Health and Property Insurance

Does he need personal property insurance?

This is another one of those “grown-up” issues that students will need to be aware of before they head to campus. It is estimated that students bring between $5,000.00 to $10,000.00 worth of personal property with them to campus and when you combine all those easily carried valuables with the laid-back, open atmosphere on most college campuses, you have a recipe for property loss. In fact, larceny is the most reported crime on most college campuses. With this in mind, insurance is a must, but what kind?

Most homeowner’s policies will cover students’ valuables if they are living on campus and still list the family’s home address as their permanent address.  Even so, it is always a good idea to confirm your coverage and its limitations with your insurance agent before your child leaves for college. Also keep in mind that if your child makes claims against your homeowner’s policy, it could negatively affect your rate and ability to maintain coverage.

Another option is renter’s or student insurance. Renter’s or student insurance can cover a specific amount or just specific items and is usually very affordable. It will also not adversely affect your homeowner’s policy of your child makes a claim. Most major insurance companies offer renter’s insurance so speak to your current agent for the best rate.

What about health insurance

If there was ever a hot-button issue in the United States today, this is it. The cost of healthcare and insurance is staggering and although healthcare and coverage is usually the last thing on your student’s mind it is essential that you discuss the ins and outs of your policy with your child.  Imagine your dismay and frustration when you discover that your child went to an out-of network emergency room or clinic for a broken wrist when an in-network hospital was just a few more miles down the road.  The difference in the bills could well be in the thousands so it is important to discuss your policy with your child and determine where the in-network facilities are located near campus. The last thing either of you want is to pay for out-of-network medical bills instead of tuition.

Most medium to large campuses have their own health service centers or walk-in clinics on campus, and many times campus clinics are cheaper for certain services due to grants and subsidies. But, it is still a good idea to compare costs for routine visits, physicals, and prescriptions before he starts college.