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Strand Insurance

Strand Insurance

Strand Insurance

Strand Insurance

Insurance Needs for Graduates

graduation time!High School and College Graduation Has Arrived!

Congratulations graduates, this is an exciting point in your life! New opportunities are on your horizon. However, new opportunities come with new risks and at Strand Insurance; we are here to keep you protected.

You may be wondering what kind of risks I may be talking about or how graduating impacts your insurance needs. Let me start with a few questions:

  • Are you going to be moving?
  • Are you getting a new vehicle?
  • Are you still financial dependent on your parents?

These are questions that you should consider as a new graduate, as they may impact your insurance needs. How? These questions can fit into 2 categories, the need for renter’s insurance and the need for auto insurance. Let’s address each.

Renter’s Insurance – Frequently, new high school and college graduates move into an apartment or rental house. This is the time to consider the need for renter’s insurance. Renter’s insurance is very inexpensive; averaging $10-20 per month and it is a great way to protect yourself and your belongings. If your belongings are stolen or damaged in fire, for example, renter’s insurance can give you a non-depreciated value for your belongings, allowing you to replace them at the current cost. Renter’s insurance can also protect you in the event of a lawsuit when an accident happens at your home/apartment.

Auto Insurance – If you are moving, your auto insurance may also be impacted. Again, if you are moving into an apartment or rental house, it is time to consider getting your own auto insurance policy. If you are still financially dependent on your parents they may let you stay on their auto insurance policy for a little longer and you may not have to worry about this quite yet. However, if you are jumping into the world independently, you will need to start up your own auto policy. Although auto insurance is an added expense, it is very important to consider the amount of coverage that you actually need and not just go with the cheapest option. Keep in mind that if you ever allow anyone to drive your vehicle, the liability exposure is on you, and you need to have adequate coverage if something were to happen. In fact, take a moment to consider what would happen if you were in an accident. Accidents often result in damaged vehicles, medical bills, lost income, and physical therapy. As you can see these things add up quickly. It is important to make sure you have adequate coverage so that you are not stuck with a lot of debt.

Health Insurance – As a recent graduate you should also consider the need for your own health insurance. You never know when you may get sick, slip and fall, etc. Health insurance will help you with medical expenses that could otherwise leave you with substantial debt.