Protecting your grad
April 1, 2020
College graduation is a significant milestone for students and their parents alike. During this time of celebration, job applications, resumes and interviews, don’t forget to prepare your college grad for life on their own with the right insurance coverage.
Insurance can be a confusing topic, and seemingly small overlooked details can result in large losses down the road. Follow these tips to help ensure your college graduate is protected before heading out into the real world.
- Review your family’s current insurance. The first step when considering insurance for your new graduate is evaluating the coverage you currently have for your family. Make an appointment with your agent, who can advise on any insurance updates needed to your current policies now that your son or daughter is graduating from college.
- Be aware of varying state laws on auto insurance. Most states require drivers to have auto insurance, and most of those states have minimum policy limit requirements. Research the auto insurance laws in your grad’s state, or consult with your agent, to make sure their auto insurance needs are covered adequately.
- Get renters insurance. If your college grad will be renting an apartment, condo or house following graduation, it’s important for them to have renters insurance, which covers their personal belongings in the event of a robbery, fire, or other loss. Plus, many rental properties require tenants to maintain a certain level of renters insurance.
- Don’t end up liable. Regardless of whether your son or daughter rents or owns their home, anyone can be exposed to liability risk. To ensure adequate coverage in the event someone gets injured on your son’s or daughter’s property, speak with your agent to assess this type of risk. Your agent can determine if liability insurance is provided with their current renters or homeowners policy—and whether an additional layer of liability coverage should be considered.
- Know your company benefits. Many college graduates move straight into the workforce, and most companies have insurance benefits. Study the company’s human resources handbook to help your son or daughter understand what insurance benefits are available, when they go into effect, and what their limitations are.
- Never go without the right coverage. As they enter the “real world” for the first time, your son or daughter should always have the right insurance in place. At McGriff, we’re here to help make sure your college grad starts life off right. Contact your agent today to discuss any of these insurance needs.
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Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
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