A Freshman’s Guide to Insurance: The Ultimate Insurance Checklist

Starting college is exciting—new friends, freedom, and maybe your first time living away from home. Between class schedules and dorm room decor, there’s one adulting move that often gets overlooked: insurance.

Whether you’re headed out-of-state or across town, having the right insurance can save you (and your parents) a ton of money and stress down the line. Here’s a quick checklist for four of the most important types of insurance to make sure you’re covered.

Here’s what every college freshman needs to know about insurance:

1. Health Insurance: Are You Covered?

Health insurance should be at the top of your list. If you’re still on your parents’ plan, you’re likely covered through age 26 under the Affordable Care Act. But before you get too comfortable, double-check the details. Some policies may have limitations on coverage in a different state or area, and your home state’s plan might not extend nationwide.

What to do:

• Check with your parents: Make sure your family health insurance covers out-of-state or out-of-network services. If not, you might need to consider a student health plan offered by your college or an individual health plan.
• Look at your school’s health insurance options: Many universities provide low-cost student health insurance plans that might be a better fit for your needs, especially if you’re studying far from home.
• Don’t forget about emergencies: Make sure you understand the emergency care process and nearest providers. Getting sick is stressful; knowing your closest urgent care center doesn’t have to be.

2. Car Insurance: Will You Be Driving?

If you plan to bring a car to college, understand how your auto policy works away-from-home. Car insurance requirements vary by state, so make sure you’re covered based on where you’re attending school.

What to do:

• Check your parents’ policy: If you’re listed as a driver on your parents’ car insurance, you might still be covered even when you’re at school. Confirm with your agent if you’re covered for driving away from home. Also notify your agent of the new vehicle location.
• Review coverage: Ensure you have Liability, Collision, and Comprehensive coverage.
  • This may be a good time to add Roadside Assistance if you do not already have it.
  • If you’re planning to rent a car, check if your car insurance (or your credit card) covers rental cars, so you don’t pay extra for insurance at the rental counter.
• Discounts:
  • Ask about good student discounts if you maintain a “B” average or better.
  • If you’re not bringing a car, see if your company offers a:
    • discount for being a non-driver
    • discount for students living over 100 miles from home

3. Renter’s Insurance: Protecting Your Stuff

When you move into a dorm or off-campus apartment, you might not think about protecting your personal belongings. Unfortunately, accidents, theft, and natural disasters can happen anywhere. A renter’s insurance policy covers your personal property (clothing, electronics, etc.) and may even protect you from liability if someone gets hurt in your space.

What to do:

• Ask about your dorm’s coverage: Some colleges include basic property coverage for students in their housing plans. If you’re living off-campus, you’ll almost certainly need your own renter’s insurance.
  • Renter’s insurance is usually pretty affordable—often under $200 a year. If your personal property is valuable, this is a great way to safeguard your stuff without breaking the bank.
• Check your parents’ homeowner’s insurance: In many cases, a family’s homeowner’s insurance policy will extend limited coverage to your belongings while you’re away at school. But make sure the coverage is enough to replace any valuable items you’re bringing with you.
• Optional Coverages: Electronics and Media. You may need to add separate coverage for laptops, phones, tablets, etc. Check to see if the coverage provides protection for theft, accidental damage, and water damage.
• Identity Theft Protection: College students are common targets for identity theft. Protection plans monitor and alert suspicious activity.

4. Travel Insurance: Going Abroad?

Are you planning to study abroad, or take a trip over school breaks? If so, travel insurance might be worth considering. It can help you recover expenses in case of trip cancellations, missed flights, or lost luggage, and some policies include emergency medical coverage while abroad.

What to do:

• Review your health insurance: Check if your current health plan covers you while you’re abroad. If it doesn’t, research travel insurance that includes medical coverage for international travel.
• Consider trip cancellation insurance: If you’re booking an expensive trip, this can protect you from losing money if something unexpected happens, like a cancelled flight or a medical emergency.

Understanding Insurance Jargon

You don’t need to be an expert, but it’s helpful to understand basic insurance terms.

• Premium: The amount you pay for insurance coverage (monthly or annually).
• Deductible: The amount you pay out of pocket before your insurance kicks in.
• Copay: A fixed amount you pay for services, like a doctor’s visit.
• Coverage limits: The maximum amount an insurance policy will pay out for a covered event.

Final Thoughts

Insurance might be a new topic, seem complicated or unnecessary, but it’s an essential part of adulting. By taking time now — to understand your options and set up essential coverage – you can avoid unexpected costs in the future and focus on enjoying your college experience.

Whether it’s health, car, renter’s, or travel insurance, getting the right coverage is a smart move. Ask questions, read the fine print, and understand your policies — your future self will thank you.