Make Sure Your College Bound Child Is Properly Insured
Sending your child off to college can be a bittersweet moment. You are proud of their accomplishment, excited about their future, but a little worried about the separation. Making sure your young adult is properly insured during their time at university can help relieve some of the worry. The following guide can help you with this.
Thanks to the new insurance regulations, your child can likely remain on the family health insurance policy until they are 26 years old. The only thing you need to make sure of is that they have access to an in-network provider near the college campus. Check the provider network for the area and set up an introductory appointment for your child with a doctor in the university town. If there are no providers in the area, you will need to contact your insurance company to get an out of network approval. Although your child can put off regular appointments until they are home visiting, they do need a local doctor near the university just in case they need more urgent care.
Will your child be taking a car to university? If so, auto insurance is a must. Fortunately, you can also keep your child on your insurance policy as long as the child's permanent address is the same as yours. If your child is a licensed driver but not taking a car, you may still want to leave them on your policy. This will enable them to rent a car or participate in a car share program without having to pay for expensive additional insurance. It also ensures they are covered if they borrow the family car when they are visiting on college breaks.
Whether they are renting an apartment or simply living in the dorm, you may be concerned about insuring their belongings. This is especially the case if they have anything expensive, like a nice stereo system or fancy computer. The good news is that your homeowner's insurance likely already covers their belongings, even when they are away at college. As long as your child is still considered part of your household – your home is their permanent address – they are generally covered. You can also contact your insurer and talk about adding umbrella coverage if you don't feel your homeowner's policy provides enough coverage for your child that is away at college.
For more help, talk to an insurance agency in your area.