By Christina Chant
Provided by 
Sending your child off to college for the first time can be a source of emotional heartache as well as administrative headaches. Here are some things to consider when navigating the insurance maze:
Health insurance
Many family policies will cover dependants (including students) until they reach a certain age. However dependent eligibility and coverage area vary, so it’s essential to talk to your health insurer or benefits provider to find out how your policy works. And if your child is an athlete, pay particular attention to the fine print of any policy they are covered under. A recent report in the New York Times revealed that insurance coverage for varsity athletes provided through colleges varies dramatically from school to school, while many family policies exclude varsity sports injuries.
Auto Insurance
Some insurance companies provide discounts to students who are in the top 20% of their class or have a B average or higher, so it can be worth asking about ‘good student’ credits. A similar discount can sometimes be offered to students who have participated in defensive driving classes. If your child will only be using a car when they come home for vacations, many insurance companies are happy to take them off your policy when they’re away and add them when they’re home again.
Personal Possessions Insurance
Most homeowner’s insurance policies will cover your child’s valuables if they are living in an on-campus dorm room. Calculate the value of the property your child will be taking with them to college and check your policy to learn the extent of your coverage. Coverage is generally 10 percent of your homeowner’s policy, but you may need additional coverage if your child has expensive electronic equipment. If your child will be living off campus you should investigate a separate renter’s insurance policy instead.
Identity Theft Insurance
As a student your child may be more vulnerable to identity theft. Personal information is often more readily available on campuses and not all students are careful about the way they handle personal data. However, identity theft insurance cannot protect you or your child from becoming a victim of identity theft and does not cover direct monetary losses incurred as a result. While it provides coverage for the cost of reclaiming your financial identity (such as the costs of making phone calls, making copies, mailing documents, taking time off from work without pay) a simpler and cheaper strategy is to ensuring that your child understands how to protecting their personal information. For more advice about guarding against identity theft, go to the US Department of Justice's identity theft page.
Christina Chant, is a freelance writer and university writing tutor. Her work has appeared in publications including Circle K, University Affairs, Voyageur, and Canadian Newcomer. Visit her site and view writing clips at christinachant.wordpress.com
Read the original family finance article on FiLife: http://www.filife.com/stories/insurance-for-your-college-student
