Why Tenant Insurance is a Must for Students
Wednesday, 30 August 2023
The start of the school year is an exciting time. Making new friends, catching up with roommates, reconnecting with classmates, and pursuing an education are things many students look forward to each fall. This is often a fun part of people’s lives, as it is their first taste of freedom and independence; however, with that comes a lot of responsibility.
Sure, there is the need to study and do well in class, but there are also other things to consider, like securing a place to stay and protecting your belongings. That’s where tenant insurance comes in handy. If you’re in the process of moving away to college or university, this blog will tell you everything you need to know about this coverage option.
What is tenant insurance?
Tenant insurance, also known as renters insurance, is protection for your personal property as well as your personal liability when renting a property. There are two main kinds of coverage: tenant contents insurance and tenant liability insurance.
As a student, there is a high likelihood that you will be renting out a room throughout the duration of your time in post-secondary school. If so, securing the right coverage will give you one less thing to worry about and let you focus on your studies.
Tenant content insurance
Think of all the planning that went into your move to school. You packed all of your favourite clothes, bought new furniture for your room, and maybe even purchased a new laptop for your schoolwork. If all of that were to just be taken away, you would likely find yourself in quite a stressful situation.
In the unfortunate event that your personal belongings are damaged or destroyed due to fire, theft, flooding, or vandalism, this form of coverage will reimburse you for their value up to the policy’s limit. While you think that these may never happen to you, not having a policy in place could be catastrophic and lead to you replacing everything out of your own pocket.
Tenant liability insurance
Hosting a get-together and having friends over is a common occurrence for students. Taking a break from homework and studying is needed to enjoy a good balance of work and play. That said, there is always the chance that an accident could damage a neighbouring property or cause harm to a guest and their belongings.
This form of tenant insurance will protect you if you are found responsible for said injuries or damage. For example, if your guest or neighbour incurred medical expenses from an accident that was your fault, tenant’s liability insurance can help cover those costs and legal fees up to the policy’s limit.
Other renters insurance options to consider
Additional Living Expenses coverage can save you a lot of money if the property you are renting were to become uninhabitable due to damage. If you need to temporarily stay in a hotel while the damage is being repaired, this will help cover the costs you incur. It can also go towards covering money spent on meals. While not an ideal situation, this will ensure you have a place to rest your head at the end of the day and access to food without worry.
How much does tenant insurance cost?
Tenant insurance is quite affordable and reasonably priced, given the protection it provides. It can be as low as $20 per month, but the cost will depend on factors such as the coverage included, the location of your rental, the type of building you live in, and your claims history.
In some cases, your policy can be covered under your parent’s home insurance policy. You can also bundle your renters insurance with your car insurance policy and save hundreds of dollars in the process. Either way, this inexpensive cost is an effective way for students to protect themselves if the unexpected were to happen.
If you are a student or are the parent of someone who is going to be renting a place for school, contact your nearest BIG branch or request a tenant insurance quote online today. A BIG broker will gladly assess your situation and evaluate your needs so that you have the best options available.