When your child is getting ready to move out of your house and onto campus, there are likely many things on your to-do list, from buying college textbooks to securing all of the dorm room essentials. Although insurance may not be the first topic that comes to mind, it’s a great idea to review your coverage with your insurance agent when your child is preparing to move away to school to ensure that he or she is covered while living on campus. Use the information below as a guide to help you answer several of the most common questions about insurance for college students.
Will your homeowners insurance policy cover your college student’s personal property?
This may depend on whether your child decides to live on or off campus. If your child lives in a dorm room on campus, your NH home insurance policy will typically cover his or her personal property, but the amount of coverage may be limited. On the other hand, if your child resides in an apartment or house off campus, your homeowners policy generally will not cover his or her belongings. Considering that the landlord’s insurance typically does not cover tenants’ personal property either, in this case it’s best to purchase a separate renters insurance policy to protect your child’s belongings. Between laptops, digital cameras, furniture and costly text books, the value of the possessions your child brings to college can add up quickly, so it’s important to ensure that it’s fully protected.
In addition to covering personal property if your college student rents a house or apartment off campus, renters insurance will also typically provide coverage for additional living expenses if the home is uninhabitable, as well as liability insurance. Liability coverage may trigger if the tenant is deemed responsible for damage to the rented house or apartment.
How will your child’s move to college affect your auto insurance policy?
Whether your child takes a car onto campus or leaves it at home, his or her move to college may result in changes to your auto insurance premium. If your child moves away to school without a car, but will use a family car at home during breaks, you should keep your child listed as a driver on your auto insurance policy. However, many insurance companies offer a discount if the child moves away to a college that is over a certain distance away from your home and will not have routine access to the family car, so in this case, your child’s move to college will likely lower your auto insurance rate.
If your child decides to take a car with him or her to college, it’s crucial to notify your insurance agent about the change in the vehicle’s primary location. In this case, it’s important to ensure that your child continues to have full protection, whether you keep him or her listed as a driver on your NH auto insurance policy or secure a separate policy in his/her name.
Will your child still be covered under your health insurance plan?
Although your children may remain listed as dependents under your health insurance policy until the age of 26, it’s important to check with the health clinic on campus, as well as local doctors’ offices and hospitals, to verify that medical practices in the area will accept your family’s health plan. If a college student insured under a Health Maintenance Organization (HMO) moves outside of the HMO service area, he or she may have coverage for emergency care, but lack coverage for routine preventive care.
If insured under a Preferred Provider Organization (PPO), your child may have coverage but may have to pay more out of pocket if he or she has moved outside of the plan’s network. If you find that your child will have limited coverage after moving away to college and outside of your NH health insurance plan’s service area, you may choose to speak with your insurance agent about securing an individual health plan, or contact your child’s college to determine whether student health plans are available.
There are many things to consider when your child is preparing to move away to college, and working with your NH insurance agent will make it easy for you to understand how this milestone event for your family will affect your insurance policies. Your agent will not only answer any questions you may have regarding insurance for your college student, but also will help you better understand the different coverage options you have when a child moves away. For additional information about insurance for college students and how a move to college might affect your particular policy, please subscribe to our blog or contact us.