Insurance probably isn’t a top priority for your recently graduated son or daughter, but it should be.
In 2018, 1.9 million students graduated with a bachelor’s degree in the U.S. If you’re a parent of one of these graduates this year, it’s essential to prepare them for what comes next. While it’s easy to focus on first-job jitters, it’s also a time of major transitions and big decisions.
One area new college graduates need to address is insurance. As insurance professionals at Berkshire Insurance Services, we know insurance can be a confusing topic. We also know that seemingly small missed details can result in substantial losses.
We want to ensure your college graduate is protected before heading out into the real world, so we have compiled the following pointers.
Review Your Family’s Current Insurance.
The first step when considering insurance for your new graduate is evaluating the coverage you currently have. Make an appointment with your agent, who can advise on whether it’s appropriate given the pending changes, and whether your current coverage will cover your son or daughter.
Know the Law.
Most states require drivers to have auto insurance, and most of those have minimum policy limit requirements. Pennsylvania law requires every driver to carry a minimum of $5,000 medical benefits, $15,000/$30,000 for bodily injury liability, and $5,000 property damage liability. Research the law in your son or daughter’s state, or consult with your agent, to make sure they are covered adequately.
Read the Lease.
Many apartments, condominiums, and home rental properties require tenants to maintain a certain level of renter’s insurance, which covers the contents of the home in the event of a robbery, fire, or other loss. Make sure you know the terms of your son or daughter’s new lease and insure them accordingly.
Don’t End up Liable.
Any home renter or owner faces liability risk. To ensure there is adequate coverage in the event someone gets injured on your son or daughter’s property, speak with your agent about liability insurance.
Don’t Gamble! Never go Without Protection.
It’s simple: your son or daughter should always have coverage in place. Be sure to discuss with your agent what types they need.
Know your Company’s Benefits.
Many college graduates move straight into the workforce, and most companies have health, life, and disability benefits. Study the company’s human resources handbook to learn what benefits are available, when they go into effect, and what their limitations are. If you have questions, we may be able to help guide in the decision making.
Find an Insurance Agent You Trust
We at Berkshire Insurance Services congratulate you on the graduation of your daughter or son! We’ve helped many families find the right coverage at the best price. Please contact us at 610-413-9880 or find us online with any questions or to request a review of your family’s insurance portfolio.
Call us