Steps to Take After My Kids Graduate College

Are your kids graduating from College?


Here are some pointers you may want to consider:

1)      Renters Insurance

If your child moves out of your home after graduating from college, they no longer have coverage for their personal property or personal liability coverage on your homeowners insurance.  We highly recommend they purchase a renter’s policy, which is typically less than $300 per year for minimum coverage levels.  The renter’s policy will help to protect them if there should be a fire or a theft in their new apartment or if someone else should get hurt on their property.

2)      Medical Insurance

Most likely, you are ok here – your kids will be covered under your current plan till there 26th birthday (thank you Mr. Obama) BUT if you are on a plan that restricts coverage- and your kids move out of town- you might want to look at a policy that will cover them better locally.  There are many different policies available (some possibly with a subsidy) that we can look at for your child.

3)      Auto Insurance

Please be sure to call us to discuss auto insurance for your college graduate. We will need to know: Do they still drive your car? Do they still live at home? Please keep in mind, if your child is no longer living in your home but is driving your car, they can lose important coverage, including coverage for renting a vehicle or driving a friend’s car.  They may need their own coverage, so please be sure to let us know!

4)      Umbrella Insurance

A dumb mistake could cost them for their whole life- future earnings for life could be impaired- they might want to consider purchasing a personal umbrella policy

5)      Life Insurance

If your child is healthy – might not be a bad idea to lock in some very inexpensive term coverage that they can later convert to permanent insurance = a good hedge against a change in health.

If a change in health occurs, your child may no longer be insurable (or at a very high cost). Insuring now can protect your child’s future family.

Please contact Associated Agencies at (847) 427-3443 if you have any questions or concerns.


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