Forward Bank

If you have teenagers, you’re likely very in touch with the adage, “One day you’re changing diapers, and the next you’re sending them off to college.” One of the results of that compressed passage of time is the bracing reality that your college-bound teen will need countless check-list items…don’t forget the need for insurance.

What kind of insurance coverage might you consider for your college student while they’re away from home? Should an accident or some other unforeseen event occurs, you can help relieve some of their (or your) financial stress if you also have coverage with these other insurance types:

1. Car insurance

Likely, your college-age student can remain on your auto policy while in college. However, be sure to contact your agent regarding where your student is attending, as a different location may increase your rates. Also, many insurance companies offer student discounts for students who maintain a B average or above, so be sure to ask about special rates and discounts and keep in touch with your student about their grades.

2. Renter’s insurance

If your child is going to live on campus, your homeowner’s insurance may (or may not) cover them. Each insurance company has its requirements regarding insuring possessions outside of the physical property. Contact your insurance agent to determine if your student is covered or if you need to purchase renter’s insurance, even if they live in the dorm.

If your student lives off-campus, renter’s insurance is essential. Look for a policy that will also cover temporary living expenses, in case the off-campus location has a fire, flood, or other damage (thus requiring repairs that could result in having to pay for alternate housing for a while).

3. Electronics insurance

Often, electronics are covered by your homeowner's or renter's insurance but may have a high deductible to replace them. Therefore, you may want to purchase a protection plan that covers the gadget against theft, damage, or loss up to the replacement value. Also, check if the electronics are covered while living in the dorm or used at other campus locations.

4. Identity theft insurance

College students are often the target of identity theft for the following reasons:

• They live in close contact with others without secure environments to store personal items
• They unknowingly share personal information through social media, such as phone numbers, addresses, etc.
• They forget to shred confidential documents
• They fail to choose secure passwords or may share them with others

Identity theft plans often include credit monitoring and recovery and may include covering legal costs. This type of insurance is vital to helping your student cover the financial loss they may experience if their identity or other personal information is stolen. Ask your agent if an identity theft rider can be added to your homeowner’s policy or if you should consider purchasing an individual policy for your college student.

5. Personal liability insurance

Often, personal liability insurance is included in the parent's homeowner or renter insurance policy. Still, it’s a good idea to ensure it will cover your student while they’re away at college. For example, personal liability insurance covers legal expenses if your student harms someone and gets sued, if your student damages someone’s property and needs to replace it or causes bodily injury and has to pay their medical bills.

Remember that your student is living independently for the first time in their lives, and having extra protection in place can provide peace of mind for the both of you. Talk to an agent today to see what might be already covered and what additional coverage your student may need.