Here's a checklist of what to consider, courtesy of OSCPA:

Check on Homeowners or Renters Insurance       
If your college student lives in a dorm and is still considered a dependent, the family’s homeowners insurance policy should provide coverage for possessions taken to school. Typically, protection of property away from home is limited to 10 percent of the personal property limits on the family’s homeowners insurance policy. For example, if the contents of your home are insured for up to $75,000, property away from home would be covered for $7,500, less your deductible. Bear in mind that adequate coverage of high-ticket items such as jewelry, computers or stereo equipment may require a "personal articles floater" or "rider." Check with your agent to be sure.

In almost all cases, upperclassmen who move off-campus are no longer covered by their parent’s homeowners insurance. If your child is living in an off-campus apartment, you may need to purchase a separate renters policy. Renters insurance covers not only your college student's possessions but, more importantly, provides liability protection should your child be sued as the result of an injury that occurred on the rental premises.

Renters insurance policies are not expensive. Policies that provide $15,000 in personal property coverage and $100,000 to $300,000 in liability protection can cost as little as $150 to $250 a year.

It’s a good idea to take an inventory of the items the student is bringing to school. This inventory should include photographs or a video of the items, a record of the model and/or serial numbers and receipts. As an added precaution, the National Association of Personal Insurance Agents recommends engraving valuable items such as computers and stereo equipment with the student’s driver’s license number and state of residence. This makes it easier for law enforcement personnel to track down the owner of stolen property.

Notify Your Auto Insurance Agent
Your family auto insurance policy will most likely cover a car that your child takes to college as long as the vehicle is registered with you, the parent, as owner. However, since the car’s new locale might make a difference in your premiums, it is important that the insurance company be notified that the car will be garaged at another location.

If your college-bound student is heading for a campus at least 100 miles from home and is not taking an insured vehicle, your family might be eligible for a reduction in auto insurance premiums. Again, check with your agent.

Check Your Health Insurance Policy for Approved Providers
Most colleges offer student health insurance, but before purchasing a policy through your child’s college, check your family health insurance policy to determine if you would be duplicating medical coverage.

If you plan to rely on your existing health insurance plan, you need to do some careful investigation, particularly if you’re covered by a Health Maintenance Organization (HMO) or Preferred Provider Organization (PPO). These plans typically have approved health care providers. Be sure that you review your plan’s approved list of physicians and hospitals in the area where your child’s college is located. Using the services of an out-of-network physician or hospital may mean that your costs are not covered or are covered at a lower rate.

If your child is going to school in an area that is not served by your managed health care provider, call your insurance company and ask what provisions, if any, your policy has for such circumstances. Most have some method of covering at least emergency care while out of network. In any case, be sure your child has the policy information he or she needs, as well as his or her medical plan identification card.

College is expensive enough. To avoid any unexpected losses, CPAs recommend that you determine how your property, auto and health insurance cover your away-from-home college student.

editor@smartpros.com