As your child is packing his or
her belongings for the move to
university, this box of items
will most likely be filled with
important electronics like
laptops, smartphones and
headphones. The accumulated
items are undoubtedly worth a
pretty penny, and the cost to
replace them could easily add
up to thousands of dollars.
Luckily, your child won't need
to bear the cost of stolen or
damaged property if they also
add insurance to the list of
back to school necessities.
That's why in today's video,
we'll be covering everything
you need to know about
insurance for students living
away from home and why it's
important to have the proper
coverage.
Universities themselves
generally have insurance for
their residences, but it often
only covers damage to the
property and not the student's
personal belongings.
You can inquire about the
approach your child's
university takes toward their
insurance coverage to get a
full understanding. For
example, the University of
Guelph in Ontario previously
shared information from its
residents agreement stating
coverage can often be obtained
through a rider or the family's
tenant or homeowner's insurance
policy, which should include
liability coverage for injury
or damage. The universities and
colleges generally suggest that
students obtain their own
insurance either through their
parent's policy or through
their own tenant insurance
policy.
If your child lives on campus
and attends university full
time, it's quite likely that
they're protected under your
own homeowner's insurance
policy if you have one,
already. A simple call or email
to your insurance provider can
clarify what's covered and the
financial parameters.
Both liability and possessions
may be covered. However, bear
in mind that any claim filed
under your child's behalf could
also affect your own rating and
discount for your insurance.
So you may prefer that they get
their own tenant insurance
policy, under their own name.
This will also help them build
insurance history to get
further loyalty discounts down
the road. Who doesn't love a
good discount? If your child
rents an apartment off-campus,
insurance is even more
important because your
liability coverage under your
homeowner's policy may not be
applicable, even if their
possessions are covered. This
is another reason that you
should consider getting a
tenant insurance policy under
their own name. In addition,
problems with rental properties
aren't always the landlord's
responsibility. If the tenant
is found to be negligent for
damages, they could be held
liable for thousands of
dollars. For instance, a party
in the student's apartment
could lead to property damage
that could put a big dent in
the bank account unless the
student is insured.
If you're on the fence about
tenant insurance, here are six
reasons why you should be
insured as a university student
living away from home
. You're a new student.
You may not think that you have
much of value, but once you
begin making that list, it
usually becomes obvious that
the cost to replace all your
belongings will exceed ten
thousand dollars or more.
If you bought a new laptop and
other items for school, these
could quickly add up and you'll
want to be covered for these
new purchases.
Arranging for tenant insurance
can be as simple as making a
phone call or getting online to
get a quote and buy.
No more than the cost of dinner
each month, and you can get
coverage for all your personal
belongings, liability and
additional living expenses.
If a fire, flood or other
damage forces you out of your
apartment temporarily,
insurance may be able to cover
your cost of temporary lodging
elsewhere. The last thing you
need as a new student during
exam time, is to worry about
paying for a new place to live
just because your upstairs
neighbour flooded his apartment.
If a student does accidentally
damage property in the
building, inside the apartment
or out, they could be covered
if you have a tenant insurance
policy
. The insured tenant could also
be protected against the cost
of damage to the building
caused by anyone visiting.
So students don't need to worry
about bubble wrapping the
entire house. Although
protection from liability and
theft doesn't usually appear on
many back to school shopping
lists. it can be just as
important as the textbooks or
new laptop you're looking to
buy. Without tenant insurance,
you could be vulnerable to a
variety of costly situations
like theft, property damage or
injury. So if you want to have
peace of mind and focus on your
studies, head over to
squareoneinsurance.com, where
you can get a tenant insurance
quote as a student, you can
also check out some of the
other tenant resources here.
So thanks for watching and best
of luck in university.