As college students head back to school, they have a lot on their minds—classes, friends, and living arrangements, to name a few. One important topic that often gets overlooked is insurance. When students move away from home, they encounter new risks and responsibilities that make having the right insurance coverage crucial. Here are some important insurance considerations for college students living away from home.
Health Insurance
Health insurance is a must-have for everyone, including college students. Many students are covered under their parents’ health insurance plans until they turn 26. If you’re covered this way, make sure you understand how your insurance works in your new location. Some plans have networks that are limited to certain areas, which could mean higher costs if you need care outside of your home region.
If you’re not covered under your parents’ plan, check out the student health insurance plans offered by your college. These plans are designed to meet the needs of students and often provide coverage for services you might need while at school. There is also the option to get coverage through the Health Insurance Marketplace, where you can find plans that may offer financial assistance based on your income.
Renter’s Insurance
Living away from home often means renting an apartment or a dorm room. Renter’s insurance is an important consideration because it can protect your personal belongings in case of theft, fire, or other covered events. Many students mistakenly believe that their belongings are covered under their parents’ homeowner’s insurance, but this is may not always the case, especially if they live off-campus.
Renter’s insurance is generally affordable and can cover things like laptops, textbooks, furniture, and clothing. It also provides liability coverage, which can be important if someone gets injured in your apartment or if you accidentally damage someone else’s property.
Auto Insurance
If you bring a car to college, you need to ensure it is properly insured. Auto insurance requirements vary by state, so it’s important to know the laws in your college town. Even if you don’t drive often, having auto insurance is essential in case of an accident.
If you’re still on your parents’ auto insurance policy, inform your insurance company about your new address. This could affect your premiums, but you might be eligible for discounts if your college is in a safer area or if you’re not driving as frequently. In North Carolina many insurers will allow parents to have the rating of their college student paused when they are away at school without a vehicle, especially if that school is several hours away. Doing this saves premium and every little bit counts these days.
Personal Liability Insurance
Personal liability insurance is another important coverage to consider. It can protect you if you’re held responsible for injuring someone or damaging their property. For example, if a friend slips and falls in your apartment, or if you accidentally break someone’s expensive gadget, personal liability insurance can help cover the costs.
Some renter’s insurance policies include personal liability coverage, but you can also purchase it separately if needed. It’s an extra layer of protection that can give you peace of mind as you navigate college life.
Identity Theft Protection
College students are prime targets for identity theft, as they often have clean credit histories and may not be as vigilant about monitoring their financial accounts. Identity theft protection can help cover the costs of restoring your identity if it’s stolen. This can include legal fees, lost wages, and expenses related to correcting your credit report.
Conclusion
As you prepare to head back to school, taking the time to review your insurance needs can save you a lot of trouble down the road. From health and auto insurance to renter’s and liability coverage, having the right protection in place allows you to focus on your studies and enjoy your college experience. Make sure you understand your current coverage, explore your options, and choose the policies that best fit your new living situation. Tom Needham Insurance can help you select the correct coverage to ensure your college experience is as fun and protected as possible. Give them a call today!
Learn more about Tom Needham Insurance Agency in Greensboro, NC.
** The information provided in this blog is intended for general informational purposes only. It does not constitute professional advice, legal guidance, or any specific recommendations. **