Is Your Child Headed to College? Don’t Forget This Insurance Checklist

Watching your high school graduate trade their childhood bed for a dorm room twin-XL is bittersweet. Between negotiating furniture layouts and mastering the mini-fridge game, it’s easy to overlook insurance, but a quick review now can save major headaches (and cash) later.

Below are the four big coverage areas every parent should revisit before the semester starts.

1. Health Insurance: Don’t Let Geography Trip You Up

Thanks to the Affordable Care Act, most employer health plans cover dependents until age 26. That’s terrific news, unless your plan is an HMO and your student’s campus clinic isn’t in-network. Here are two smart moves to make now:

• Confirm network access. Call your insurer and verify whether your child’s nearby doctors and urgent care centers are considered “approved providers.”
• Compare the campus plan. Universities often bundle low-cost student health insurance into the tuition bill. Coverage limits may be lower, but an on-site clinic and no-hassle billing can make the trade-off worthwhile for routine care.

Pro tip: If you opt for both policies, designate one as primary and the other as secondary, so claims are processed smoothly.

2. Personal Property: Laptops, Guitars, and the Late-Night Pizza Oven

A dorm room might only be 12′ × 19′, but it can house thousands of dollars in tech and gear. Some homeowners’ policies extend coverage to a full-time student’s belongings while they live in university housing, yet high-value items such as computers or musical instruments may face sub-limits.

• Inventory and photograph valuables before loading the car and setting up the dorm.
• Review special limits in your policy for electronics, jewelry, or sports equipment.
• Off-campus housing = new policy. Once your student signs that first apartment lease, your homeowners’ umbrella closes. A renter’s policy (often $10–$20 per month) restores protection and adds liability coverage if a guest trips over a beanbag chair (are those still a thing?)

3. Auto Insurance: Whose Name Is on the Pink Slip?

If your student is driving a family vehicle, keep them listed on your policy—and alert the carrier to the car’s new ZIP code. Some insurers even offer “resident student” discounts for infrequent drivers.

• Car titled to the student? The policy must be in their name (and state).
• Borrowed wheels? Insurers may require naming your child as the primary operator because the car is now under their control.
• Not bringing the car to school? If the car stays home, ask about a “student away at school” discount.

4. Umbrella Coverage

Why umbrella coverage? Personal umbrella insurance helps protect your assets that may be exposed to liability by covering costs that exceed the limits of your other insurance policies. It can help you avoid losing your savings and home equity (in certain states).

Final Exams Aren’t the Only Tests That Matter

Insurance decisions can feel as complex as freshman calculus, but you don’t have to solve them alone. At Mission Wealth, our Risk Management team partners with client families to ensure coverage keeps pace with every life chapter—college included.

If you’re a current client, contact your Wealth Advisor to schedule a dedicated risk management or asset protection review.

If you’re new to Mission Wealth, we invite you to book a complimentary consultation to explore how we can help safeguard your financial life today and in the future.

Mission Wealth does not receive compensation for recommending any specific insurance products. Our guidance is purely fiduciary, focused on protecting what matters most to you and your family. All information herein has been prepared solely for informational purposes. Seek specific advice from counsel and your tax professional.