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Yes, Your Away Student Needs Tenant Insurance

Yes, Your Away Student Needs Tenant Insurance
It’s the time of year when tens of thousands of young adults across Canada leave their homes to pursue their post secondary education. Preparing your college or university student for a life away from home can be one of the most fulfilling, although stressful times in a family. 

Organizing the many aspects of your child’s post secondary life can be exhausting and it’s not uncommon that tenant insurance is often overlooked. Students can be at more of a risk from theft and damage as they might not always know their roommates, there might be parties at their residence and their rental may lack good security. 

Also consider the importance and value of their possessions: 
  • Laptops and accessories 
  • Clothing and jewelry 
  • Textbooks TVs and furniture  
Tenant insurance goes beyond protecting your child from obvious expenses from theft, fire and water damage; it’s also important to consider personal liability, as not every problem within rental housing is the landlord’s responsibility. 

What if a friend is injured on the premises? 

What if an overflowing shower damages the rental units below?  

In cases of negligence on the part of the student, there’s the chance that they would be held legally responsible. Your student may be covered under your home insurance policy and a quick phone consultation with your insurance professional can help determine if they’re covered. 

Also, be sure to discuss with your insurance professional: 
  • Whether it’s verified school residence, or off campus housing 
  • Age limits 
  • Time limits  
  • “Replacement Value” versus “Actual Cash Value” 
  • “All – Risk Coverage” versus “Named Perils Coverage” 
If your student requires their own tenant’s insurance policy, the policy is very affordable, can likely bundled with their auto insurance and will help establish a history of insurance for when they’re truly “out on their own”. 

Final thoughts 

Ask your student to take a few minutes to video record and detail all their possessions and any existing damage to their rental and send you a link to the video for future reference in case a claim needs to be made. Be sure they document serial numbers and other identifying markers on expensive items. 

Seeing your child successful at post-secondary school can be one of the most rewarding experiences for a parent. Please reach out to us if we can answer any questions regarding your child’s coverage. 1-519-736-8228