Get Ready for Move In: What the NAIC Recommends

Move-in day is rapidly approaching – if you haven’t moved in already! This week is a big week for colleges across the nation as students return to school to move into residence halls or off-campus apartments.

Did you pack everything you’ll need? What about ways to help protect yourself and your stuff at school? As you’re moving, it is wise to review what the NAIC advises you should bring along with you. The NAIC is the National Association of Insurance Commissioners, and they have recommended that students and their parents look into getting certain types of insurance, based on the risks of college life.

Why should you trust what the NAIC recommends? Well, it’s “the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.” In addition, it’s basically the common insurance regulation group that makes reliable recommendations for consumer insurance needs.

So what does the NAIC recommend for you and your family upon move in day? You and your parents should take a moment to evaluate your insurance needs, and review your parent’s policies. In their 2012 Consumer Alert concerning college student insurance needs, the major recommended products are health insurance, renters insurance, auto insurance and identity theft protection. NAIC recommends taking stock of any current coverage and making sure that the student is covered at a level in accordance with family coverage needs.

Make sure to look at your parents plans. They may think that your personal property is covered under their homeowner’s insurance, but that’s not always the case. While the NAIC notes that dependent students under 26 who live on campus are likely to have their belongings covered, it is worth checking. However, if you live off-campus, the NAIC recommends talking with your insurance agent about whether the homeowners insurance coverage extends to rental property. If not, the NAIC and GradGuard recommend you consider renter’s insurance to protect your stuff from theft or damage.

Following the lead of the NAIC, GradGuard encourages you to check up on your insurance options. Although you’re busy with your move, a few minutes can help you protect what you have, and make things down the line more stress-free this semester! Our friends at College Parents of America have two hand checklists to help you make these decisions, check out: Student Personal Property Inventory & Protecting your Investment in Education.