Insuring your college student

If your kid is heading off to college this fall, make sure they have enough insurance coverage. Here's what you need to know.

1) Check into health coverage
Full-time students between the ages of 18-23 are usually covered under their parents’ health plan. If your health plan has a network, you’ll want to scout out a doctor near where your child is going to be living. Then you’ll need a referral from your local physician. And if your child is no longer on your plan, most colleges offer limited health insurance plans for students.

2) Revisit car insurance
Basically insurance companies reward you if you don’t drive. Case in point: your children – if they have a car in their name – can get a discount on their insurance if they leave their car at home while attending school. But the school must be at least 100 miles away. You’ll also want to notify your insurance company if the car will be garaged in a different location because your premium could go down depending on where your child's college is located.

3) Know the limits
If you have a kid that’ll be living on campus, chances are, your homeowners’ policy will cover most of their possessions. In most cases, your homeowners insurance will cover about 10 percent of property that’s outside the home. And if your kid is going to be living off-campus in an apartment, your homeowners policy won’t be helpful. In this case, you’ll want to look into renters insurance. Rates run about $250 a year for contents of about $15,000.

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