With so many other things on your mind when your student son or daughter heads off to college for the first time, it’s easy to overlook the need to make sure they’re properly protected with good insurance coverage.
The two key areas of risk are their medical coverage and damage or loss of personal property through accident or theft.
Health insurance options include allowing the student to stay on their parents’ plan (up to age 26), joining the college’s own plan (if it has one) or buying separate, subsidized coverage under the provisions of the Affordable Care Act. Some individual student policies may provide dental and eye care coverage, while others might have limits including no coverage for accidents caused by drinking or drugs, or they might place a ceiling on the maximum coverage per accident or illness.
Personal property insurance may be covered under an existing homeowners policy, but at a lower limit. If not, you will definitely need protection – up to 50,000 campus property crimes are reported every year. If your student lives in an apartment or rent house, a renters policy is an inexpensive way to insure their belongings.
If you need information either about coverage under your existing policies or about guidance on new student insurance requirements, please contact us.