PHOENIX, June 26, 2020 / PRNewswire / – Insurance is often one of those things we forget until we need it. June 28 is National Insurance Awareness Day, and now is a good time to assess the risks of college life.

One in four students who enroll in university do not complete their degree. As a result, college families can benefit from taking action to overcome risks that could disrupt their child’s education.

“Paying for college education is typically the second biggest investment for college families,” says John Fees, co-founder of GradGuard, a student benefits platform designed for the college market. “Families are smart to protect this investment.”

GradGuard recommends the following tips:

Know your school’s refund policy: If your student has to withdraw from college due to serious illness, injury, or accident, you are unlikely to receive a full refund. Tuition insurance, however, can provide reimbursement when schools do not. If you cannot afford the cost of an additional academic semester, purchasing tuition insurance prior to the start of classes is essential. The good news is that college families can protect their investment by purchasing tuition insurance starting at. $ 39.95 for $ 2,500 coverage per quarter.

Confirm health insurance coverage: Many colleges offer health insurance plans to students and require them to purchase or opt out upon showing proof of alternative insurance. According to the American College Health Association, about 10% of students obtain their health insurance through their school. A university health insurance plan may make sense to some students. But if you have family health insurance, your student can stay on a parent’s plan until the age of 26. Be sure to confirm the requirements for using your student campus health clinic and make sure you don’t pay twice for coverage.

Understand the risks of life on campus: For many of the nearly 3 million students who live in student accommodation, this is the first time they have lived independently. Chances are, they’re not aware that their college or university is unlikely to replace stolen or damaged student property.

• 98% of colleges and universities do not replace stolen or damaged student property (HigherEdStudy)
• 1999 fires are reported in student accommodation on campus (Clery law reports from 2009 to 2019)
• 69,500 property crimes have been reported on campuses nationwide (FBI Crime Report)

Therefore, students are advised to consider purchasing tenant insurance, especially since a recent review of the top 20 home insurance companies found that only 35% of them offer coverage to living students. on the campus. For about $ 0.50 Per Day, GradGuard College Renter Insurance features an exclusive student rider that offers global real estate coverage, low deductible and no credit checks, making tenant insurance a must-have consideration for college families .

GradGuard’s University Insurance Finder can make it easier to find insurance programs that are right for your student, or even recommended by their institution. For more information, visit gradguard.com.

About GradGuard: GradGuard is a pioneer and a technology pioneer in the development of innovative protections designed to reduce the risks of college life. Since 2009, GradGuard has partnered with more than 330 colleges and universities, providing protection to more than 700,000 students and families. Visit GradGuard.com to use their college insurance search tool to find insurance programs that are right for your student or that are recommended by their college or university.

Contact: Natalie Tarangioli
GradGuard
650-302-5656
[email protected]

SOURCE GradGuard