Sending your child to college? ‘Protect your family from financial disaster,’ state says

Saying goodbye to your young adult child as they head off to college can be tough on so many levels — both financially and emotionally — but the state of Oregon is offering parents and students some advice on how to make it a little less financially worrisome.

“Be sure to review your insurance policies to give yourself peace of mind and help protect your family from financial disaster,” says the Oregon Division of Financial Regulation, which regulates the insurance industry. State officials offer these tips, which could end up saving you and your young adult considerable money:

Homeowners insurance: Many homeowners policies extend their coverage to an “off-premise” location: your child’s dorm room. State Farm, one of the nation’s most prominent insurers, says policies often cover property losses in a full-time student, on-campus dorm room. The policies also might cover injuries to a guest in the dorm room or if your child accidentally damages school property.

Check with your homeowners insurance to be sure.

Renters insurance: If your student is living off-campus, they likely will need renters insurance to cover many of the situations that homeowners insurance would have covered had they lived in a dorm room. This includes lost or damaged property or paying the medical bills of a visitor in their home. Most landlords’ insurance policies protect only the structure, unless the landlords were negligent in causing losses to the renters’ possessions.

Also, it’s a good idea to keep receipts for expensive purchases, like computers, and take photos or a video inventory of everything in a dorm room or off-campus rental.

Car insurance: If your child is driving your car, your insurance likely will cover them. But check with your insurance company. Also, be sure that your child is listed as a driver and tell the company your child’s new address.

If the car’s title is under your child’s name, they will need their own insurance policy, according to the Division of Financial Regulation.

Health insurance: If your child is younger than 26 and covered by your health insurance now, their coverage will continue while they’re away at school, the division says.

Students enrolled in a health maintenance organization, or HMO, might need to return home for routine health care and might only be eligible for medical attention at school if it’s an emergency.

Another option: Learn about the student health insurance plans that many colleges offer.

If insurance won’t pay: If your insurance company denies a claim or you disagree on the terms of a settlement, you can file a complaint with the Division of Financial Regulation here. You can also call 888-877-4894 or email DFR.InsuranceHelp@dcbs.oregon.gov with questions.

— Reporter Aimee Green covers politics, personal finance and issues that matter to consumers. She can be reached at 503-294-5119, agreen@oregonian.com or on Bluesky.

©2025 Advance Local Media LLC. Visit oregonlive.com. Distributed by Tribune Content Agency, LLC.