Off to College: Essential Insurance Checklist
As you or your child prepares to head off to college, there's more to think about than just classes and dorm room decor. Ensuring that you have the right insurance coverage is crucial to protect yourself and your belongings during this exciting time. Here's an essential insurance checklist to help you get started:
1. Renters Insurance
Why You Need It: Renters insurance is a must-have for college students living off-campus or in dormitories. It covers personal belongings against theft, fire, and other unexpected events. Additionally, renters insurance provides liability coverage, which can protect you financially if you're held responsible for accidental damage to someone else's property or injuries.
What to WeadCo Provides:
Personal Property Coverage: Ensure it covers items like laptops, furniture, and other valuables.
Liability Coverage: Check the limit to ensure it is adequate. Adequate enough to buy your buddy a new laptop when beer pong get’s out of hand and ruins it!
Additional Living Expenses: This covers costs if your living situation is temporarily disrupted.
Tip: Sometimes, a parents homeowners insurance will over extended coverage, but with a much higher deductible. Renters insurance ensures low deductibles and low premium. Like as low as $10.50/mo!
2. Update Your Garaging Address
Why You Need It: If you are bringing a car to college, updating your garaging address is vital. Insurance companies calculate premiums based on where the car is primarily parked, and providing an accurate address can prevent issues with claims and ensure you are paying the correct premium.
What to Do:
Contact WeadCo via email to update your policy with your new college address.
Tip: Some insurers offer discounts for students with good grades, so we’ll be checking for additional savings.
3. Obtain Auto ID Cards
Why You Need It: Having up-to-date auto ID cards is crucial for proving insurance coverage if you're pulled over by law enforcement or involved in an accident.
What to Do:
Request new auto ID cards from WeadCo, reflecting any updated information.
Keep a copy in your vehicle at all times and consider having a digital copy on your phone. It can be saved in your Apple Wallet!
Tip: Make sure to tell your WeadCo agent if you’re headed to college out of state! This may affect the required limits on your auto insurance policy.
4. Obtain Life Insurance
Why You Need It: Life insurance may not be a priority for some college students, it is an important consideration if you have co-signed loans or financial dependents. Life insurance can provide financial security and peace of mind. In Texas, the average undergraduate student loan debt is $32,720. That average rises exponentially for a graduate student!
What WeadCo Recommends:
Term Life Insurance: Often the most affordable option for young adults, providing coverage for a specified period. Specifically the highest debt period of life!
Coverage Amount: Consider coverage that would pay off any outstanding debts or loans in addition to covering final expenses. EX: A college student can secure a $100,000, 20-year term life insurance policy for as little as $12 per month!
Tip: Purchasing life insurance at a young age can lock in lower premiums and provide coverage for future needs. Life insurance will never be as cheap as it is today!
Final Thoughts
Preparing for college is an exciting journey, and having the right insurance coverage can help you focus on your studies and new life experiences without worrying about unexpected financial burdens. Review this checklist, talk to a WeadCo agent, and ensure you have the necessary protections in place. With the right coverage, you can enjoy peace of mind and fully embrace the college adventure!
