With the fall semester in full swing, most college students are focused on academics and sports, giving insurance little thought.

Whether you're a student supporting yourself or receiving financial assistance from your parents, there are coverage options to consider that will benefit you year-round.

Christine Bosland, assistant vice president at NFP, suggests looking at homeowners', renters' and auto insurance for savvy ways to save money while also mitigating some of the risks that can arise throughout a school year — both on and off campus. 

Bosland has some evergreen advice for those not sure where to start: Ask your current agent, broker or carrier about specific policy limitations and exclusions. 

An important point to note is whether a student is a full-time or part-time student. From there, the three main areas of coverage are personal, liability and specialty coverage. 

In college, laptops and tablets are crucial to staying ahead. Insureds can stay ahead further by covering their electronics while in school. (Photo: Shutterstock)

Take advantage of your insurance

For students on campus, consider putting coverage on items of value. Furniture and electronics tend to make the bulk of a student's room, so those are a gimme. Coverage for important items such as laptops and tablets will require specialty coverage, and "usually that coverage is limited within the [personal] policy  itself." Students living off-campus are likely signing a lease and should look into a renters' policy, especially since their parent's coverage likely wouldn't extend to them. 

Parents can insure items and their wallets by looking to see whether their homeowners' insurance can extend to their child with off-premises coverage. Usually, a homeowner's coverage would extend to about 10%.  Parents can also consider scheduling high-value items on a specific policy, known as "adding a floater," much like they would for jewelry or art. 

Considering the vast independence students will have in college, liability coverage is also an adviseable consideration.

"Parents tend to worry a lot more because their child is more independent," says Bosland.

Whether it's parents extending their liability coverage or a student signing up for the first time, liability insurance can help in a number of scenarios. Consider a college party thrown in a dorm. Were damages to occur or a student to require medical attention, liability coverage would prevent either a student or parent from being blindsided by the unpredictable.

Maintaining a GPA over 3.0 is one way students and parents can lower their auto insurance. (Photo: Shutterstock)

Getting a break on auto

There are many factors that come into play when getting a quote on auto insurance. Credit history, age and gender are some of the more well-known considerations. But what if you're a college student or have a child about to leave for school?

"A big factor that affects auto insurance for families is whether a college student brings a car to school," says Bosland. 

Aside from the typical factors insureds can expect, variables such as GPA and where a student drives come into play. 

If a car is brought to college, there is a general rule of thumb when the price is being factored. If the college is in a rural area, auto insurance will typically cost less; if the college is near or around a big city, auto insurance costs tend to rise. The logic behind such reasoning dictates that bigger cities have more cars and people on the road, so there's a greater likelihood of an accident.

The good news is that there discounts that can help you shave some of the costs down. If the college is more than 100 miles away and the student doesn't bring the car with them, insurers may offer a discount because the car will be used less frequently. Many auto insurers also reward students with a GPA of 3.0 or higher with savings in cost; defensive driving courses, many of which can be in done in person or online, also provide discounts.

Just as there ways to save money, there are numerous risks to consider with a car on campus. 

If you let someone borrow or use your car, remember that car insurance follows the car, not the driver if anything were to happen, says Bosland. Keeping a close eye on where drivers park is another tip she suggests to keep in the back of your mind. Is the car in a college parking lot or garage or is it kept on the street?

While college is a transformative time for students, it's impossible to overlook the steep costs that come with it. Whether it's students or parents looking to save some money, the first thing they should do is speak with their insurance provider before school's out.

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