Imagine this – You’re moving to a college. Your parents fund your account every month or you have a part-time job to help you pay for amenities. You need a place to stay, food to eat, and money to save, at least for rainy days.
But when you think about rainy days, it’s not just that you need a little extra. Sometimes, you need a lot more than just a few quick bucks that you can extract from your savings account or borrow from a friend.
You need insurance!
The need for insurance in college
Many of you might be living independently for the first time while moving to college. But just like every stage in life, uncertainties could occur from anywhere. It’s better to be safe than sorry.
Sure, insurance might not be exactly your first priority. Possibly because of how little you know about it. But get this – Insurance is practically one of the first safety nets you can create for yourself. And it’s important to know about them.
Some insurances for college are vital for every student. In this article, we are going to discuss 4 insurances in college that every student needs.
1. Personal Liability Insurance
Personal liability insurance is one of the most popular types of insurances for college students to have, especially if you are renting a place.
Let’s say you are living in a rented apartment and someone hurts themselves in that place. You can use personal liability insurance coverage in case they are filing a case against you for the damage.
This will help you by covering the damage expense as the insurance company will be covering the charges. This happens if any lawsuit is filed by the injured person asking for emotional trauma and medical expenses.
In a simpler way to understand, this insurance helps in situations where there is any kind of bodily or property damage happening to others on the premises that you or covered residents are responsible for.
2. Health Insurance Coverage
Health insurance for college is one of those types of insurances that is always a big yes-yes for everybody at every stage of their lives.
Till the age of 26, kids are covered under the parent’s insurance itself. However, if you are going to a different state to study, you might need to check health insurance coverage with their insurance provider near their location. In a situation where no closeby in-network is available, then you need to take a routine test while you are still at home by a doctor before you start college.
In case of an emergency, you need to have a backup plan for the same and therefore a safer option will be buying health insurance from your college. There are different options available to students for health insurance. Let’s look at some of them available which are easy to apply:
- Students use their parent’s healthcare insurance plan.
- Applying for the college’s health insurance available plans.
- Buying catastrophic health plans available for comparatively cheaper premiums.
In uncertainties pertaining to health, insurance helps a lot as the medical fees in foreign countries are way more expensive. For example, in the US it might cost around USD 300 to USD 350 for consultation fees. Therefore, these plans will help you cover accidental death or permanent disability, dental emergencies, and medical evacuation expenses.
3. Renters Insurance Coverage
If you are moving abroad to study, you NEED renters insurance coverage.
Thefts are very general in/around college campuses. If you are bringing a lot of personal belongings that are valuable in worth then you need to have renters insurance coverage to save them from the thieves waiting to get their hands on them.
These valuables could be things like an iPad, laptop, mobile, etc. Any valuable personal belongings can be covered by this insurance. This insurance covers damage done by fire, flood, pipe bursts, and water leaks. It covers the cost of the replacement of the stolen/damaged items that are covered under the policy.
4. Auto Insurance Coverage
If you have a car that you have to park on campus, then you need to ensure it is properly insured.
Vehicle thefts are a common thing on campuses. The premium rate is comparatively higher in a place where the chances of getting theft are higher than usual. Auto insurance can be of different types such as comprehensive, third-party fire and theft, and third-party only.
- You need to choose which insurance will help you the best. This insurance will protect you from financial loss if any theft or accident happens.
- Make you have gone through the policies of the insurance company to claim it. Some of the factors that affect the premium rates are a poor credit card history which may lead to a higher premium for insurance, the number of hours a student drives, or their driving record.
- There are a lot of special discounts and offers that college students are eligible for on their premiums. However, these offers might have some conditions like maintaining a GPA of 2.8+ to become eligible for these offers. Different discounts are applicable for different criteria.
There are certain criteria present for every insurance. These criteria may vary from company to company and plan to plan.
Insurances do hold a lot of value especially if you are going to study outside your hometown for college. Being safe is always better than being sorry.
You can cover the majority of accidental expenses if you have the right insurance ready with you in need. One of the things to note is to do your proper research before buying any insurance.
Make sure you have checked the best premium options and benefits available for the plans. At last, paying a small amount regularly and knowing that you are safe from any emergency is a relief, so get your insurance plans before you head for college.