Insurance Options for College Students
By USInsurance.com Staff
If you have a car, you obtain auto insurance. If you
have a house, you obtain homeowners insurance. The same idea is true if you
go to college where you an insurance policy to protect your possessions and
yourself. Not only do you need insurance in case something happens to you, but
it is wise to have insurance to protect your belonging should they be stolen or
worse case scenario if they happen to perish in a fire. The good news is
obtaining insurance for a college student is actually pretty easy. Here’s how to
obtain a plan that is right for you.
1. Add college students to an existing homeowners policy.
For parents that have a homeowners
insurance, an easy (and cheap) solution is to add a child onto an existing
plan. Parents have to prove that their child’s main residence is at the family
home, which for college students who live in dorm rooms or temporary housing, is
usually not an issue. Students are typically covered for 10 percent of a
homeowner’s policy. In some instances, you may want to consider adding a rider
depending on the number valuable items your child is bringing to school.
Although a cheap solution, parents should also realize that any claims a student
makes may raise your insurance rates; however, this is generally after numerous
claims.
2. Take out a renters insurance plan. If your parents don’t
want to put you on their homeowners insurance policy or if they don’t have
homeowners insurance another option is to obtain renters insurance.
Renters insurance protects your belongings – such as expensive laptops, iPods,
clothing, etc – against theft. Additionally, with renters insurance you don’t
have to claim permanent residence at your parent’s place, which can be
beneficial to students whose country of citizenship is different from where they
attend college. The con, though, is that with a renter’s insurance policy the
deductible is a lot lower than a homeowner’s insurance policy.
3. Life insurance policies. Beyond protecting your
belongings, parents and college students should also consider obtaining a life
insurance policy while attending college [Refer to the article "What
to Look for in a Life Insurance Policy" to find the right plan for you].
Buying a policy in college is also advisable since insurance policies are
significantly cheaper when people are young and healthy. For example, “a
20-year-old, healthy, non-smoking male can purchase $100,000 of term coverage
for 15 years for $10 a month or lifetime coverage for $28 monthly. Women usually
pay less because statistics show they live longer,” according to ronake.com.
Insurance Guide
Auto Insurance
Home Insurance
Life Insurance
Renters Insurance