Insurance 101 for College Students

Our son started back to UGA this week. It reminded me that students bring their most valuable possessions to school but don’t consider what might happen after they arrive. It wasn’t long ago that we saw the UGA theft case in the news. With a load of classes and a full social calendar on their mind, students may not give much thought about protecting their things. Consider how much it would cost to replace all of their gadgets like computers, smartphones, tablets, ereaders as well as clothes, sporting goods, and backpacks!

Water pipes can burst, someone may accidentally start a fire, and thieves catch us off guard. Sometimes stuff just happens. What if your belongings are ruined or stolen?

What students learn in class is very important, but it's equally important for them to fully understand how their valuables are protected before bringing them to campus. And if something does happen, what about the expenses if they’re forced to live somewhere else for a while? Additional living expense is automatically part of most renters’ policies and helps you pay for a temporary place to live, food, and other costs. What if you end up needing a new security deposit with first month’s rent? Hotel costs, restaurants for every meal, and even replacing all the little things like toothpaste and socks.

Students that live on campus should be covered under their parent’s homeowner policy. If a student lives in a fraternity or sorority house, or somewhere else off campus they probably need a renter’s policy. Get a definite answer from your insurance agent. The monthly fee for $15,000 worth of coverage can as little as $15 per month. A typical deductible is $500 would apply, and a basic policy will include at least $100,000 liability coverage as well. It’s worthy to note that something stolen from car is typically covered by home or renters policy - not the vehicle’s insurance policy.

There are great online tools available to help calculate what all of their possessions are worth.