When your child moves away from home to go to school, there’s a lot for them to think about, from course schedules to ensuring they have everything they need to live independently. With all this planning and preparation, it’s essential not to overlook tenant insurance for your child’s student rental. As a student renting a place in Ontario, understanding your insurance requirements is crucial for protecting yourself and your belongings. This article explores student and tenant insurance requirements in Ontario and highlights the benefits of choosing tenant insurance.
What is student tenant insurance?
Tenant insurance for students meets the unique needs of young adults living in student rental properties or rental units off-campus. This type of insurance provides property and liability coverage, making it a practical safeguard for your child as they settle into independent living.
Is tenant insurance for students legally required in Ontario?
While it isn’t a legal requirement for students and young renters to have insurance in Ontario, it’s highly recommended. If you’re planning on renting a house or apartment off-campus, your landlord can make rental insurance a stipulation of the lease. So, you’ll need to buy tenant insurance or find another place to live.
Benefits of Tenant Insurance
Here’s a list of some common coverages that may be in a renters’ insurance policy:
Property theft
A tenant policy protects your belongings against theft. It may also include coverage for stolen items while travelling, moving, or storing elsewhere (for up to 90 days).
Vehicle break-ins
Despite what many people assume, auto insurance does not include coverage for items you store inside your vehicle, but your renter’s policy does.
Property damage
If your personal items are damaged through no fault of your own, your renter’s policy may provide coverage to replace them.
Personal liability
You may be legally responsible if someone is hurt inside your living space. Liability coverage can help pay for injuries to another person or their property.
Identity theft
If your identity is stolen, some tenant insurance policies cover the expenses you incur to restore your identity. That’s why students and tenant insurance are a good pairing.
Credit card fraud
This is also true if someone steals your credit card information. Some renters’ policies also provide coverage for charges you incur due to unauthorized use of your credit or debit card.
Emergency living expenses
If you are forced out of your home because it has been damaged, your policy could help you pay for alternative lodging.
Funeral expenses
Your renters’ policy can be used to provide help to your loved ones if an insured loss inside your living space results in your passing.
Please keep an up-to-date inventory of all your belongings and costs, preferably with receipts. It makes for a much smoother claims experience. Custom apps, like Sortly or a simple Google sheet, will work. Just ensure it’s cloud-based to access if a thief steals your laptop or phone.
Would parents’ homeowners’ insurance cover college students?
Their parents’ home policy typically covers students, provided the family home is still their primary residence. On-campus residence is generally considered temporary, so students should still be listed as the primary residents of their parents’ house. Keep in mind that every insurer is different, so you should speak with your isure representative to make sure. There may be limitations to coverage types and coverage amounts. You may also want to add a homeowner’s insurance rider or add-on to add protection for the extra contents you’ll be insuring.
It may make more sense to have the student get their own tenant’s insurance for two reasons:
- First, keep your rates low: if the student makes a claim, it could cause your home insurance rates to increase.
- Second, they will eventually need their own: If your child decides to move into a house with friends or gets an apartment, they will need their own renter’s insurance. In other words, your home insurance will no longer cover them in these scenarios.
How much is tenant insurance for university students?
It varies based on location, contents, and the building, but policies can start as low as $12 a month and can go up to about $30. So, for about $3 to $7 per week, if you can skip one latte or late-night milkshake run per week, you’re good — a small price to pay for protection. For accurate, up-to-date information about pricing, options, quotes, etc., for tenant insurance in Ontario, please reach out to your isure insurance advisor at your earliest convenience.
Landlord insurance covers the building itself and the landlord’s belongings, while tenant insurance covers the tenant’s possessions and liability.
The bottom line
Give yourself peace of mind by purchasing the right coverage for your child’s needs. You wouldn’t want your child to be scraping together emergency finances when they have exams to worry about instead. For more information on student insurance in Ontario, contact an isure member and rest easy that your bookworm is covered.
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