Ryan Insurance & Financial Services
by Sean Ryan on Aug 30, 2016
You’ve prepared your high-school graduate for college. You purchased books, paid for a meal plan, and sprang for some new duds. You even threw in a futon for the dorm room. Did you forget something?
Yup. You need to check with your insurance agent to make sure your student has the type and level of insurance necessary to provide assurance against financial disasters.
Health insurance. Your best bet is to keep your child on your family plan. Thanks to the Affordable Care Act, young adults may remain on their parents' health insurance policy until they are 26. If your plan doesn’t offer out-of-network coverage near the college, you can consider two other options: (1) purchase a policy through the college, or (2) apply for a health insurance plan through the Federal Marketplace.
Auto insurance. If your student will be taking a car to school, ask your agent if the relocation will affect the premium or require additional liability insurance. Even if the car will be left at home, let your agent know. You may be able to bump your child down to an “occasional” driver, which could reduce your premium.
Property insurance. Will your student be staying in a dorm? Ask your agent if your homeowners insurance will cover personal property. If not, consider purchasing property insurance to cover the laptop, phone, bicycle and other asserts.
Renters insurance. If your child will be living off campus, you’ll want to purchase renters insurance. This will cover personal property inside the apartment, stolen from his car, or taken from his backpack on campus.
Personal umbrella policy. This provides coverage if your student injures another or causes property damage.
Life insurance. By taking out a policy when they are young and healthy, you can reduce their premiums in the long run and protect them from becoming uninsurable in the future. You’ll also start them on the road to financial security.
If you would like to review your adult child’s insurance needs, call us today at 386-738-2000! We'll help you navigate options while we work together for the best insurance plan for your college student.