Insurance needed for college students

College students often need specific types of insurance to cover various risks and responsibilities. Here are the main types of insurance that can be important for college students:

1. Health Insurance

  • Required by most colleges: Many colleges require students to have health insurance. They may offer plans through the school or allow students to remain on their parents’ health insurance plan until age 26.
  • Student health plans: Some universities offer affordable health insurance plans for students.
  • Marketplace plans: Depending on income, students may qualify for Medicaid or subsidized plans through the Affordable Care Act marketplace.

2. Renters Insurance

  • Covers personal belongings: If a student lives in a dorm or off-campus, renters insurance can protect their belongings (like electronics, furniture, or clothing) in case of theft, fire, or other disasters.
  • Liability protection: It can also offer liability coverage if someone is injured in the student’s living space or if the student accidentally damages the property.

3. Auto Insurance

  • State-mandated coverage: If a student owns a car, they’ll need at least the minimum auto insurance required by the state.
  • Student discounts: Many insurers offer discounts for good students, safe driving, or for students who drive less while away at college.
  • Away-from-home discount: Some companies offer reduced premiums for students attending college far from home and not using the car often.

4. Tuition Insurance

  • Refund protection: This type of insurance helps if a student has to withdraw from college due to illness or injury. It can reimburse tuition fees, room and board, and other college expenses.
  • Medical withdrawal: Coverage typically applies when a student withdraws for medical reasons, though specific policies may vary.

5. Travel Insurance (for Study Abroad)

  • Emergency medical coverage: If a student is studying abroad, travel insurance can cover emergency medical treatment.
  • Trip cancellation or interruption: It can also cover non-refundable expenses if a trip is canceled or cut short for covered reasons, such as illness or political unrest.

6. Identity Theft Insurance

  • Protects against financial losses: Since students often use digital devices and online platforms, identity theft insurance can help cover the costs associated with recovering from identity theft.

Key Considerations:

  • Coverage through parents’ policies: Check if the student is already covered under existing policies (e.g., health, renters, or auto insurance).
  • Bundling options: Some insurance companies allow bundling of renters, auto, and other policies, which can lead to discounts.

Would you like help exploring specific insurance options?