The new school year is here, and many students have left home and have moved into on-campus housing or their first apartment. There was a lot to pack to make sure your child is ready to live on their own, not to mention the student “essentials” like laptops, tablets, and entertainment systems to name just a few. But, what about property insurance? Did you and your child pack property insurance too?
Depending on where your student is living, you may be able to extend your own home insurance policy’s liability and contents coverage to your child’s new (temporary) abode. However, rules vary by insurer and this extension may solely apply to on-campus housing. If this is the case, and they’re living off-campus, it’s best that your child has their own tenant insurance policy as a student living away from home for the first time.
Why students need tenant insurance
Well, in a nutshell, anything can happen.
They may be young and on their own for the first time, but that doesn’t mean they can’t be held liable for accidents in their apartment or room. If the landlord doesn’t salt the walkway in the winter, that is the landlord’s negligence. But if your child has friends over and someone trips over their Xbox One or PS4 controller and hurts themselves, your child could be held financially responsible for the injuries.
Liability also provides coverage for accidental damage they may cause to their unit or even other parts of the building. For example, if your student gets adventurous in the kitchen and causes a fire, a tenant insurance policy will likely cover the damage to their apartment along with damage to the neighbouring units.
If there is a fire or if someone breaks into their home, a surprisingly large number of renters believe their possessions are covered under the building owner’s insurance policy. This is not the case. Others simply believe they have no need for insurance because they don’t have much to replace. Take inventory of all the items in your child’s apartment and you’ll soon be amazed by how expensive it would be to replace them all at once. Laptops, electronics, furniture, clothes, appliances, equipment, instruments…it all adds up and the premium for tenant insurance is a small fee in comparison.
3. Contents away from the home
Most people don’t realize that property and tenant insurance covers items even when they are not technically inside the home. Let’s say your student’s laptop is stolen while they’re in the library; because the laptop is a personal item and considered their “property”, it would be covered under their tenant insurance policy if someone were to take it.
Tenant insurance for students
Unfortunately, accidents happen and thefts occur. Whether it’s through an extension of your own home insurance policy, or by setting your child up with a tenant insurance policy of their own, make sure your student and their possessions are protected with some form of property insurance as they head off to school.