Insuring the Student in the Family (or the Young Person in Transition)

• Health insurance. Does the family plan have good coverage for the school’s area? If so, then your student probably doesn’t need health insurance from the school. Otherwise, consider purchasing the student health coverage particularly if it’s inexpensive. Make sure the student is still covered by major medical either under your policy or the school policy.
• Car insurance. If the student owns his or her own car, then he or she should already have insurance. If the student doesn’t have a car at school, then you may get a discount on your insurance—usually called distant student. Good grades can provide another discount.
• Personal property. Most homeowner’s policies cover a child’s belongings at school if they live in school housing. With all the electronic equipment students have these days it’s smart to make sure that they are properly covered. Students that live off-campus probably need renters insurance policies.

• Health insurance. Your parents’ health insurance policy probably covers children after high school only if they are students. Even then there is an age limit of 26. If your employer has health insurance, you’re "covered." If not, see the section in the guide on providing your own health insurance. The plus for you if you must provide your own health insurance is that premiums for young adults are often much lower than for other adults.
• Personal property insurance. If you moved out of the family house, then you should get rental insurance for your rented apartment. If the modest premium is a stretch, maybe your parents will make it a “going away” present.
• Car insurance. The type of car you drive directly impacts how much you pay to insure it. Check out the StreetWise Auto Buying Guide before buying that new car.