Deciding whether to get insurance for your child at college is an important decision that depends on various factors. Here are some considerations:
- Health Insurance: Most colleges require students to have health insurance. If your child is covered under your family plan, it’s essential to check whether the coverage extends to the area where the college is located. If not, or if it’s inadequate, you might consider a student health plan offered by the college or an individual policy.
- Renters Insurance: If your child lives off-campus or in a dorm, renters insurance can protect their personal property from theft, damage, or loss. Some homeowners’ policies extend coverage to dorm rooms, but there are usually limits, so it’s crucial to check your policy.
- Auto Insurance: If your child takes a car to college, you’ll need to notify your insurance provider. The location where the car is kept can affect your premiums, and the coverage might need adjustments based on the state or city’s requirements.
- Tuition Insurance: This type of insurance can cover tuition costs if your child has to withdraw from school mid-semester due to illness, injury, or other covered reasons. It’s not necessary for everyone but can be a safeguard if you’re paying a significant amount in tuition fees.
- Travel Insurance: If your child will be studying abroad, travel insurance can cover unexpected travel-related issues, health care in other countries, and emergency evacuations.
It’s essential to assess your existing coverage, consider the specific needs and circumstances of your child’s college experience, and weigh the costs and benefits of additional insurance. Consulting with a financial advisor or insurance professional can also provide personalized guidance tailored to your situation.
Call ABM Insurance & Benefit Services at 1-800-362-2809 to find the best fit for your child while they obtain a higher education and leave the worry to us.