If your child is already in college, or will be headed there within the next few months or years, then you may want to begin thinking about the different types of insurance coverage that may be important for him or her during this first time away from home.
The odds are that he or she will remain free if incident throughout the entire time at college, but just in case some of those close calls go awry, it is best to be protected. The following are some of the types of coverage that you may want to consider.
• Health insurance – this is typically considered to be the most important coverage that a college or university student can carry. Though the majority of employee plans will allow a college student to remain protected under a parent’s insurance, it is best to make certain instead of assuming. There are also private policies designed specifically for protecting college students.
• Renters’ insurance – if your child is going away to college and will be living on campus in a dorm, or will be otherwise renting a place to stay, then renters’ insurance can protect against damage to personal possessions in the case of events such as a fire or a burst pipe.
• Tuition insurance – should the student leave the university or college – for example, in the case that he or she experiences the loss of a family member, or must take time off for medical care – this coverage protects the student from losing the money that went into the tuition. Some policies will also cover student loans.
