It’s that time of year when students across the country are getting ready to head to college. Whether you’re a brand-new freshman or a seasoned upper classman, you probably have a lengthy list of things to do and things to shop for before you go.
Is insurance on your list?
It should be.
While it’s not usually an item found on your college’s what-to-pack list, here are four types of insurance every college student should consider before heading off to campus.
First, and probably most obvious, is health insurance. Most colleges require students, especially those living on-campus to either show proof of current health insurance or to buy a campus insurance policy.
If you are covered under a parent’s insurance policy, you can remain there until you are 26. You should check the policy, however, to make sure it will cover you wherever you are going to school. Some health insurance policies are limited geographically.
If you aren’t covered by a parent, you can look into policies offered by your school, which are generally affordable but somewhat limited. You can also purchase an individual health insurance policy. Depending on your income and other factors, you may be able to receive a subsidy that could lower the cost of your insurance. Not having insurance isn’t an option as, not only could you be subject to a financial penalty, but one bad college ski weekend could set you back thousands of dollars.
Most people don’t think about life insurance until they begin a family. And most insurance experts will tell you that if you are young, single and have no dependents you really don’t need it. However, if you have private student loans, and you’ve had a parent or someone else co-sign for you, you may want to consider an inexpensive term life-insurance policy that will cover repayment on those loans should something happen to you. Unlike government student loans, private student loans are not generally forgiven if the borrower dies before repayment. Life insurance will keep your co-signer from the financial burden of those loans.
Are you living away from home while you attend college? Does your parent’s homeowner’s policy offer coverage for your college dorm? If not (and most don’t), or if you’re living in an off-campus apartment, you may wish to consider renter’s insurance. How much of a hardship would it be if you were to lose your laptop, your phone, your big-screen TV and all that other stuff you’ve lugged to college with you?
While renter’s insurance won’t restore the term paper that disappeared when your laptop was stolen, it can help you replace your stolen or destroyed property. Some insurance companies offer low-cost renter’s policies designed specifically for college students.
Is there a car, scooter or motorcycle on your what-to-take-to-college list? If so, you need auto insurance. Whether you are covered on your parent’s policy or you have a policy of your own, you need to be sure you are adequately covered when you drive off to school.
If you’re not taking your car to college, let your insurance agent know that as well. Some auto insurers offer a special discount for college students who won’t be driving during the school year.
Make sure you are completely prepared before heading off to college. Call Roper Insurance today at 303-721-1145 for a free insurance review, whether it’s to make sure you’re set for college or to make sure the rest of your life or business are properly covered.