Don’t Risk It: Why Your College Student Needs Insurance

Sending your college student off to school is a huge milestone—but between worrying about tuition, the cost of books, and other college-related expenses, it’s easy to overlook the realities of campus living, and the importance of prosperity insuring your student. Whether it’s laptops, cell phones, or textbooks, college students are likely to have a lot of valuable items with them on campus, and protecting your college student’s property (and your financial investment!) with the right kind of insurance coverage is a crucial step to ensure that they can focus on their studies without worrying about all the “what-ifs” of adulthood.

Understanding the Risks Faced by College Students

Due to their very nature, college students are vulnerable to a variety of risks, from theft and damage to personal belongings, to unexpected medical expenses, and accidents. As a parent, it is important to understand these risks and not only talk through them with your child, but also take steps to protect them.

When it comes to insurance policies that will help you do just that, property insurance or renters insurance for high-value electronics and items like laptops, cellphones and even textbooks is a must-have for any student—and especially those in tight quarters like dorms. For those living off-campus, renters insurance even more important, as it can help them recover should something happen, as it provides protection against losses and damages to personal property. Additionally, off-campus students might consider liability coverage, in case someone gets hurt in their rental unit. 

Finally, college students may need additional or supplemental health insurance to cover unexpected medical expenses. Many schools offer health insurance plans to students, but it’s important to read the fine print and ensure the policy covers the necessary medical services.

In general, it’s important to note that while some colleges and universities may offer a variety of insurance policies specifically for their students, these policies may not provide sufficient coverage for all of your student’s needs, so it’s important to compare policies and understand the specifics of the coverage before selecting an insurance policy for your college student. 

How to Choose the Right Insurance Policy for Your Student

With so many insurance options available for college students, it can be overwhelming to choose the right policy. Your best plan of action is to sit down with your student and a local insurance broker that can explain all the coverage options, premiums and details. If nothing else, it gives your new adult some information they’ll need when they have to cover their own property and assets!

Still, here are some key factors to consider when selecting insurance for your college student:

1. Coverage Limits

Look for policies that offer coverage limits that meet your student’s needs. For example, if they have expensive electronic equipment, make sure the policy provides enough coverage for those items.

2. Deductibles

Consider the deductible amount when comparing policies. A higher deductible can lower the monthly premium, but it means you’ll pay more out of pocket if your student needs to file a claim.

3. Reputation of the Insurance Company

Do some research on the insurance company before purchasing a policy. Check online reviews and ratings to ensure the company has a good reputation and track record of handling claims effectively.

4. Additional Benefits

Some insurance policies offer additional benefits such as roadside assistance, identity theft protection, or rental car coverage. Consider whether these benefits are worth the extra cost for your student’s needs.

5. Affordability

Don’t forget to compare costs among different insurance policies. While you want to ensure your student is adequately protected, you also don’t want to break the bank with high monthly premiums.

Remember, insurance policies are not one-size-fits-all. Each student has unique needs, and each campus has different challenges, so it’s important to evaluate policies based on their specific situation. Taking the time to research and compare policies can help you find the right coverage to protect your college student and their belongings.

Quick Tips for Protecting Your Student’s Belongings

With so many students living in shared spaces and dorm rooms, it can be difficult to ensure that your child’s property is kept safe and secure. Here are a few steps (outside of a new insurance policy) that you can take to help protect your college student’s belongings:

  • Create an inventory. Before your child heads off to school, create a list of all the valuable items they will be taking with them. This will not only help you keep track of what they have, but it will also be helpful if something goes missing or is stolen.
  • Purchase a safe. Investing in a small safe is a great way to protect important documents and small valuables such as jewelry. Make sure to choose a safe that can be secured to a wall or floor, and to provide your child with the combination or key.
  • Use security measures. If your child is living in a dorm room or shared space, it’s important to use security measures such as locks on doors and windows. If their room doesn’t come with a lock, consider purchasing one that can be easily installed.
  • Keep copies of important documents. Make sure to keep copies of important documents such as passports, social security cards, and insurance policies in a safe place at home. This will be helpful in case any of these documents are lost or stolen while your child is at school.

By taking these steps to protect your college student’s belongings, you can give yourself peace of mind and help ensure that their transition to college is a smooth one.

If you have a new college student, we know this is an important and hectic time of year. But with the right coverage, you can rest easy letting them “adult” on their own, knowing that they are protected from whatever comes their way. If you’d like help exploring your options, contact us to schedule a consultation or get a quote for any of your insurance needs. 

