If you have a child in college or one planning to go in the near future, you might want to think about insurance. Chances are high that your child will come away from college incident free, but as you think back to your college days, you may remember a few close calls. Here are a few types of insurance you should consider. (For related reading, see 5 Insurance Policies Everyone Should Have.)
Health Insurance
Of course the most important is health insurance. Most employee plans will allow your child to remain on your insurance while they are in college but it's best to make sure. If not, most major universities offer student health insurance at a low cost. There are also private policies available specifically for college students.

Renters Insurance
In case of a fire, you wouldn't have to pay the damages for the structure where your child lives but you would have to replace the contents of the room. If they rent an apartment, the expenses associated with replacing all of their belongings could be a significant amount. Renters insurance is cheap and protects against the loss. Make sure you have detailed information including pictures of the insured contents.

Tuition Insurance
Tuition insurance is offered through major universities as well as private companies. This insurance protects against the loss of tuition if the student leaves the university. Often, the reason must be medical in nature or the loss of an immediate family member. Some higher priced policies may also cover student loans. If your child attends a high tuition university, this type of insurance may be worth exploring. (For more information, read Tuition Insurance Takes Sting Out Of Withdrawal.)

Emergency Medical Evacuation Insurance
Didn't know this one existed? If your child is studying out of the country, this type of insurance protects against the high cost of bringing them back to you and may cover the cost of taking you to them. Depending on the location, multiple types of transportation may be needed to get them home. For people vacationing abroad, that could be more than $10,000 in some cases.

Auto Insurance
Your child may not be driving while at school, but if they are, they are most likely covered under your policy. Still, consider comprehensive coverage if you don't already have it. For students that are not covered, consider using something like Progressive's Snapshot which looks at your actual driving distance and other habits to set your policy rate. If you're only driving a small distance to and from class, this program could save a significant amount of money.

Sallie Mae is the nation's largest student lending facility. Recently, they unveiled an insurance bundle that includes health, auto, life, renters and travel insurance to help better protect students from the unknowns once they leave your home.

Other insurance companies offer similar to products as Sallie Mae. Talk to a local insurance agent about the types of policy bundles available for purchase.

The Bottom Line
For students heading to college or already there, insurance is a must. Although it's probable that they will never need it, if something happens, set yourself up with the peace of mind to know that the finances are covered. (To learn more, check out Understanding Your Insurance Contract.)

Related Articles
  1. Insurance

    Getting Life Insurance in Your 20s Pays Off

    Find out how Americans in their 20s can benefit from a well-thought-out life insurance policy, especially if they are able to build cash value for retirement.
  2. Insurance

    Using LinkedIn to Find Life Insurance Leads

    Learn how LinkedIn can help you generate leads as a life insurance agent, and understand the steps to turn your profile into a lead-generating machine.
  3. Personal Finance

    Top Universities for Getting an MBA Abroad

    Going abroad for an MBA can add cachet when it comes time to get a job.
  4. Credit & Loans

    10 Ways Student Debt Can Destroy Your Life

    If you're getting a student loan, think critically about how you will manage your loan. Student debt could have a profound negative impact on your life.
  5. Retirement

    Why Are Annuities Important for Retirement?

    Understand how annuities work, and identify the benefits they provide for retirement, the most salient being a guaranteed income stream for life.
  6. Savings

    Become Your Own Financial Advisor

    If you have some financial know-how, you don’t have to hire someone to advise you on investments. This tutorial will help you set goals – and get started.
  7. Professionals

    How to Create a Retirement Co-Op in Your Community

    As the retirement boom continues, retirement co-ops are growing in popularity. Here's how to set one up in your community.
  8. Insurance

    The 4 Best Alternatives to Long-Term Care Insurance

    Understand what long-term care insurance is and the types of people who need this coverage. Learn about four alternatives to long-term care insurance.
  9. Insurance

    Explaining Indemnity Insurance

    Indemnity insurance is an insurance policy that protects business owners and employees from losses due to failure to deliver expected services.
  10. Stock Analysis

    How Does Oscar Work and Make Money?

    Learn how startup Oscar is taking on the health insurance giants by offering customers free doctor's visits, generic drugs and 24-hour phone access to doctors.
  1. Can I borrow from my annuity to put a down payment on a house?

    You can borrow from your annuity to put a down payment on a house, but be prepared to pay an assortment of fees and penalties. ... Read Full Answer >>
  2. Are Cafeteria plans exempt from Social Security?

    Typically, qualified benefits offered through cafeteria plans are exempt from Social Security taxes. However, certain types ... Read Full Answer >>
  3. What are the biggest disadvantages of annuities?

    Annuities can sound enticing when pitched by a salesperson who, not coincidentally, makes huge commissions selling them. ... Read Full Answer >>
  4. What are the risks of annuities in a recession?

    Annuities come in several forms, the two most common being fixed annuities and variable annuities. During a recession, variable ... Read Full Answer >>
  5. How can I determine if a longevity annuity is right for me?

    A longevity annuity may be right for an individual if, based on his current health and a family history of longevity, he ... Read Full Answer >>
  6. Can your life insurance company sue you?

    A life insurance company generally cannot sue you, but it can sue your estate. The company may do this in order to recover ... Read Full Answer >>

You May Also Like

Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!