Parents, Review Your Insurance Policies Before Your Student Goes Off to School

Sending a student to college can be an emotional time. Remembering to pack everything they will need while away from home is a challenge — and so is understanding your changing insurance needs. Here are tips to help you update your insurance policies to cover your college student.

Health Insurance

Most health insurance policies cover dependents who are full-time students. Generally, a student must be enrolled in at least 12 credit hours per semester (six or nine credit hours in the summer) to be considered a full-time student. Individual policies differ, so check with your health insurer or benefits administrator about how the policy defines a full-time student and the maximum age of coverage.

Know Your Policy:

Before leaving home, make sure your student has a copy of the relevant insurance cards and knows about obtaining referrals and approvals before seeking treatment. If you are insured by a health maintenance organization (HMO), check to see if your student will be outside the HMO service area while away at school. If this occurs, the student likely will have coverage for emergency care, but might have to travel to a physician or hospital within the HMO service area for routine care. If your insurer is part of a preferred provider organization (PPO), your insurer may pay benefits at out-of-network levels if you are outside your network.

Renter's Insurance

Does Your Student Need Renter's Insurance?

If your student is enrolled in classes and living in on-campus housing, your homeowners policy will likely extend to the belongings they take with them. However, if your student is living off-campus, This e-mail address is being protected from spambots. You need JavaScript enabled to view it to see if your homeowners coverage will extend to the rental property. If it does not, you may want to consider renter's insurance to protect your student's personal property in the event that it is damaged, destroyed or stolen.

A Home Inventory

A list of your student's possessions —  including purchase prices, model numbers and serial numbers — will help you decide how much renter's insurance your student will need. It's a good idea to have a detailed inventory in case of disaster, as it will help you and your student should you have to file an insurance claim following a catastrophe. Take photos or video of the possessions, and store the inventory in a secure, off-site location.

Auto Insurance

If your student is taking a car with them to school, check your existing insurance policy.  In addition, the insurance company should be notified each semester if the student maintains good grades. Maintaining a certain G.P.A. might make your child eligible for a good student discount.

Identity Theft

As a college student, your child may be more vulnerable to identity theft because of the availability of personal information and the way many students handle this data. Identity theft is one of the fastest growing crimes in the United States, costing victims more than $5 billion annually.

Identity Theft Insurance

Identity theft insurance provides coverages for the cost of reclaiming your student's financial identity — such as the costs of making phone calls, making copies, mailing documents, taking time off from work without pay (lost wages) and hiring an attorney.

For tips on protecting your student from identity theft, click here.

Information from National Association of Insurance Commissioners.