College is an exciting time for students and parents. You pack your clothes, posters and electronics, but are you forgetting something?

Your insurance.

It’s probably the last thing on your mind, but insurance is a necessity, because unfortunately, accidents happen – even in college. However, there are some little known savings in the form of student discounts that every college man and woman should know.

Here’s what you need to consider before heading off to school:

Get your stuff covered

Laptops, televisions, tablets and stereos are among the top electronics students bring with them to college, but let’s face it – dorm rooms aren’t exactly the safest space to store expensive items.

Cate Prado, who is about to send her youngest daughter, Meredith, off to college for the first time, said she learned this the hard way when her oldest daughter, Olivia, was in school.

“Olivia spilled a drink on her brand-new Mac laptop about three months into her freshman year and it was a total loss,” she said. “Unfortunately, we had not thought to insure it.”

Stand-alone policies are an option for expensive electronics such as laptops, because they may provide coverage against accidental damage not covered under standard homeowners or renters policies, according to the Insurance Information Institute.

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If you live on campus, your parents’ homeowners insurance will likely cover your possessions against loss, theft and damage. However, you’ll want to double check with your insurance agent and find out exactly how much coverage you have to make sure it’s enough.

If you’re living off campus, your parents’ insurance probably won’t protect your valuables, according to the National Association of Insurance Commissioners. This is where renters insurance kicks in. First off, your landlord’s insurance rarely covers your personal property if it’s stolen or damaged.

The average renters insurance policy costs $15 to $30 a month and protects your property from theft and damage, and offers liability protections. Personal property coverage pays to repair or replace your belongings if they’re damaged, destroyed or stolen, and liability coverage protects you against lawsuits resulting from injury or property damage to others from an accident on your property.

Furthermore, if you have an auto insurance policy, you’ll most likely receive a significant discount by bundling your auto and rental policy together, even potentially offsetting most or all of the cost.

Save with student discounts

Cash-strapped students need to save every penny, and that isn’t always easy. Fortunately, many insurers offer discounts to college students that can add up to significant savings. In most cases, if you’re under 25 years old and maintain a GPA of 3.0 or higher, you’ll be eligible for a “good grades” discount on your auto insurance, according to autoinsurance.org.

When her oldest daughter was in college, Prato said she was able to save 10 percent – or about $120 – on her premium.

And if you’re going to school more than 100 miles away and drive your parents’ car while you’re at home, you could be eligible for a resident student discount, according to the I.I.I. An insurance agent will be able to tell you exactly how much you could save.

Other auto insurance considerations

If you have your own car, it’s important to let your insurance company know whether you plan to leave it at home or bring it to school with you, because your premium will be based on where the car resides, according to the I.I.I.

If you’re bringing your car to school, you can either stay on your parents’ policy or buy your own insurance. Purchasing your own policy will allow you to establish a driving record, but it will probably be more expensive than staying on your parents’ policy because you may lose discounts, such as a multiple car discount, according to the Wall Street Journal.

Make sure you have enough liability coverage

Nobody likes to imagine worst-case scenarios, but the reality is college can be a risky time for students and it’s important to be prepared in case an accident happens. If you host a party, for example, and one of your guests drinks too much and wrecks his or her car, you could be sued for any damages.

A personal umbrella insurance policy may sound like it's for wealthy people but it can protect you in these types of situations. It kicks in once the limits on your normal auto, homeowners and renters policies have been reached, covering the remaining amount so you’re not stuck footing the bills on your own. If you’re a parent reading this story, an umbrella policy may be even more of a necessity.

For $150 to $300 per year, you can buy $1 million of personal umbrella liability coverage, according to the I.I.I.