Is Your College Student Properly Insured?

Now that your college student has moved in, bought the textbooks and started classes, you may think the only financial worry left is dealing with the tuition bill. But have you thought about your student's insurance needs? offers some quick guidelines on making sure the youngster is covered:

Health insurance

Many schools now require that enrolled students have health coverage. If your student attends school full-time, she's probably covered by your family insurance through age 21.

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But check the details of your plan — the age limit can vary between 18 and 24. If you don't have family coverage or your student isn't eligible for it, investigate the school-sponsored insurance, which is usually a good deal.

Property/renters insurance

Larceny is usually the No. 1 crime on campus, and these days, students are likely to have thousands of dollars worth of expensive equipment in their dorm rooms. Students in school full-time and living on campus are probably covered under your family homeowners, renters or condo insurance policy.

But if they've moved off campus, are taking classes only part-time or have changed their permanent home address on legal documents, it's wise to invest in renters insurance. It's usually fairly affordable at $140 to $200 per year. Just shop around for the best deal.

Auto insurance

If your student left the car at home, you might be able to save — if the school is at least 100 miles away, that is. Check with your insurer; you could get 10 percent off your premium. But if your student took a car to campus, consider yourself warned — your rates have a strong chance of going up.

Always make sure you've notified your insurance carrier about your child's move to school or you may be jeopardizing your family policy and risk losing coverage altogether.

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