Thanks to the Affordable Care Act, your college student can remain on your health insurance plan until age 26. But there are other insurances you may want to consider for your college student while they’re away from home. Whether an accident or some other unforeseen event occurs, you may help relieve some of their (or your) financial stress through these six types of insurance:

1. On-campus renter’s insurance – If your child is going to live on campus, your homeowner’s insurance may or may not cover them. Each insurance company has its requirements regarding insuring possessions outside of the physical property. Contact your insurance professional to determine if your student is covered or if you may need to purchase renter’s insurance, even if they live in the dorm.

2. Off-campus renter’s insurance – If your student lives off-campus, renter’s insurance is essential. Look for a policy that will also cover a period of living expenses if the off-campus location has a fire, flood, or other damage requiring repairs to provide financial resources for this unexpected situation.

3. Car insurance – Your college-age student may be able to remain on your policy while in college. However, be sure to contact your insurance professional regarding where your student is attending, as it may increase your rates. Also, many insurance companies offer student discounts for students that maintain at least a B average, so you must ask about special rates and discounts and keep in touch with your student and the insurance company.

4. Electronics insurance- Often, electronics are covered by your homeowner’s or renter’s insurance but may have a high deductible to replace them. Therefore, you may purchase a protection plan that covers the gadget against theft, damage, or loss up to the replacement value. Also, check if the electronics are covered while living in the dorm or used at other campus locations.

5. Identity theft insurance – College students are often the target of identity theft for the following reasons making having insurance important:

• They live close to others without secure environments to store personal items.
• They unknowingly share personal information, such as phone numbers, addresses, etc., through social media.
• They forget to shred confidential documents.
• They fail to choose secure passwords or may share them with others.

Identity theft plans often include credit monitoring and recovery and may consist of covering legal costs. Identity theft insurance is vital to helping your student cover the financial loss they may experience if their identity or other personal information is stolen. Ask your insurance professional if you can add an identity theft rider to your homeowner’s policy or if you should consider purchasing an individual policy for your college student.

6. Personal liability insurance – Often, personal liability insurance is included in the parent’s homeowners or renter’s insurance policy. Still, ensuring it covers your student at college is a good idea. Personal liability insurance covers two circumstances; legal expenses if your student harms someone and gets sued, and if your student damages someone’s property and needs to replace it or causes bodily injury and has to pay their medical bills.

Before purchasing any of these types of insurance, please consult your insurance or financial professional to determine whether you can add them to your current policies.

Important Disclosures:

This material contains only general descriptions and is not a solicitation to sell any insurance product, nor is it intended as any financial advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by Fresh Finance.

LPL Tracking # 1-05367581

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