So your kid is off to college and you've barely said good-bye and you're already thinking about sending them a care package to remind them of home. Or perhaps you're fretting about whether they will shower regularly, or eat properly, or sleep enough, or...dare we say it, study? The reality is that as a parent, there's not that much you can do about many of these things, but making sure your child has adequate financial security is possibly one of the better care packages you can give them.
Renters Insurance
As a parent, I know how important it is to make sure our kids' belongings are protected. While our homeowners' insurance might cover some things in on-campus housing, a separate renters insurance policy is usually needed for off-campus housing. This type of insurance covers personal items like laptops and TVs and also provides liability protection.
Auto Insurance
If your child is taking a car to college, it's crucial to have the appropriate auto insurance, regardless of how often they will be driving, and confirm that the policy is updated to reflect their address each time they move.
Health Insurance
Most of our kids are covered under our health insurance until they turn 26, but if they are going to an out-of-state college, this might complicate things. Be sure to check that your healthcare providers are in-network and consider any plans the school offers to ensure they stay covered. But, if your child is covered under your health insurance, don't forget to have them (and no, you can't do it for them) opt out of the college health insurance plan, otherwise you will pay twice!
Life Insurance
Life insurance isn’t something we often think about for our kids, but it becomes specifically useful if they have student loans. Private lenders typically do not forgive loan balances if something happens to the student, leaving their parents responsible. Appropriate life insurance can cover these expenses and provide families with security during what would already be an immensely difficult time for a surviving family.
Identity Theft Insurance
College students are prime targets for identity theft. It is important to teach them about using strong passwords and shredding important documents, and identity theft insurance provides additional peace of mind. These policies typically offer credit monitoring and support for recovery if their identity is compromised.
Personal Articles Insurance
If your child has high-value items like jewelry or expensive electronics, these might exceed the limits of a standard homeowners' policy. To ensure these valuables are covered against theft, damage, or loss, think about adding specific protection through endorsements. This extra coverage can provide much-needed reassurance for both us and our kids, and prevent us from having to go out-of-pocket to replace them.
In Summary:
Ensuring that our adult children are well-protected while they are away at college is a priority for any parent. These steps help to safeguard their belongings, confidential information, health, and future financial stability, allowing them to focus on enjoying their college experience.
As parents, this is another way we can continue to care for and support them as they make this exciting transition.