total coverage amount. 

When a student is living in an apartment off campus they should consider renters insurance. Coverage on most homeowners policies is limited to dorms, not other forms of student housing. So a renter without a stand-alone policy might not have any protection at all. According to the Insurance Information Institute renters insurance costs an average of $190 per year

Auto Coverage

When students go away to school driving becomes significantly less important. Campus transportation and walking to class are common. For students who bring their cars to college it is important to notify their insurance company where the car is located primarily in order to maintain appropriate coverage. For students commuting from home to college it would be beneficial to reconsider their coverage, especially if they are driving long distances. 

Having the proper insurance while away at school will make the college experience a more enjoyable one. 

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