Date: October 3, 2006
For more information contact: Eileen Mallow, Assistant Deputy Commissioner, (608) 266-7843 or eileen.mallow@wisconsin.gov

Insurance Commissioner Releases Publication for College Students

Madison, WI—In recognition of Money Smart Week^SM Wisconsin, the Office of the Commissioner of Insurance (OCI) today announced the release of a new guide to insurance for college students.

"Insurance 101, A Guide to Insurance Basics for College Students," provides information on the types of insurance products college students need to consider.

"Leaving your parents' home to go off to school brings a set of new responsibilities - not the least of which is to adequately safeguard yourself against potential financial pitfalls," said Jorge Gomez, Commissioner of Insurance. "Young adults should take the time to assess what their insurance needs are before setting off on their own."

College students are reminded:

• Full-time undergraduate students usually qualify for coverage under their parents' health insurance plan. You should check with your parents or guardians about the requirements contained in their health insurance contracts. If your parents are covered by a managed care plan (an HMO or PPO), check to see if there are network providers in the area where you are going to college. If not, there are other options. Many universities carry group student health insurance plans for which students are eligible. If neither a family plan nor school-sponsored plan is available, you should strongly consider buying an individual plan.
• If you live in a dormitory you may be covered under your parents' homeowner's insurance policy. But if you live in an off-campus apartment or house you should consider purchasing renter's insurance. Renter's insurance protects your personal property against damage or loss, and insures you in case someone is injured while on your property.
• If you drive your own car, you will need to be able to pay for damages you may cause in an accident. To satisfy the Wisconsin financial responsibility law requirements through auto insurance, your policy must provide a minimum of liability and uninsured motorist coverage.

Publications such as "Insurance 101" can be ordered free from the agency by writing to OCI Publications, P.O. Box 7873, Madison, WI 53707-7873, calling 800-236-8517 or visiting the OCI Web site at oci.wi.gov.

Money Smart Week^SM Wisconsin was created by the Governor's Council on Financial Literacy which Governor Jim Doyle formed last year to improve financial literacy in Wisconsin. The first-year campaign is modeled after similar promotions run by the Federal Reserve Bank of Chicago in the cities of Chicago and Detroit. It is envisioned as ongoing from year to year. Wisconsin's initiative has the support of the Federal Reserve Banks of both Chicago and Minneapolis.

Created by the Legislature in 1871, Wisconsin's Office of the Commissioner of Insurance (OCI) was vested with broad powers to ensure that the insurance industry responsibly and adequately met the insurance needs of Wisconsin citizens. Today, OCI's mission is to lead the way in informing and protecting the public and responding to its insurance needs.