Secure Your Summer Celebration: A Must-Have for Your Big Events

Are you planning an event this summer? Whether you’re throwing a wedding, hosting a family reunion, or having a company party, summer is the perfect time of year for big events. But while these events are exciting, it’s important to make sure that you’re properly prepared in case anything unexpected happens, so make sure to take the necessary steps to protect your event with policies that can protect you from financial losses in the event of damages, liabilities, or cancellations. 

Why do I need insurance for my event?

We all know how much planning goes into a big event—from booking the venue to hiring vendors, selecting the perfect decor, and inviting all your guests. But what happens when something unexpected strikes and threatens to ruin your big day?

Picture this: it’s a beautiful summer day, and you’re all set to celebrate your wedding in a stunning outdoor setting. You’ve spent months planning every detail to ensure everything is perfect, but then an unforeseen storm hits. Suddenly, your venue is flooded, and all your guests are forced to take shelter indoors. You’re left wondering what to do, and your dreams of a beautiful outdoor wedding are shattered.

Unfortunately, this scenario is not far-fetched. It’s essential to recognize that no matter how well you plan, the unexpected can happen, and that’s where event insurance comes in. Whether you’re hosting a wedding, family reunion, or company party, you want to ensure that your big day is secure.

So, why do you need event insurance? The answer is simple: peace of mind. You don’t want to be left dealing with unforeseen costs or worrying about the what-ifs, and finding the right policy can give you the confidence to enjoy your big day, knowing that you’re protected no matter what happens.

Types of insurance for large events

When you’re planning a large event like a summer wedding, family reunion, or company party, you’re likely focused on all the exciting details. But just as important is determining what insurance policies you may need to protect all your hard work and ensure a great time, no matter what happens. Whether it’s a cancellation due to weather or an accident during the event, having the right insurance coverage can provide peace of mind and protect you from unforeseen costs.

So, what types of insurance should you consider for your summer celebration? Here are a few options:

Liability insurance

Liability insurance is a type of insurance that provides coverage in case someone is injured or their property is damaged during the event. This can include things like slips and falls, accidents involving rental equipment, or damage to the venue. Liability insurance can also cover legal fees if someone decides to sue you over an incident that occurred during the event.

Property insurance

Property insurance covers damage or loss to your property or rental equipment that you’re using for the event. This can include things like tables, chairs, tents, or sound equipment.

Cancellation insurance

If you’re planning an outdoor event, it’s important to consider the possibility of weather-related cancellations. Cancellation insurance can provide coverage if you have to cancel or postpone the event due to weather conditions, natural disasters, or other unexpected events.

Event-specific insurance

Depending on the type of event you’re planning, there may be specialized insurance options available. For example, if you’re hosting a wedding, you may want to consider wedding insurance, which can provide coverage for things like vendor no-shows, damaged attire, or lost wedding rings.

In addition to the types of insurance mentioned above, there are a few other considerations to keep in mind. For example, if your group is traveling to a destination for the event, you may want to consider travel insurance, which can provide coverage for things like lost luggage, flight cancellations, or medical emergencies while you’re away from home. Or, if your big gig includes collectibles, aircraft or watercraft, you may want to ensure that those policies cover all your “what ifs,” as well. 

How do I cover my next big event?

While these are some common types of coverage, each policy and each person’s needs are different. Not only will you need to fully understand all the details of the event itself, but you’ll also want to carefully review policy terms and coverage limits to make sure that you have adequate coverage in case of an unexpected incident, as well as any exclusions or limitations in the policy. (For example, many insurance policies may not cover intentional acts or injuries resulting from alcohol or drug use, which can be a big gap when planning a big event!) 

This is where having a trusted insurance broker like Penny Insurance can make all the difference. 

At Penny Insurance, we provide advice, accessibility, and time to our clients. We help simplify the complex and make clear recommendations based on the best carriers and policies for our client’s needs so they can have peace of mind on their big day.

Regardless of what your event is shaping up like, it’s important to carefully consider your options and select the coverage that best fits your needs, and the best way to do that is to talk to a licensed insurance agent, who can help you get a better understanding of what types of insurance are available and which ones you need to consider for your summer celebration. With the right coverage, you can enjoy your event knowing that you’re protected from unexpected costs and liabilities.

With the right coverage, you can rest easy, knowing that your big event is protected from whatever comes your way. If you’d like help exploring your options, contact us to schedule a consultation or get a quote for any of your insurance needs.