If your child doesn’t take a car to school: 

• Ask your insurer about an away-at-school discount. Some companies offer a price break if the college is at least 100 miles away from your home.
• Keep the student listed on your policy, so they have coverage at home on break or if they decide to be a “designated driver” while at school. Maintaining continuous auto insurance may also keep rates down over the long haul.

If your child does take a car to school: 

• Let your advisor know if your student is taking a covered car to school. Reporting the new location where the car will be kept is necessary to ensure full coverage in the event of an accident or theft.

**Car or no car, if your student maintains good grades in school, they may qualify for a discount!

Renters insurance covers belongings and, like homeowners insurance, provides liability coverage if your child inadvertently harms someone and is held responsible. A renters policy can protect valuables such as laptops, TVs and other electronics, with typical policies offering up to $100,000 in coverage for item damage as well as personal liability.

According to the National Association of Insurance Commissioners, premiums average from $15 to $30 per month, depending on the rental location and size as well as the policyholder’s possessions.

Ask your advisor if you have any additional questions regarding Renter’s Insurance!

It may be beneficial to look into Life Insurance for both you and your student. 

• If you’re paying for your child’s education, consider a term life insurance policy during the time your child is in college. If something happens to you, the policy may help her afford to stay in school.
• If your child has loans to help with tuition, look into a term life insurance policy in his name. Proceeds may pay off the balance of the loan if something happens to your child before it’s paid in full.

Adult children can generally stay on their parents’ health insurance policy until age 26. However, it is a good idea to check to see whether your plan’s network of doctors and hospitals extends to the area where your student will live while at school. 

If your child will be uninsured or will move outside the plan’s network, check the following:

• The college’s student health plan: Most student health plans offer comprehensive coverage. It is important you understand any limitations this plan may have. The annual premium averages about $850. 
• The government-sponsored health insurance marketplace: Marketplaces sell health insurance policies that may be subsidized by the federal government, depending on your income and family size. If you qualify for a subsidized plan, your costs for health insurance premiums will be reduced. If the college town is outside the provider network, your child may be eligible to sign up for a health plan outside the regular open enrollment period. 

** If your child travels while in school, make sure you check if their health insurance coverage extends to overseas travel. There is a chance it may not.

Sending a child go off to school can be a rollercoaster ride of emotions. There is so much to think about, and it can be a big transition for parents and the student. You might not always be there to protect your kids while they are at college, but you can protect them from certain things with the help of insurance. Taking time to understand your insurance policies can give you and your student the peace of mind you deserve. 

Having an independent trusted advisor on your side can help make sure you’re fully protected. Boyd Insurance & Investments is here to provide Protection for Life, with support through life’s unforeseen circumstances for you and your college student. Get started today! Request an online quote today or call us at (941) 745-8300.