As summer draws to a close, the hustle and bustle of back-to-school is in full swing. Amid the excitement and stress of new schedules, supplies, and activities, it’s crucial not to overlook your family’s insurance needs. Ensuring that your coverage is up-to-date can protect you from unexpected costs and provide peace of mind as your children embark on another school year. Whether you have a teenager driving to school or a college student living in a dorm, there are several key insurance considerations to keep in mind.
Auto Insurance: Safe Driving and Student Discounts
For parents with high school or college students who drive, auto insurance is a top priority. The back-to-school season often means more time on the road, which increases the risk of accidents. Here are some steps to make sure your coverage is adequate:
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Review Your Policy Limits: With increased driving comes increased risk. Ensure that your auto insurance policy provides enough coverage in case of an accident. Consider raising your limits if necessary.
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Good Student Discounts: Many insurers offer discounts for students who maintain good grades. If your child qualifies, this can be an excellent way to save on premiums while rewarding their hard work.
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Driver Safety Programs: Enroll your young driver in a certified safe driver program. Completing such a program can lead to further discounts and help your teenager develop safer driving habits.
Homeowners and Renters Insurance: Protecting Personal Property
If your child is heading off to college, their belongings in a dorm room might be covered under your homeowner’s insurance policy. However, coverage can be limited:
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Dorm Room Coverage: Your homeowner’s insurance may cover personal belongings in your child’s dorm, but often only up to 10% of the policy’s personal property limit. It’s important to check the specifics of your policy.
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Off-Campus Housing: For students living off-campus, renters insurance is essential. This policy protects their personal property and offers liability coverage in case of damage or theft.
Encourage your child to keep an inventory of their belongings, including electronics and other valuable items, to ensure they are adequately covered.
Health Insurance: Ensuring Continuous Coverage
Students under the age of 26 can typically remain on their parents’ health insurance plan. However, if your child is attending school out of state, it’s crucial to verify that your plan covers medical providers in the area:
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In-Network Providers: Some health insurance plans limit coverage to in-network providers, which could result in unexpected out-of-pocket expenses if your child needs medical care while away at school.
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Student Health Plans: Consider whether a student health insurance plan offered through the school might be a better fit, especially if out-of-network coverage is limited.
Final Thoughts
As your family gears up for the new school year, taking the time to review and update your insurance policies can help you avoid surprises and ensure that everyone is adequately protected. From auto and homeowners’ insurance to health coverage, making sure that your policies align with your family’s current needs is key to a worry-free school year.
At Commonwealth Insurance Services, we’re here to help you navigate these changes. Contact us today at 502-813-5436 to discuss your insurance needs and ensure that you have the right coverage in place for this back-to-school season.
