Money Monday: Insurance for college students

WSVN -- Chris Voda's daughter Megan is a sophomore at Louisiana State University.

Chris Voda: "She loves it there."

But once she left, Chris realized their health insurance did not cover routine care for Megan out of state.

Chris Voda: "It's a South Florida HMO, so it's only good in these three counties and because it's an HMO, the networks aren't over there. I was really shocked to realize that she's really not covered over there in Louisiana and just something you never think about."

If you don't do your homework, insurance experts say families can be caught off guard .

Joe Mier: "You need to find out how it's going to impact your rates and your coverage's."

If you find your health coverage limited when your child is away from home, experts say to check your college's student health plan; many offer affordable coverage.

You can also look  into buying individual policies while they're away.

You'll also want to protect your student's valuables, including clothes and laptops.

Joe Mier: "Make sure you contact your company, see if you can have coverage away from home for the student and if they'll extend liability from your home."

If not, renter's insurance could be a smart move for your student, for dorms and apartments.

Joe Mier: "You have to buy a renter's policy under your name to make sure that not only are the personal belongings of the student covered but also liability.".

And finally we all like to complain about the high cost of car insurance here, but that can change for the better. Stephen Neal's son Zach goes to Florida State in Tallahassee.

Stephen Neal: "The insurance rates are lower, much lower just for him being there, plus the added benefit if he doesn't have a car, he's not here, we have him on a  policy but they reduced our rates by $500  I think for six months."

And don't forget, students can also cash in on good grades.

Joe Mier: "There seems to be a lot of correlation between a careful student and a careful driver. If they maintain a 3.0, they're going to get a substantial discount on the rates."

When it comes to insuring your student away from home, it literally pays to know the rules. For roommates living on or off campus, sharing the cost of a renter's policy is also a way to save money.

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