Campus crime

A report from 2022 showed that 9,679 property crimes, including burglary and motor vehicle theft, were reported on U.S. four-year college campuses. This underscores the prevalence of property-related offenses at colleges, making it clear why protecting students and their belongings with proper insurance coverage is crucial.

Agents can help educate parents on how these risks impact their college student’s insurance needs and encourage timely coverage adjustments. By highlighting the importance of coverage such as renters or additional auto insurance, which can cost as little as $22 per month, agents can show how this small investment can help save families and students from much larger financial burdens.

Protection away from home

Today’s college students tend to transform their living spaces and embrace trendy “Dorm Tok” themes. While fun, these setups can quickly become costly.

So, what insurance coverage does a college student need? Let’s break it all down depending on where they reside:

Dorm room: For students residing in dorms, a parent’s homeowners’ insurance policy typically covers offsite personal property. Generally, offsite coverage is around 10% of the homeowner’s content coverage but agents can help confirm the value of these items and recommend higher limits if needed.

Since students also benefit from the liability portion of their parent’s policy, agents should ensure clients understand this coverage, especially when visitors may get injured in the student’s dorm. Additionally, agents can remind clients that this coverage applies only if the student is still considered a dependent, residing primarily with the parents during college breaks. If the student has moved out of the family home permanently, they will need separate coverage.

Off-campus housing: If a student opts for off-campus housing, renter’s insurance becomes essential. Agents should explain that most homeowner policies do not extend to off-campus rentals and highlight the potential risks of theft or fire. Working with an agent can also help clients find affordable renters insurance and compare policies to find the best fit for the student’s unique needs.

Additionally, a roommate’s belongings are typically not covered under a student’s policy. Advising clients on the potential benefits of joint or individual policies for roommates is crucial to ensure comprehensive protection.

Some universities may even require students to have insurance coverage, either through the school or a personal policy. It’s essential to check the university’s requirements or recommendations regarding insurance coverage for students.

Safely living and studying abroad

While studying abroad is an exciting time in a young student’s life, it presents its own set of risks. It is paramount that agents take the time to understand where their children will be studying and explain the potential risks at hand.

Travel insurance: Coverage for a student’s trip abroad may be required by their university, but, if not, travelers and parents should consider having the proper coverage when studying abroad.

Before students depart, agents should ensure clients have the appropriate travel insurance, including travel medical coverage, trip cancellation and baggage insurance. Consulting with an insurance agent to find the best coverage for students abroad is key. Some travel insurance policies only cover up to 90 days, so ensure the policy lasts the entire semester or school year.

Driving around campus

If a student plans to bring a car to school, parents or guardians must inform their agent to discuss how the new location may affect rates. If the vehicle stays at home, they may be able to explore possible discounts, such as “student away at school” savings. It’s also essential for agents to review policy limits to ensure they’re adequate.

Also important: If the car is borrowed, and there ends up being an incident and/or damages, specifics around liability and policyholder consequences will vary from policy to policy and insurer to insurer. So that’s a crucial consideration for parents and student drivers as well.

Preparation is key

Ultimately, preparation and clear communication between an insurance agent and clients can save clients time, stress, and unexpected expenses. In general, it’s important for agents to consistently keep in touch with policyholders and be prepared to ask questions to learn about policyholders and their children.

Encouraging regular coverage reviews ensures that any gaps are addressed early, whether it’s adjusting home insurance for dorm room coverage or exploring the best options for renters insurance if the student lives off-campus. No matter the situation, having a line of open communication with clients is key. From protecting personal belongings to addressing auto insurance needs, consulting with an insurance agent helps families make informed decisions.

Michael J. McCartin, CPCU, is president of Joseph W. McCartin Insurance Inc. in Beltsville, Maryland.