Your kid is finally away at college! Now what? Not being able to reside in close proximity to your college student can be difficult. It’s up to you to make sure that they’re well equipped for living away from home and that they have all the essentials needed to prosper.
One essential many parents overlook is insurance. Some parents either choose to forgo insurance for their college students or, they don’t update their insurance policy. Here’s a tip, sometimes you’ll receive lower rates on your auto insurance if you inform your agent that your child moved away. Some states have lower risk rates than others. With that being said, being transparent with your insurance agent is key to properly insuring your student.
Sometimes parents fail to look into life insurance or renters’ insurance. In terms of renters, it’s needed since most college students have all of their expensive belongings with them. Not only that, but theft can also manifest in college dorms since students spend a lot of time away from their room.
Not all homeowners’ policies will extend to your Childs living arrangement on or off campus. It’s up to you as the parent to ensure they’re adequately covered. When it comes to life insurance, everyone should have it! Accidents happen and the last thing you want to worry about is money.
Look into umbrella policies
A safe strategy is to purchase an umbrella policy. Let’s say your child destroys personal property near campus, and now they’re facing a lawsuit. What do you do? Your renters will only cover up to a certain amount. Having the umbrella policy in place will give you more options and the financial backing needed to avoid taking a big financial hit.
While there’s many other reasons on why you need insurance on your children going away to college, we can only hope for the best. Feel free to give us a call if you want to go over quotes.