Key Risk Areas For Your College Student
August 23rd, 2011 
Carol 
As all parents know, going to college is a huge investment – in many cases, as much as buying a house. Along with the costs come a number of financial risks.
Imagine that your child arrives on campus and soon has their wallet stolen – and, along with it, his or her identity. Or that a few weeks into the fall semester, he or she contracts the flu and needs to leave school.
The following list highlights key risk areas for students:
Property loss: Many students and their parents assume that the students’ property is automatically covered by either the college’s or the landlord’s insurance policy, or under the parents’ homeowners insurance – this is not the case. Homeowners insurance only fully covers students living at home, and student property insurance usually only covers on-campus property.
Medical withdrawal: Many colleges and insurance providers now offer tuition insurance, an insurance that can reimburse the costs of attendance if a student is forced to withdraw for medical reasons, as well as protect the ability of the tuition payer to maintain their tuition or student loan payments in the case of unforeseen disability, death, sickness or involuntary unemployment, depending on the policy. Many policies, however, are either limited in what they cover or expire early into the semester.
Identity theft: Young adults between 18 and 24 are the group with the highest risk for ID theft, according to a recent survey by Javelin Strategy & Research. The average amount of money stolen per victim comes close to $5,000. Affordable insurance products are available to protect against this risk as well and are another smart buy college students should consider.
Health insurance: All students are now required to have health insurance. If the students aren’t already covered under their parents’ policy, this can be a lengthy and expensive procedure. And more often than not, the off-the-shelf plans colleges offer are not competitive. The right product can save students time, grief and money.
Contributed by NGI, a national specialty insurance marketing firm based in Boston, MA and Phoenix, AZ, focused on the collegiate market, offering a range of products to meet the needs of students. More information is available on their website at www.nextgenins.com.
Posted in 
