Insurance is often one of those things we forget about until we need it. GradGuard, the leading college renters and tuition insurance provider, encourages students and their families to protect their financial future on National Insurance Awareness Day. 

June 28th is National Insurance Awareness Day. Insurance offers many securities for life’s unpredictable events, including risks that may happen in college. National Insurance Awareness Day is a good reminder to evaluate options to protect yourself.

“College is a time of great opportunity, but it can also be a time of financial risk,” said John Fees, co-founder and CEO at GradGuard. “Paying for college is often the second largest investment college families make. Families are smart to understand how to protect that investment.”

Students can reduce the financial and academic risks they face by understanding the risks of college life and taking steps to protect themselves. 

Tuition Insurance*: If your student has to withdraw from college due to a serious illness, injury, or accident, it’s unlikely you’ll receive a full refund for tuition, let alone for housing or other fees. No one wants to think about a condition or incident so severe a student is forced to withdraw, but it does happen. Tuition insurance can provide reimbursement for tuition, housing, and academic fees due to a covered medical withdrawal when schools do not. Covered reasons can include illnesses and injuries such as mono, concussions, and mental health conditions, as well as the death of a tuition payer. 

According to the American College Health Association data collected from Fall 2021 through Spring 2022:

• 1 out of 4 students reported being affected by depression
• 1 out of 3 students reported being affected by anxiety 
• 1 out of 2 students reported being affected by stress

Renters Insurance: Living on campus is the first time many students live independently. With more than 3 million living in on-campus student housing, they are likely unaware that their college or university is unlikely to replace stolen or damaged student property. According to Clery Act Reports, an average of over 24,000 crime and safety incidents have been reported annually on college campuses since 2009. 

• 2,411 robberies were reported on average annually.
• 1,840 fires were reported on average annually.
• 20,521 burglaries were reported on average annually.

Students living in off-campus housing face a similar situation. When you can’t count on schools, housing companies, or landlords to replace stolen or damaged student property, students are smart to consider purchasing renters insurance. 

College is riskier than it looks. CollegeTales brings light to these risks that include floods, fires, pipe bursts, and other incidents that happen on college campuses nationwide. 

GradGuard’s College Renters Insurance contains an exclusive student endorsement that provides worldwide property coverage, liability protection, a low $100 deductible, and no credit check. 

Health Insurance: Many colleges offer health insurance plans to students or require them to purchase or opt-out by showing proof of alternative insurance. A college health insurance plan may make sense for some students. Under federal law, young adults can remain on a parent’s plan until they turn 26. Families are smart to confirm the school requirements and to be sure not to pay twice for coverage.  Travel Insurance: If you’re planning on studying abroad or taking a summer internship, travel insurance can help protect you from financial loss in the event of a trip cancellation, medical emergency, or lost luggage.

Life Insurance: If a parent dies, life insurance can cover college costs including tuition, housing, and fees. The death benefit can also be used to pay off student loans. 

“Insurance can help protect your financial future and give you peace of mind,” said Fees. “So take some time on National Insurance Day to review your needs and make sure you have the right coverage in place.”  

*Terms, conditions, and exclusions (including for pre-existing conditions) apply.  Plans only available to U.S. residents and may not be available in all jurisdictions.  Recommended and provided by GradGuard, a service of Next Generation Insurance Group, LLC (NGI), the licensed agent for all insurance programs.  Insurance plans include insurance benefits and assistance services.  Pricing may vary by state.  Insurance benefits are underwritten by Jefferson Insurance Company (NY, Administrative Office 9950 Mayland Drive, Richmond, VA 23233) rated “A+” (Superior) by A.M. Best Co.  A+ (Superior) is the 2nd highest of A.M. Best’s 13 Financial Strength Ratings.  Non-insurance benefits/services are provided by AGA Service Company.  Claims are administered by Allianz Global Assistance (AGA).  AGA and Allianz Tuition Insurance are marks of AGA Service Company or its affiliates.  AGA Service Company is an affiliate of Jefferson Insurance Company.  Plans include insurance benefits and assistance services.  Except as expressly provided for under the plan, consumer is responsible for charges incurred from outside vendors.  Contact AGA Service Company at 888-427-5045 or 9950 Mayland Dr., Richmond, VA  23233 or [email protected].