When going to college, the last thing you may consider is some form of student insurance. The real question is, which kind should you get? Insurance, by itself, is like a contract that is represented as a policy, in which you and an entity receive a form of financial protection or reimbursement against losses. They are inherently used to protect you against the risks of financial losses no matter the size, whether from damage, injury, or theft that is caused by a third party.
Insurance Words to Know
- Deductible: This is the amount of money that your responsibility in paying toward a loss that was insured. This is usually deducted from your claim payment when something happens. It’s a way of sharing the risk between you and your insurer, along with the policyholder.
- Premium: To put it simply, this is the monthly payment you’ll pay for your insurance policy. It’s used as income for the insurance company.
- Policy Limit: This is the maximum amount an insurer will pay toward your covered claim. The higher the coverage limit, the higher your premium will be.
Reasons to Get Insurance While Away at College
Carrying insurance while your away at college is essential. Not only will it give some peace of mind that you’re protected, but it can cover unexpected events, and hedge you against possible damage and theft, especially if you live in the dormitories.
Types of Student Insurance for College
- Health Insurance: This is one of the many significant expenses many students don’t consider. Since many colleges know you’ll graduate in debt, many require you to carry some form of health insurance. If your family health insurance doesn’t cover you, you may be forced to buy a college or sponsor plan for an additional cost. The Affordable Health Care Act does allow you to stay as a dependent on your parent’s health plan until you reach 26.
- Renters Insurance: You’ll be bringing along some of your personal belongings with you to college. Depending on where you live, your parent’s insurance may not cover your personal property. This is where renter’s insurance will help. Keep an eye on coverage limits in your policy.
- Identity Theft Insurance: Nowadays, students are at more significant risk of identity theft. This insurance is an excellent step in taking the right precautions to protect your identity.
- Car Insurance: No matter where you go, car insurance is a must. Whether you drive to campus or not, having proper insurance is required by state laws, and many colleges require it before you get a campus parking pass. Plus, it helps with any accidents or damage to you or your vehicle.
- Electronic and Property Insurance: Renter’s insurance may not cover your electronics. Since electronics aren’t cheap, have insurance to protect your property from theft and damage is essential for your continued learning and peace of mind. Accidents can happen, so its best to be prepared then be without your computer.
Blanche can help
Insurance is must-have for many students. It’s also an additional expense many don’t consider, especially once they realize their parent’s insurance isn’t enough. College is expensive enough without you having to worry about a broken laptop or a trip to the emergency room. Insurance will provide you some peace of mind so you can concentrate on your studies and succeed in the future.