Is Your College Student Properly Insured?

Parents should review auto and homeowners insurance policies before their student steps on campus.

Students pursuing a double major should ensure every course counts toward at least one degree, experts say.

Also remind your student about the importance of safe driving while away from home and especially about the hazards of texting and driving or drinking and driving. "Explain that a driving infraction or being in an accident can drive up their insurance costs," Worters adds.

[See: 10 Unexpected Costs of Driving.]

It's easy to lose sight of these considerations in the excitement of a new school year, but Elaine Baisden, a vice president of personal insurance for Travelers, says parents should keep them in mind. "It's a milestone for the kids," she says, "but the parents can use it as a milestone for themselves to give themselves an insurance checkup."