Do Students Away at School Need Tenant Insurance?
Your child is going away for school this fall. How does your insurance cover your child away at college or university?
Did you know? Your home insurance policy will cover your child’s belongings when they are away at school as long as their primary address is the one listed in your policy.
When doesn’t my home insurance cover my child’s belongings?
If your college or university student’s address is now different from the one listed on your home insurance policy, they need renters’ insurance to cover their belongings.
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When do away-at-school students need renters’ insurance?
If a post-secondary student’s primary address is different from the address on their parent's home insurance policy, they will need renters’ insurance to cover their personal property and any accidental damage to their rental accommodation.
Although tenant insurance is not mandatory in Canada, it could help you cover expenses that come up accidentally or unexpectedly from a covered loss. In some cases, your landlord may require you to purchase tenant insurance as part of your lease agreement.
What does renters’ insurance cover?
Tenant insurance covers personal belongings and liability for property damage and injury. It also covers theft of and damage to personal property like electronics, furniture, and clothing, damage to their rented home, and liability for injuries to visitors.
You may need additional coverage for high-value items like laptops and smart TVs and other high-end gadgets. Ask your insurance provider what is covered and what is not covered.
Even if a student’s possessions are covered by a home insurance policy, your child still needs to be covered by liability insurance. Your child may be a responsible young adult, but they cannot control the actions of others. If there is a visitor who damages their rental home or someone is injured at a party, they could be responsible for medical bills or repairs.
Renters’ insurance also financially protects you if someone is unintentionally injured in your rented home, or if you’ve damaged someone else’s property. It helps take care of your legal defence costs and to pay for damages if you're found legally responsible as stated in your tenant insurance policy.
What about car insurance for university and college students?
You may be able to list your child who is away at school as an occasional driver on your car insurance policy instead of a primary driver. This can save you money.
If your child is moving to a new province or city for university or college, you may want to remove them from your car insurance policy to save money.
You can also keep your child who is away at university/college on your insurance policy. When your child returns home for holidays or the summer, they’ll be able to legally drive your car and will be covered by insurance.
Talk to your Western Financial Group tenant insurance expert about renters’ insurance for university and college students. We have the knowledge and expertise to guide you through this process.
