Do you have a son or daughter who is heading to college or is already enrolled? It pays to make sure your child has the appropriate insurance coverage.

Renters – In some cases, lost or stolen items can be insured under your own homeowner’s insurance policy. Instead of assuming that’s the case, it’s best to check with your insurer. If your child’s belongings aren’t covered under your policy, he or she (or you) might consider purchasing a renter’s policy, which can over big-ticket items like TVs and laptops. If you or your student decides to purchase a renters policy, your current homeowner’s insurer will likely offer a discounted rate.

Health – Most schools require proof of health insurance. Since the cutoff age isn’t until 25 in most states, you can probably keep your college-bound kid on your health insurance policy until graduation. Again, it’s best to check with your insurer in advance, before you need to file a claim. Additionally, some colleges offer insurance for students.

Car – Students can either stay on their parents’ policy or start their own—or save a bundle and take the bus. Food for thought: if your child stays on your policy and takes a car to school, your premium may increase, depending on the rates in the school’s city or town. Students that maintain a certain GPA may be eligible for discounted rates. If your Johnny gets straight A’s each semester, tell your insurer!

Let your financial situation guide your decisions, but always make sure to have adequate coverage levels.