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Tenant Insurance for Students

Thursday, 4 March 2021

Maybe you’ve just received your acceptance to college or university and you’re planning on moving away from home to attend school. The costs of university and college are undoubtedly expensive and while you might have money saved up to bear the brunt of it, you might not have the extra money to cover damage or theft of valuable belongings. For the cost of a few coffees per month, tenant insurance for students could save you thousands of dollars if you had to make a claim, giving you the freedom to concentrate on your education. Keep reading this blog to learn more about tenant insurance and how it can benefit you!

What is Tenant Insurance?

Tenant insurance, also known as renter’s insurance or contents insurance, covers repair or replacement costs for personal belongings within the apartment or home you are renting in a covered claim. You can purchase coverage whether you live in a dorm on-campus or rent an apartment off-campus. In addition to contents coverage, a basic tenant insurance policy for students usually covers personal liability and additional living expenses due to loss of use as well. Your landlord or university residence have their own insurance to protect them, but it does not extend to the students. Speak with your insurance provider to confirm the coverages you have on your policy.

Why Do I Need Tenant Insurance as a College/University Student?

There are many benefits to having tenant insurance for students while you’re in school. Let’s consider a few scenarios that could happen while you are away at school.

Fire & Flood
You probably consider yourself to be a responsible person, but you can’t assume your roommates will be too. You or your roommates might not be the best of cooks… What would you do if someone left a cooking appliance on and caused a fire destroying your belongings? How much would it cost to replace your belongings? Where would you live while you found a new place to rent? How much would it cost you? Tenant insurance for students may provide coverage for damage due to fire, flood, and other weather conditions, as well the cost of temporary housing while repairs take place.

Theft
Maybe someone ends up breaking into your dorm or apartment and steals your laptop while you’re not home. Sure, you can probably still access your assignments on the cloud or a backup drive, but now you’re left with a major inconvenience of having to function without a laptop until you can get a replacement. How are you going to pay for a replacement laptop? With tenant insurance for students, the replacement costs due to theft would be covered under your policy.

Property Damage
Tenant insurance for students will also protect you against damages caused by the irresponsible behaviour of others on your property. Perhaps a friend visits your dorm room. Things get a little rowdy and your friend makes a huge hole in the wall or wrecks the university’s furniture. Through tenant insurance you would be covered for the repair costs instead of having to pay out of pocket.

How Much Does Tenant Insurance for Students Cost?

The cost of tenant insurance varies depending on your location, housing, insurance history and other factors. On average, the cost of tenant insurance in Ontario is around $210 per year, or 17.50/month. In perspective, it’s a few premium lattes. The peace of mind and benefits far outweigh the minimal cost you would pay. To learn more about the average cost in different cities in Ontario, visit this link, or contact a BIG broker to get a quote!

Do Roommates Need Separate Tenant Insurance for Students?

Yes. Your tenant insurance policy will not cover your roommate unless they are listed on the policy, and it’s not always possible (or wise) to do that. Not all insurance providers will allow you to add your roommate to your policy, and it’s generally not a good idea anyway. If your roommate has to make a claim on your policy, it can make it more difficult for you to get affordable insurance down the road.

With your own policy, never, EVER, try to claim your roommate’s personal property in a claim if they are not listed on your policy. Filing an insurance claim for property that isn’t yours is insurance fraud and can result in serious consequences.

Tenant Insurance for Students: Get a Quote!

If you are ready to get a quote for tenant insurance for students, make sure you have a detailed inventory of your personal belongings before you meet with your broker. This will decide the type of coverage you need. Consider items such as:

  • Laptop
  • Smartphone
  • Printer
  • Furniture (desk, couch, bed, etc.)
  • Clothes
  • Jewelry
  • Miscellaneous (books, tools, art supplies, etc.)

 

For the minimal cost of tenant insurance for students, you can see that there are many benefits; the greatest of all being that you don’t have to worry about the financial ramifications of repairing or replacing your personal belongings. As you embark on the new journey of pursuing post-secondary education, make the smart decision of getting tenant insurance when you live away from home. Contact us to learn more and get a quote from one of our trusted brokers at the Billyard Insurance Group.