As September rings in the routine of academia once more, the Oregon Division of Financial Regulation (DFR) is highlighting the need for families to reassess their insurance policies. According to a release from the DFR, protecting your student's possessions and well-being with appropriate insurance can ease the financial toll that unexpected events may bring.
For those students moving into dorms, most homeowner's policies extend to cover personal property loss, the DFR notes. It's recommended, however, that new, expensive purchases like computers are reported to the parents so that they can verify coverage with the insurance agent. For students living off-campus, renters insurance is advised to protect belongings and offer liability coverage should an injury occur on the property — with premiums depending on several factors, including location and property value.
When it comes to getting about town, Oregon's laws mandate auto liability coverage for all vehicles. If the car is in the student’s name, they'll need their own policy. On the flip side, students driving a car owned by their parents may be kept on the family policy. The DFR urges policyholders to inform their insurer if the car will be parked at a different location than what's currently on file.
The question of health insurance is not to be overlooked, with options that could include remaining under a parent's plan until the age of 26 or considering university-offered health insurance plans. The DFR recommends checking in with the student's school health center to suss out available coverage options. For HMO enrollees, remember that routine care might require a trip back home, despite emergency services being accessible at school.
In the unfortunate instance of a claim denial or dispute on settlement amounts, the DFR encourages families to file a complaint through their website. The division's advocates are on standby to assist, be it through a call to the toll-free number 888-877-4894 or an email to [email protected]. Their website also offers additional resources for those seeking guidance.
