From State Farm
Photo courtesy of Andrew Neel on Unsplash
As millions of students head to college this fall, they pack laptops, textbooks, and dreams for the future. However, far too many leave something vital behind — insurance.
From weather risks to stolen bikes and unexpected accidents, college life can be filled with events and circumstances that can derail academic success and financial stability.
There is a general lack of insurance literacy among college students. A 2024 survey by the National Association of Insurance Commissioners (NAIC) revealed a concerning lack of understanding of basic insurance terms among young adults (ages 18 to 27). Most students depend on their parents for coverage and their insurance understanding.
State Farm provides the following insurance and tips for college students and their belongings: Insurance Tips for College Students and Their Belongings – State Farm®:
- Auto Insurance: Car accidents or personal injury claims can lead to financial disaster if a student is uninsured or underinsured.
- Homeowners and Renters Insurance: Dorm and off-campus housing are prime targets for theft and damage. A homeowners policy may provide coverage for personal possessions (e.g., a TV, furniture, and clothing) if the student lives on campus. Some policies may limit the amount of insurance for a college student’s off-premises belongings. Check your policy with your agent. College students who live off-campus may need their own renters insurance policy to cover their personal property, liability (which protects them from a lawsuit if someone is accidentally injured at their residence), and additional living expenses (ALE). ALE pays for temporary housing and meals if a college student’s off-campus residence is unhabitable because of an insured event, like a fire or a hurricane.
- Personal Articles Policy (PAP): Parents may want to acquire a separate insurance policy for desktop computers, laptops, tablets, smartphones, and other electronics. This provides personal property coverage beyond your homeowners or renters policy for broader protection against theft, accidental damage, or loss.
- And one final tip — Create a “Dorm Inventory”: Before leaving home, students and parents should make a detailed inventory of all the items they are taking with them and revise it every year. Having an up-to-date inventory can help your insurance process in the event of theft, fire, or other types of disasters.
And finally, don’t forget safety on campus:
- Know Your Campus: Get familiar with campus routes during the day and let a friend or roommate know your whereabouts.
- Protect Your Valuables: Avoid leaving electronics or bags unattended, and always keep doors and windows locked.
- Prioritize Nighttime Safety: Stick to well-lit paths at night and call campus security for an escort if you feel unsafe.
- Stay Alert: Pocket your phone and remove headphones while walking to stay aware of your surroundings.
- Track Your Belongings: Take inventory of your items, document serial numbers for electronics, and leave unnecessary valuables at home.
- Consider Tracking Devices: Tracking devices are small, Bluetooth-enabled devices that help you locate misplaced personal items like keys, bags, or wallets.
- Follow Safety Policies: Observe campus rules and be responsible when socializing, including arranging safe transportation.
Head back to college with peace of mind. Insurance can help students focus on academics instead of worrying about “what ifs.”
The post Dorm Life: Ensure You Are Move-In Day Ready With Insurance appeared first on BCTV.
Source: bctv