Parents and kids alike worry about crossing everything off their pre college check list before the summer ends. But there is one thing that doesn’t always make it on the list: insurance. If you have a child who will be leaving home for the first time, or who will be commuting to college, you may need to adjust their current coverage. Here’s what you need to know about finding the right insurance coverage for your college student.
It’s important to notify your insurance company of any changes to a driver listed on your policy. Discounts and other savings may be available to families with college students. Many insurance companies offer good student discounts, or you may be able to adjust your child’s status on your policy. Whether or not your child has a vehicle on campus, it is still important that they maintain auto insurance while at school. Keeping their auto insurance active ensures that they are still covered while home on breaks or if they borrow a car.
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For students living in a dorm or other on-campus housing, they may be covered by their parents’ renters or homeowners’ policy. For students living in off-campus housing, it is important to know that a landlord’s policy will not protect the property of the renter; only the property of the landlord. Renters Insurance covers personal property, liability and living expenses in the event that temporary housing is needed. Renters insurance is relatively inexpensive and can cover lost, stolen or damaged property. There are some policy specific exceptions to these rules. Be sure to discuss your options with your insurance agent.
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It is important to have your child sign a medical power of attorney form (or a medical POA) in case of any incident in which they are unable to make their own medical decisions. A medical POA allows an authorized individual to make medical decisions on the child’s behalf if they are unable to do so themselves. This is important for many reasons but can give parents peace of mind while their child is at school. For a child over eighteen, a medical POA is still needed for you to gain access to your child’s medical status and treatment, even if your child is still on your health insurance plan. A medical POA can appoint anyone the child chooses to make medical decisions on their behalf. It’s a good idea to have a parent, guardian or trusted adult listed as well as an alternative. This document can be prepared by a lawyer or privately; just search “free medical POA form” for your state.
For more information on medical POA’s, click here
Adjusting to college life can be difficult on parents and kids. One thing that doesn’t have to be difficult is adjusting your insurance to make sure your child has the coverage they need while pursuing their college education. Contact an Avery Agent today to learn more about properly protecting you and your college student.