Heading away to college or university is a major milestone. Whether your student is moving into residence, renting a room or sharing an apartment with friends, there is plenty to organize before move-in day.
Between tuition payments, textbooks, furniture and kitchen supplies, insurance may not seem like an urgent priority. However, tenant insurance can provide valuable financial protection while helping students take responsibility for their new home and growing independence.
Are Students Covered by Their Parents’ Insurance?
Before purchasing a separate policy, parents should contact their insurance broker to find out whether their home insurance provides coverage for a dependent temporarily living away while attending school.
Some policies may extend coverage to eligible students, but age limits, coverage limits and other conditions can apply.
The
Insurance Bureau of Canada notes that dependants under age 21 who are temporarily living away from home while attending school may be covered under a parent’s home insurance policy, but families should never assume that protection applies without checking their specific policy.
Students who are not adequately covered will likely need their own tenant insurance policy. A landlord or student-housing provider may also require proof of insurance as a condition of the lease.
What Can Tenant Insurance Cover?
Many students underestimate the combined value of the belongings they bring to school. A laptop, phone, clothing, furniture, sporting equipment and other everyday possessions can quickly add up.
Depending on the policy and the cause of the loss, tenant insurance may help provide:
- Personal property coverage: This can help repair or replace belongings following an insured event such as theft, fire or certain types of water damage.
- Personal liability coverage: Accidents happen. If a student unintentionally damages the rental property or causes an injury to another person, liability coverage may help with resulting legal expenses, settlements or repair costs.
- Additional living expenses: If an insured loss makes the student’s rental temporarily unfit to live in, the policy may help cover reasonable additional expenses, such as temporary accommodations and increased meal costs, subject to its terms and limits.
It is important to remember that the landlord’s insurance generally protects the building, not the tenant’s personal belongings or personal liability.
Simple Ways Students Can Protect Their New Space
Insurance is an important safety net, but prevention matters too. Encourage your student to develop a few responsible habits:
- Lock doors and windows, even when leaving for only a few minutes.
- Avoid posting photos that advertise expensive electronics or other valuables.
- Learn the location of fire exits and keep escape routes clear.
- Never disable smoke or carbon monoxide alarms.
- Avoid overloading electrical outlets or using damaged charging cables.
- Report leaks, electrical problems and other maintenance concerns promptly.
- Keep an inventory of important belongings, including photos, receipts and serial numbers.
- Confirm that roommates each have appropriate coverage rather than assuming one policy protects everyone.
Students should also ask about coverage limits or exclusions for expensive items, bicycles, jewellery, musical instruments or equipment used for a job or side business.
At Gibb Insurance Brokers, we can help your family understand the options and arrange appropriate protection for your student’s home away from home.