Tenant insurance tips for students

With a new school year fast approaching, many students will be leaving the family home for college or university and moving in to rental accommodation closer to their post-secondary institution.

If you’re one of them or a parent of one, Insurance Bureau of Canada (IBC) wants you to know the importance of protecting your young student with property insurance.

“With all the stress that comes with having your child move away for school, the last thing you want to worry about is a financially stressful situation that could have been avoided,” says Bill Adams, vice-president, Western and Pacific, IBC. “Tenant insurance can protect your child and provide peace of mind to make this transition to school a smooth one.”

Here are 6 insurance tips to consider when your child is moving away from home:

– Notify your insurance representative to review available coverages and discuss perhaps purchasing a tenant’s policy. As each insurance company packages tenant insurance policies differently, or calls the products by different names, they all (should) include two kinds of coverage – Basic Liability coverage and Contents coverage.

– You could be held responsible if your actions (e.g., leaving the bathtub running) caused damage to your apartment, your neighbours’ apartment(s) or the apartment building itself. Without insurance you would be personally liable for such costs.

– You may also be held responsible for personal liability, if someone is injured in your home – even if you’re renting. You could be sued for any costs associated with the injury.

– Landlords have relatively few legal obligations to compensate tenants for damage to, or loss of, their personal possessions. Tenants are responsible for the harm they may cause to any part of the building in which they live or to others who live or visit there.

– You should keep an up to date list of your belongings in case of theft, loss or damage. Have your child keep an accurate list of the belongings that he or she takes with them to school. This will make it easier to settle your insurance claim in the event of theft, fire or other risks.

– All college and university residences have their own requirements and recommendations for students living on campus, check with your school before you move in.