The cost to attend college is more than $27,000 a year for a state school and more than $55,000 for a private university. Insurance can help protect your investment.
If your teenager experiences a major health issue and has to drop out of school midway through a semester, tuition insurance can refund families for the portion of the education that the student did not receive, in addition to what the school may already refund the family.
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Always check the insurance policy's coverage terms to see what is covered and what is needed for reimbursement, which may be access to medical records or simply a doctor's note.
Families can also consider dorm insurance, which is typically inexpensive and covers everything your student brings to college. If something happens to their possessions, students can get reimbursed for loss or damage.
Although your child's belongings may be partially covered by a homeowner's insurance policy, Consumer Reports suggests dorm insurance or renter's insurance may be a more affordable option.
Although families may have some coverage for their children through a homeowners policy, Consumer Reports says dorm insurance or even renters insurance might be a cheaper option.
When it comes to saving money while someone is at college, Consumer Reports recommends parents scale back car insurance if a student doesn't have a car with them at school.
Also, make sure to take advantage of tax breaks offered to parents of dependent students.
>> Important medical forms to sign once your child turns 18
Parents, take note: Once a child turns 18, there are several necessary forms parents should sign if they want to stay involved in their medical history.
The forms give doctors and nurses permission to share a child's medical information with parents in an emergency -- and give parents control to make decisions about their child's healthcare if they are not able to do it own their own.