College is about to begin, and what is on most college student’s mind is beer money, iPad, and a new futon. What isn’t on your mind? Auto, health, property and personal liability insurance policies. If you're a college student, you'd better make sure you have those things too.
You may plan to be studious and judicious while your away, but accidents happen. If you have an unexpected mishap, student loans may not be the only debts you'll be carrying after you graduate.
Here are some potential jams you could find yourself in on campus, as well as insurance options to consider before disaster strikes.
Too much alcohol
You go overboard at a party and wake up in the hospital. You have alcohol poisoning and a broken leg. You are looking at some hefty doctor bills.
If you are faced with a catastrophic injury, the quality of your medical coverage will prove crucial. Universities frequently offer coverage to students and the low premiums may look like a bargain. But often health coverage is capped at $100,000 -- not a lot if you wind up gravely ill or injured.
Your laptop is stolen
You may be covered under parents' homeowners insurance, but you should make sure laptops and electronic devices are included and for how much. If you are living off campus, you may need to buy renter's insurance to cover your belongings while you're at college.
Off-campus apartments are unlikely to be covered under parent’s homeowner’s insurance.
A fraternity prank gone bad
Sometimes seemingly harmless pranks can go terribly wrong. Here's where personal liability insurance comes into play. Costs vary, you can be covered under an umbrella insurance policy from your parents.
An umbrella policy affords you additional coverage you don't have under a home or a car insurance policy.
Someone wrecks your car
You let a friend borrow your car and they crashed. What type of policy do you need to make sure you're covered for this? Your auto insurance will cover damage to your car if you have collision coverage and your roommate is a permissive user, meaning he is permitted to drive your car under the terms of your policy. Check with your insurance company to see if you need to add your roommate as a driver.
Depending on how much damage was done to other vehicles and property, make sure you have enough liability coverage.
For information on personal insurance policies for college students, contact TriState Business Insurance.