Md. Regulators Advise College Students to Get Smart About Insurance

Regulators have been pointing out that children not living
at home may not be covered by their parents’ health, auto and property
insurance. Because of this, parents should thoroughly reviews their homeowners’
insurance policies to specify what is and isn’t covered for their children
living away from home.

 

Most likely students that are going to college, whether they
live at home or not, have valuables such as computers and TVs that could be
stolen or damaged. It is important for the parents to check if their
homeowners’ insurance will cover students’ possessions while they are away from
home. Regulators say that they should consider purchasing renters insurance if
a student is living in an off-campus apartment. Renters insurance polices will
provide coverage for the student’s possessions as well as additional living
expenses if the apartment is uninhabitable.

 

Regarding auto insurance, parents should do some research.
If you child will be attending school away from home but plan on using a family
care when they are home during breaks, the child should be listed as a driver on
the parents’ insurance policy. If the student will be keeping a car on campus,
the insured should notify the insurance company this important information.

 

Children are covered under their parents’ health insurance
until the age of 26. Although, while they are away at college, it’s important
to chick whether the campus health clinic, local physicians and hospitals
accept the family health insurance policy. For example, if a student is insured
through an HMO they are able to be outside the HMO service area of physicians
and hospitals. If this were to happen, the student may have coverage for
emergency care but not for routine care.

 

Students who aren’t provided health insurance through their
parents policy, or who have limited coverage, should consider whether they need
to buy an individual health plan directly from an insurer or see if student
health plans are available to them through their colleges. Student health plans
are underwritten by an insurer that has a contract with the college for offer
insurance coverage to the students.