Congratulations, recent college graduates! You have completed an important milestone in your life and are ready to take on the next chapter. One of the most important things you need to do now is get insured. It can be confusing trying to figure out what type of insurance you need and how much coverage you need. That’s why we put together this handy guide with insurance tips for recent college graduates. If you are like most college graduates, you are just starting out on your own and are in need of some basic insurance coverage. In this article, we will provide a basic overview of three types of insurance: auto, renters, health, & life insurance.
Auto Insurance Coverage
Auto insurance is a must-have for anyone who drives a car. But for recent college graduates, it can be especially important to have good auto insurance coverage. That’s because young drivers are more likely to get into accidents than older drivers. Here are some basics about auto insurance that every recent college graduate should know:
– Auto insurance is required by law in most states.
– If you are driving someone else’s car, you need to be covered by auto insurance.
– Your auto insurance policy will cover you if you are in an accident, regardless of who is at fault.
– There are three types of auto insurance coverage: liability, collision, comprehensive.
Renters Insurance Coverage
Renters insurance is a great option for college graduates who are just starting out on their own. It’s important to have some sort of coverage in case of an emergency, and renters insurance can provide that. Here are some basics about renters insurance that every college graduate should know:
– Renters insurance covers your personal belongings in the event of a fire, theft, or other covered disaster.
– It provides liability coverage in case someone is injured while in your apartment or home.
– Renters insurance is relatively inexpensive and easy to obtain.
– You can get renters insurance bundled with your auto insurance policy or as a standalone renters insurance policy. Some landlords require it as part of your lease agreement before you are allowed to move in.
Health Insurance Coverage
Health insurance is an important consideration for any college graduate. If you are employed, you may be eligible for health insurance through your employer. If not, there are a number of other options available to you. Here are some basics about health insurance that every college graduate should know:
– Health insurance helps to cover the cost of medical care.
– There are a number of different types of health insurance plans available. Ask about high deductible plans, HSA/FSA plans, etc.
– Cheaper is not always better – The cheapest plans often have higher deductibles which means you have to pay more out of pocket before coverage kicks in.
– You may be able to get health insurance through your parents, an employer, or the government.
– Health insurance is important because it can help you pay for doctor visits, prescriptions, and other medical expenses.
– Dental and Vision insurance is normally offered alongside your health coverage but does need to be purchased in addition to medical coverage.
Life Insurance Coverage
Life insurance is a good option for college graduates who want to provide financial security for their loved ones. It’s important to have some sort of coverage in case of an unexpected death, and life insurance can provide that. Here are some basics about life insurance that every college graduate should know:
– Life insurance pays out a death benefit to your beneficiaries in the event of your death.
– The death benefit can be used to cover funeral expenses, pay off debts, or provide financial security for your loved ones.
– There are a number of different types of life insurance policies available, from term to the rest of your life.
– You can get life insurance through an employer, a standalone policy, or a parents’ life insurance policy.
These are just a few of the basics about auto, renters, health, and life insurance that every recent college graduate should know. Insurance can be confusing, but it is important to have some sort of coverage in case of an emergency. We hope this article has provided you with some helpful information about insurance options for recent college graduates. Thanks for reading!
If you have any questions, please feel free to contact us at BMC Insurance! We would be happy to help you find the right insurance policy for your needs.