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A college student and the importance of insurance.

Insurance is not just for those who are out of the house and working with homes and families. Ensure that your family is protected if something happens to the college student in your life.

With so many college students just back and settled in school, it made me think of the importance of types of insurance a family should have for their student.

Did you know that I'm not only famous but also an inspiration that made it into the 1996 Chicken Soup For The College Soul book?  Ok, that's a stretch but my housefire did inspire some kids whose story is really in there.  Here is how it happened and how it relates to insurance:

My senior year I lived in a home in Shippensburg with four other ladies.  We went out for the evening and the house went up in flames. We were fortunate that no one was home because the fire and the heat was catestrophic. 

After the fire we were allowed back into the home to collect our things that survived.  There was nothing to collect.  Non of us had renters insurance.  Lucky for me, my parents home insurance paid for my loss.  In your home policy, your contents are covered while you travel around the US.  It was a stretch but their company did agree. Others were not as lucky.

Renters insurance should be the first thing you buy for your child when you move them out of the house and into an apartment or dorm.  The policy covers the contents, personal liability, loss of use if there is a claim and the person needs to relocate.  For the cost of most families cell phone bill for a month you can purchase a renters policy.

On a more serious note, pick up any paper on any day and turn to the obituary page.  Death and taxes, the two definites in life.  No one wants to discuss or even think about the tragedy of a child's death.  The sad reality is it happens and the debt they have accumulated could be their final parting gift to you.

If you have co-signed on any loan for a child, for a car or student loans, should something happen to that child and they are unable to pay you are responsible for repaying that debt.

An average college students graduates with more than a degree, but $27,000 in student loans.  A 20 year term policy for a young adult is usually less than $20/ month.  It's a cost effective way to financially protect yourself in the event of a tragedy.

For more information, you can reach Jen Gregorski Farmers Insurance Agency at 866-671-8993 or www.farmersagent.com/jgregorski

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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