Does your college student need special insurance policies? This is a question many parents fail to ask themselves as they send off their kids to university.
Here’s what to consider.
Personal property insurance
Chances are good that your homeowner’s insurance policy covers some items that risk being stolen from your child’s dorm, including high-value items such as laptops and tablets. However, it does not cover everything. If your child plans to take expensive watches or other jewelry, a separate personal property policy will be needed. Regardless, speak with your insurance provider before relying on your current policy.
Renter’s insurance
Not every college student will live in the dorms. If they live in an off-campus apartment, a renter’s insurance policy will be needed. Dormitories usually have a policy built into their fees, but you still might want to look into the benefits of renter’s insurance for campus living.
Liability insurance
There’s no shortage of stories involving university students making poor decisions that come with unfortunate consequences. In some cases, even students who are not directly involved could get caught up in lawsuits. Because of this, it is a good idea for all parents to take out liability insurance on their child. It will most likely go unused, but it is certainly worth the peace of mind.
Life insurance
Although this type of policy could be tough to consider getting for your child, you should still give it serious consideration. Now that your child is university-aged, they are probably about to start accruing debt. A life insurance policy means that in an unfortunate event, that debt will be paid off. You can also take out extra so the policy will continue to work for your child in other stages of life.
Leave a Reply