How Does Insurance Cover University Students' Gadgets?
Your son or daughter is away at university. They may have a smart TV, a smart phone, laptop, smart watch, and a tablet with them. If one of these gadgets or electronics is stolen or lost, how does insurance cover this? It will depend on how they are insured.
Is their primary address the one listed in your home insurance policy?
Are university or college students covered by their parents’ home insurance?
Your home insurance policy as parents 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.
If your child is away at college or university and their primary address is different from the home address on your home insurance policy, your child will need tenant or renters’ insurance to cover their personal property, including their electronics, and any accidental damage to their home.
Do high-value electronics and gadgets need extra insurance?
You may need additional coverage for your university student’s high-value items such as laptops, smart watches, and phones. You may want to add a homeowner’s insurance rider or add-on to give your child’s devices extra protection while they’re away.
It’s important to note that some home insurance policies have limits and exclusions for gadgets and electronics. You’ll need to check the details of your home insurance policy to see how the theft, damage, or loss of these gadgets would be covered while your child is away at university.
If your home insurance, as parents, adequately covers your child’s electronics and your child’s smartphone is under warranty, you may not need extra insurance coverage.
Make sure to keep an up-to-date list, with receipts, if possible, of all your child’s belongings, including all electronics and devices, while they are away at university.
Discuss your child’s living situation and the devices they have with them while away at university or college with your Western Financial Group home insurance expert. We’re here to help make sure that all of your child’s belongings, including their devices, are protected.
When do college and university students need renters’ insurance?
If your child isn’t living in a residence or dorm on campus while away at school and they are living in rented accommodations, they should have tenant insurance to protect their belongings, including their gadgets and electronics.
Note that in some instances students who live on campus may be required to have renters’ insurance by their post-secondary institution. You’ll need to find out about this.
What is renters’ insurance?
You will also hear it called tenants’ insurance, or even contents’ insurance. You’ll need to tell your insurance provider how much insurance you will need to protect your child’s possessions, including gadgets and electronics.
Renters’ insurance covers your university students’ personal belongings, including their gadgets and electronics, clothes, furniture, kitchenware, and home accessories.
You can add extra coverage to your policy for an additional premium. You can also add more contents insurance coverage for high value items, such as your electronics, gadgets, or any jewelry.
If your child away at university or college is living with roommates, their insurance only covers them. Their roommates need their own insurance.
It’s important to note that the landlord’s insurance will not cover your child’s belongings or gadgets while away at university.
What does renters’ insurance cover?
There are three types of coverage in a tenant insurance policy:
Contents insurance: This protects your contents such as your TV, electronics and personal possessions. It typically helps cover the cost to repair or replace clothes and most household items.
Liability insurance: What happens if a guest gets injured at your place and decides to sue you? Liability insurance protects you as a university student if a guest injures themselves at your place and decides to take legal action against you. It also protects renters if they’re responsible for damage to other people’s property or their own.
Additional living expenses: This pays for you to live elsewhere if you can’t live in your rental space due to an insured peril like a fire or flood. This includes hotel bills, restaurant meals, and moving costs, but it’s subject to certain limits.
How much does tenants’ insurance cost?
Factors that will affect the price of tenants’ insurance include:
- How much insurance you need for your gadgets and belongings
- The location of your rental place – is it a high theft neighbourhood?
- Property type – basement, apartment building, or condo
- Your credit score
