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Summer is coming to an end, and the beginning of the new school year is just around the corner.
As a parent of two college students and one recent graduate, I understand how exciting this time can be for both students and parents.
Whether you’re a recent college graduate or a nervous parent preparing for your child’s first day, it’s important to review your insurance policies to make sure your entire family is properly covered.
At this busy time of year, I want to remind Oklahomans that having the right insurance can provide greater peace of mind year-round and protect their families from financial disaster.
Here are some insurance tips that parents and students should consider before heading back to school.
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If your student is moving into a dorm, your homeowners policy will cover their property in the event of a loss.
Ask your child to let you know if they buy a new computer or other expensive items. You’ll need to check with your insurance company to make sure your coverage takes care of these things.
Students living off campus should consider renters insurance. This cover protects students’ property and protects them if someone damages the property.
Renter’s insurance premiums range from $15-$30 per month, depending on the location and size of the rental unit and the value of the property. Whether you live on campus or off campus, home stock is a good idea. The inventory makes future insurance claims quick and easy.
Car
Oklahoma requires every vehicle to have auto liability coverage or otherwise meet the financial responsibility requirements of Oklahoma law.
Auto liability insurance pays for property damage and bodily injury to another person if you are responsible for an accident, up to the policy limit.
If the car title is in your student’s name, they should have their own policy. If your college student is driving the vehicle you own, your child can remain on your policy.
If your student is going to college without a vehicle, you may qualify for a “student away from school” car insurance discount. Check with your insurance agent or insurance company and let them know where the car is kept if the address is different from the one on the policy.
Health
Students have many options for health insurance coverage while in college. If your children are now covered by your insurance, they may still be covered when they are out of school. Any insurance plan that provides dependent coverage must be available until the dependents turn 26.
Many colleges and universities offer their own student health insurance plans. Premiums and features vary widely from school to school. Check with your student’s school health center to see available coverage options.
Prohibited insurance claims
If your family experiences a claim denial or settlement dispute, you can file a complaint at oid.ok.gov. The Oklahoma Department of Insurance’s Consumer Assistance Group serves to mediate claims between policyholders and insurance companies.
If you have questions about other insurance matters, please contact the Oklahoma Department of Insurance at 1-800-522-0071 or visit the website.
Glenn Mulready is the Oklahoma Insurance Commissioner.
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