It’s graduation time, which means millions of college educated adults will be entering the real world.
With that in mind, our partners at Chubb have compiled a few things that should be top of mind for new graduates and their parents:
• Risks related to living on one’s own. For young people who move to their own apartment or home, renter’s insurance becomes an important consideration. Even though recent graduates tend to have fewer possessions than families with children and homes, for example, they often have entertainment equipment, sporting and hobby gear, and personal items such as jewelry that can be expensive and worth protection.
• Auto insurance questions. Moving out on one’s own may mean buying a car, transferring ownership from parents or updating current coverage to reflect where the car is being kept and how it is used.
• Changes in coverage for the graduate’s parents. With a child having finished college and perhaps living on his or her own, parents of recent graduates should review their own property and casualty coverage to better understand their own changing risk profile, especially as they head towards retirement. Such changes could have property and casualty insurance implications that affect coverage and claims payments.