Auto Insurance: If the campus your child attends is at least 100 miles away and their car stays at home you should qualify for a discount on your premium. How much will depend on how much your premiums increased when you added your child to your policy.
Student Housing: A student's dorm room qualifies as an additional room on your home owner's insurance. Coverage is usually limited to 10% of the amount of your total insured possessions. As an example, if your home is worth $500,000 and you have 50% coverage for the contents of your house, the insurer will pay up to $250,000 for the contents of your home. Anything in your child's dorm room would be covered up to $25,000. If the student lives off campus you will need to purchase a separate renter's policy to cover the child's personal items.
Health Coverage: Full time students are covered under a parents policy until age 23 or possibly older. Some states have extended the age limit so check your state's rules. Individual policies for 18 to 24 year old students cost an average of $1,284 according to eHealthInsurance.com