Browsing Tag

college student

Adulting Student Life

Fact or Fiction: The Truth About College Student Insurance

May 4, 2022
Students working on laptops laughing

By now, most of us know what insurance is, although maybe not entirely sure how it works or what makes a good policy. When it comes to the necessity of insurance, there is often some debate on what is covered, what’s a reasonable price, and if it is really something that people should invest in. College is one of the most expensive and risky investments a family can make. Still, many people may feel like insurance is unnecessary or unaware of what is included in a student renters and tuition insurance plan.

We break down all the misconceptions and myths surrounding college student insurance.

Fact or Fiction – 8 Misconceptions About the Value of Insurance for College Students

1. College students can’t afford renters or tuition insurance.

Fiction: Renters and tuition insurance are pretty affordable. In fact, a monthly renters policy with GradGuard costs as little as a Chipotle burrito meal! Students can also get coverage for as little as 1-2% of their overall tuition expense for tuition insurance, including room and board and academic fees.

2. My landlord will likely not replace my things if they’re stolen or damaged.

Fact: Presumably, your landlord has insurance that covers the building, but not what’s inside. So, if your backpack is stolen or your laptop is destroyed, you will be the one to replace it. Having a renters policy is essential in giving you peace of mind that your things will be protected if something happens.

Let’s take it one step further: GradGuard’s Renters Insurance follows you wherever you go. If your bike is stolen while running an errand or if your suitcase is taken while studying abroad, your renters policy has you covered.

3. My school has a refund policy, so I don’t need to pay for tuition insurance if I have to withdraw.

Fiction: Yes, your college or university indeed has a refund policy that is often only good for the first few weeks of classes. Beyond that, nearly all institutions don’t provide refunds if you were to completely withdraw, even for a medical condition such as anxiety, depression, or Covid-19.  Tuition insurance can help protect you so you don’t need to rely on this if you need to withdraw for a medical emergency.

4. My stuff doesn’t cost that much.

Fiction: Find out just how much your stuff is worth — and how renters insurance can cover it all. When you sit down to think about all the things needed to attend college, it can add up – and fast! If the unexpected were to happen, do you have the budget to replace everything you own? Renters insurance can help you get your money back so you don’t have to stress about how you would replace a stolen or damaged laptop or bike.

5. Renters insurance covers more than just my personal belongings.

Fact: The fantastic thing about a renters policy is its wide range of coverage! Not only is your stuff covered in your residence, on campus, traveling to and from school, and studying abroad, GradGuard’s renters insurance includes liability coverage and loss of use protection.

Liability and medical coverage – If you unintentionally damage your place of residence, you may be held responsible for damage to your apartment building or injuries to guests. Liability coverage may help you pay for any medical fees, property damage, or court costs in this situation.

Loss of use protection – This is important to help cover the costs of food and hotel rooms if your home becomes uninhabitable due to a covered peril like a fire in your residence hall.

GradGuard’s Renters Insurance provides these exclusive student endorsements, including a low $100 deductible and no credit scoring.

6. I am young and healthy, so nothing will happen to me.

Fiction: There is a reason the unexpected is, well, unexpected – you can’t and won’t see it coming. Even though many college students are in good health, being in college doesn’t magically make you invincible. Addressing the fact you may need to withdraw from school for any unforeseen reason is uncomfortable, but you know what’s even more concerning? The idea of losing thousands of dollars.

No one wants to think about ever needing to file a claim with a tuition insurance plan, but it can reimburse the cost of a completely withdrawn term in the event of a covered illness or injury.

7. My roommate has renters insurance, so I’m already covered.

Fiction: While you and your roommate might share snacks and a Netflix account, their policy usually covers their things, not yours. Getting your own policy allows you to customize protection that’s perfect for what you need. And if your entire residence is unintentionally damaged, the reimbursement costs can climb quickly. Separate policies will ensure all of your belongings are covered.

8. Epidemics including Covid-19 are a covered reason with tuition insurance.

Fact: GradGuard tuition insurance plans purchased on or after February 18, 2022, include an epidemic coverage endorsement, which can provide protection when an insured student completely withdraws from school for the covered term due to becoming ill with any epidemic or pandemic disease, including COVID-19*.

With life comes a lot of responsibility. We are here to help guide and educate you on the risks of college life. Now you know the truth about college renters and tuition insurance!

Terms, conditions, and exclusions apply.

Health

Health Preparedness Tips for On-Campus Life

When you’re in college, living on campus can feel like a right of passage. It’s a great time to gain independence, have fun, and develop friendships you’ll have for a lifetime while enjoying the convenience and benefits of living where you go to school. …

September 3, 2020
Student Life

5 Perfect College Break Destinations

Feeling weighed down by the stress of college life? A memorable vacation may be just what you need to take a break from the books and clear your mind. Whether you’re looking to relax on the beach or explore a little bit of history,…

August 27, 2020
Health

Managing Your Mental Health in College

Mental health is becoming an increasingly big issue on college campuses. Many students struggle with the change and stress of college life. It can be valuable to investigate what you can do for your mental wellbeing. If you are struggling with your mental health,…

July 22, 2020
Health Other

How Being Eco-Friendly at College Can Save You Money

Embracing a greener lifestyle is a great way to improve your carbon footprint and help leave a positive impact on the world. But did you know that it can actually save you money, too? Here are some easy ways you can benefit financially from…

July 10, 2020
Adulting Other

Pets on Campus: 3 Rules for Keeping Pets at College

For young adults living alone for the first time, college can feel like the perfect time to finally adopt that lizard they weren’t allowed to have growing up; for those who grew up with animals, missing the family dog might feel like a black…

July 1, 2020
Other Student Life

The Best Jobs to Have While You’re in College

College is an exciting time of learning, growing, and experiencing your first taste of the “real world”. Unfortunately, a four-year public college can cost over $28,000 each year and a private institution averages over $32,000 a year.  So, while your studies should be your…

May 12, 2020
Other Student Life

Benefits of Extracurricular Activities for College Students

With the increasing pressure of getting good grades and the overall task of completing academics, ever wonder why our schools and parents prioritize extracurricular activities so much? According to the US Census Bureau, a survey of school-aged children showed that 42% of these children were…

April 29, 2020