James Kase
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Every Students Needs Insurance – As a parent, guardian, care-giver, sponsor or student, one should not underestimate the need for us to be mindful and make provision for the availability of adequate Insurance needed to cover or child, ward or ourselves as students. The need to get covered by insurance is as paramount as the need to breathe and stay alive.
While your child/ ward is preparing to go back to school, you must put in mind that uncertainties are inevitable and such, one needs to be prepared at all time. Take your time to read through the bulleted points to know why you should not miss getting your student child an insurance coverage.
Personal property: Parents’ homeowners policies typically cover college students’ liability and personal property. Generally, a homeowners insurance policy will extend coverage for a dorm room or apartment if the son or daughter is enrolled full time, lived at home before attending school and is 23 or younger. If the student is 24 or older, consider extending coverage by endorsement or purchasing a separate renters policy. It’s also a good idea to add a personal computer endorsement to the policy to provide broader coverage.
Automobile insurance: If a student will be living more than 100 miles from home and will not have a vehicle at school, he or she may be eligible for a discount on the auto policy. Students taking a vehicle with them should alert their insurance company of their address at school. It’s also a good idea to caution college students about letting someone else drive their vehicle. If an accident happens, the vehicle owner’s insurance generally responds first and the driver’s insurance is secondary, meaning the owner may be responsible regardless of who is driving the car. Also, remember to ask about a good student discount.
Renting a Truck or Trailer Insurance: When renting a truck or trailer for moving, a personal auto policy will most likely extend liability and medical coverage for the rental period. However, most auto policies will not provide physical damage coverage to the rental moving truck, so consider purchasing the physical damage coverage from the rental company. If property inside the truck is damaged, a homeowners policy generally provides coverage.
Health insurance: Out-of-network charges can be costly, so it’s important that college students know which provider networks are covered under their health insurance policy. Students should be familiar with their policy’s urgent and emergency care provisions if the network isn’t available where they are attending school.
After graduation: Once students complete college, they will want to reevaluate their insurance needs. If they are moving back home and driving their parent’s vehicle, the home and auto policies will extend coverage to them. New graduates, living on their own, will need a renters or homeowners policy. If they have purchased their own vehicle, they must purchase their own auto policy. If they are driving their parent’s vehicle but are not living in that household, an insurance agent should be consulted. There may be limitations on the policy.
It’s also important that students contact their insurance company or agent before they travel outside the United States; whether it’s for a week, a month or a semester. Some policies may extend coverage for students in foreign countries. In some instances, a foreign health care provider will require payment immediately, and the claim will need to be filed later. Travelers should be financially prepared and have the insurance company’s international customer service telephone number.
