With the school year starting soon for college students, the Mississippi Insurance Department is offering tips on how parents may want to consider evolving their insurance plans.
First and foremost, the MID encourages parents to look into renters’ insurance if their children plan to live off-campus. If a student shares a rental property with one or more unrelated roommates, each is recommended to buy their own individual policy to ensure valuables and personal property are protected.
Before purchasing renters’ insurance, creating a list of expensive items such as laptops, phones, and tablets is recommended. An inventory will make filing an insurance claim easier if such items are stolen, lost, or damaged.
Secondly, the MID recommends parents talk to their insurance companies about where their student’s car will be located on or off campus during the school year. It could result in lower premiums and possibly accident forgiveness.
“If your student is leaving their vehicle at home, you may qualify for a discount on their auto insurance,” Insurance Commissioner Mike Chaney said. “If they plan to take their car with them, let your agent know as insurance rates may fluctuate based on the primary location of the vehicle. You can also control student auto premiums, in some cases, with accident forgiveness. Students could also qualify for a good student discount on auto insurance.”
Another important aspect of getting your students ready for college, according to the MID, is supplying them with copies of all their insurance cards for any potential medical needs. Locating in-network health providers on or near campus in case of medical attention could be the difference in saving or spending thousands of dollars.
The MID warned that college students are particularly vulnerable to identity theft due to the abundance of personal information and how it is handled. In turn, the agency recommends looking into identity theft to cover the expense of reclaiming financial identity, including the costs of copying documents, mailing paperwork, lost wages from taking time off work, and hiring legal assistance.
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