Back to School Insurance

by Webb Hubbell

It’s August, parents and students alike are making checklists of what to purchase, what to pack, and what last minute items are needed before the school year begins. Very few lists contain the words, “call my independent insurance agent.” Here are several reasons why it should be on every parent’s list.

1. As college students start taking more and more valuable items to school – computers, televisions, expensive stereos, and jewelry -- the risk of theft or damage at the fraternities’ “Toga party” increases. Although some of these items may be covered under Mom and/or Dad’s homeowners policies a lot of items may be excluded. For example, off-campus students may not be protected at all under their parent’s policies and need to purchase renters insurance.

2. Cars owned by the parents still carry coverage when Junior takes it to school, but what if the young student purchased a car in his/her own name with summer job money? What if the young student is going away without a car, can the parents take the young student off their policy sometimes saving big bucks.

3. Most colleges require health insurance for all their students. Some offer very comprehensive plans at very low costs. Are there financial benefits to the family by eliminating the child from the parent’s health insurance plan and purchasing the colleges plan.

4. A fall semester abroad? Do you need to by a supplemental health insurance policy?

5. College is very expensive. How can you use your existing life insurance program to help or do you need more life or disability insurance to guarantee your child’s ability to go to college.

These are just a few examples of why spending a few minutes with your independent insurance agent in August may just as important as buying that new set of sheets.