Bullies. Bad grades. Mean teachers. Unfortunately, insurance cannot cover students for every bad thing that can happen to them. But many types of insurance policies are designed to put students’ minds at ease whether they’re attending college or still in high school.
Now that school is nearly back in session, let’s review some of the most important coverages college and high school students can have.
Back to College Insurance
Are you heading off to freshman year of college this fall? Congratulations! Any teenager who reads about insurance in their free time is bound to make many new friends at college.
Don’t jeopardize the bright times ahead by going to college without the right kinds of insurance. A single theft, accident or “regrettable yet understandable mistake” on your part could seriously harm your academic career, not to mention cost you (or your parents) big time. Medical and auto insurance together often aren’t enough to prevent a financial disaster!
Renters Insurance
If your parents have homeowners insurance, your possessions are probably covered while you’re living in campus housing. But if you’re renting off-campus, only renters insurance will cover your belongings in the event of a fire, theft, vandalism or other misfortune. Renters insurance also covers your property when it is not in your apartment, such as in your car. You will appreciate that peace of mind if you’ve ever paid for a new MacBook Pro.
Most renters insurance policies include liability coverage. It covers the policyholder in the event they are found liable for causing an accident which injures a guest at their apartment. It may also pay for legal expenses and property damage. Liability coverage typically comes with policy limits, and it does not cover damages or injuries caused by intentional acts.
Tuition Insurance
The average cost of in-state college tuition is $9,349. Out-of-state tuition costs almost three times more. Worse yet, tuition isn’t the only cost of college. After fees, room and board, books and daily living expenses, one year of college in the United States can easily cost over $30,000.
All of this is to say that college is an enormous investment. If a student fails to yield a return on that investment because they fall ill during the school year, the financial implications can prove disastrous.
Tuition insurance may compensate the policyholder for their tuition and other incidentals if they must withdraw from college for medical reasons. Different tuition insurance policies vary, although they typically cover the student in the event of a chronic illness such as heart disease, an acute illness such as mononucleosis, or a mental illness or substance use disorder.
Many colleges provide a partial refund to a student who has to withdraw for medical reasons, although refunds for student housing and academic fees under the same circumstances are virtually unheard of. Some colleges do not charge additional fees if a student returns to complete their coursework after they have recovered, although this allowance provides little comfort if the student cannot return to college. Tuition insurance gives a student peace of mind that they will receive reimbursement regardless of their college’s medical leave policy.
Travel Insurance
If you’re one of the 10.9 percent of American undergraduates who will study abroad – or you just plan on visiting Cancun during spring break – then you should purchase travel insurance. It can cover you in the event of sickness and accidental injury, as well as stolen luggage, travel delays, property damage and environmental disasters.
Take care that travel insurance only covers unforeseen events. If you choose to study abroad in a country where there is an imminent threat of civil unrest or war, your travel insurance may fail to cover losses sustained as the result. Likewise, you cannot purchase travel insurance for a beach vacation that unfortunately coincides with a hurricane.
Back to High School Insurance
Is your teenager finally going back to high school? You’ll surely miss them while you’ve got your whole house to yourself every weekday, but don’t let sadness distract you from providing for their insurance needs.
Health Insurance
It is crucial to make sure your child is covered by health insurance from the moment they are born. It is a good idea to review their coverage at the beginning of each school year, just to ensure everything is in order. Doing so can help protect your child if they catch an infectious disease at school or sustain an injury playing sports. Over 175,000 school injuries during the past decade have resulted in visits to the emergency room!
Auto Insurance
An Iowan must be at least 14 years of age to obtain an instruction permit. So long as they have their learner’s permit, they are typically covered by their parents’ auto insurance policy.
It’s a different story once your kid gets their driver’s license, which they are likely looking forward to so they can begin driving themself to school. If you plan on adding a teenager to your auto insurance policy, know ahead of time that doing so is almost certain to increase your rate. Parents typically pay about $225 to $300 extra per month when they add a teen to their auto insurance policy.
The Hoffman Agency has served individuals and businesses in Sioux City, IA for all their insurance needs since 1964. If you would like to buy assurance that you or your young one will be protected at school this year, then we welcome you to contact us today.