Insurance is often one of those things we forget about until we need it. However, it’s so important, even we get a holiday!
In case you didn’t know, June 28 is National Insurance Awareness Day.
The annual day allows you to check your insurance policies and make sure everything is up-to-date. While that probably doesn’t sound like the most exciting thing to do, your future self will thank you if and when you’re ever in a challenging situation and find yourself relying on that insurance coverage.
We know that insurance can seem scary, unnecessary, and confusing. Our job is to take that away and make understanding essential things in life easy!
Insurance is designed to financially protect you and provide comfort in knowing you and your family have a backup plan in the event you face a loss. Even if you only purchase some insurance policies because they are required, like car and home, it can also be helpful in other areas. Insurance policies exist to protect you from the unexpected, whether it’s a natural disaster, theft, damage, illness, injury, or death.
Common Types of Insurance:
- Homeowners insurance
- Renters insurance
- Travel insurance
- Car insurance
- Life insurance
- Tuition insurance
- Pet insurance
- Health insurance
It’s one thing to know if you have insurance. However, to make sure you get the most out of your insurance, it’s important to understand what the policy covers and how exactly you file a claim. Make sure you know what questions to ask!
What does this policy cover?
This is SUPER important to ask and have an understanding of. One provider can have drastically different coverage than another, so make sure you know exactly what you are able to get out of your policy, including limits and deductibles. For example, if you want renters insurance in case someone breaks in and ransacks your apartment, just be sure that theft and burglary is a covered peril under the policy you want.
How long does this policy last?
Unfortunately, this isn’t a one size fits all answer. It depends on the company you purchase through and what you opt to pay for the policy. If you paid annually, the policy likely lasts for a full 12 months from the date you chose your coverage to begin. If you only need the insurance for a limited time, ask your agent about their cancelation process and what is required to terminate the coverage.
How much is the policy?
The price of your policy is dependent on a variety of things; type, coverage level, and policy length are just a few. See if your insurance agency charges you monthly, annually, semi-annually, or another billing option. Talk it through with them to see if there is a benefit to one billing option instead of another.
How do I know what my coverage limits should be?
Before deciding how much coverage you need, it would be a good idea to see how much what you’re trying to protect costs or what it could cost to replace something if it gets damaged or stolen. You don’t want to be underinsured and not get coverage when needed, but you also don’t want to be paying for something you won’t need. Most renters insurance comes with personal property coverage and personal liability coverage. Personal property coverage is the limit that can protect your personal items inside your residence, and personal liability coverage can protect the actual structure itself. Be sure to talk to your university or rental property to see if they require any specific limits while you are living there.
How do I file a claim and how does that process work?
This is a general question with a critical answer but can be tricky depending on what type of insurance you are dealing with. Most people have no idea how to make insurance claims when needed. It can make the process more difficult if you are dealing with an emotional situation, so it should be one of the top questions to ask your insurance agent. The claims process can differ for each agency, so just to be sure, you can clarify it if needed.
Helping college students and their families understand the risks of college life is what we’re all about. GradGuard provides everyone the opportunity to protect one of the most significant investments in their life.
Each student deserves the opportunity to protect themselves from a preventable financial loss that may disrupt their education. GradGuard works with participating colleges and universities to promote greater financial literacy by introducing GradGuard’s student benefit and insurance programs to their students and families.
Since 2009, we’ve helped nearly 1 million students protect their higher education investments. More than 400 colleges and universities trust GradGuard to provide tuition and renters insurance programs designed for college life. At GradGuard, we’re here to help you when you have questions about your renters or tuition insurance plans.
If you have questions about a GradGuard plan, visit our FAQ page!
National Insurance Awareness Day only comes once a year. So on June 28, use the day as a reminder to get a little more educated on insurance and the individual policies you have or are interested in buying. This is especially important in college when you live independently and away from home. And remember, when purchasing any insurance policy, it’s imperative to ask questions to ensure you understand how you’re protected!
“Adulting” isn’t easy, and we’re here to help in any way we can!