Your kids are about to trek to college soon, perhaps for their first extended period away from home.
It may make sense to check your insurance policies and consider changes or even purchasing a new policy, according to consumer advisers.
“Students heading to college these days take a number of high-priced items with them such as computers, jewelry, televisions and DVD players, risking theft and damage,” said Ragina C. Averella, manager of public and government affairs for AAA Mid-Atlantic in Towson.
Averella said it is not safe to assume homeowners, auto and health insurance will provide coverage for a parent?s college student.
“Most policies have limits on age, residence and academic standing,” Averella said.
Parents can also choose a separate renter?s policy for their child, covering the child?s property whether they live on or off-campus, according to recommendations from AAA Mid-Atlantic.
“Such a policy can be customized to child?s needs and specific living situation,” Averella said.
She added that if the student takes a car to school, the auto insurance company must be notified of a change in location.
“Making a claim from out of state without proper notification can result in loss of coverage,” Averella said.
She added that most employers provide health coverage for dependents until age 23, while others have earlier age cut-offs and limited out-of-state coverage.
Damian Salvi, vice president of the team advantage sales division for Baltimore Life Insurance Co. in Owings Mills, said parents often overlook the benefit of a life insurance policy for their child while the child is in college.
Life insurance policies can help pay student loans if the student passes away while in college, according to Salvi.
He added that couples should make sure that their own life insurance coverage is adequate to pay for the child?s college education should either parent die whilethe child is in college.
“You want to make sure that you can cover the college education expenses,” Salvi said.
The Washington-based American College Student Association offers students low-cost health car plans for students. The plans are available for students who are no longer covered by parents, international students who need coverage and graduate students who are married, according to a statement by the association, which represents students.
