Header bg
  • section background

    3 Reasons to Get Student Tenant’s Insurance for Your Kids

    Hero bg 2
    renters insurance for students Canada

    Is your child a university or college student living away from home? Here are the top three reasons why you should cover them with their own tenant insurance policy.

    Sending your kids away to live by themselves to pursue a post secondary education is nerve wracking to say the least.

    For many students, it’s their first time leasing a home or an apartment. By ensuring that they have the right insurance, you can help give yourself and your child some peace of mind while they explore their newfound freedom.

    In this article, we’ll go through the top three reasons why your kid should have student tenant insurance – beyond your current policy – this back-to-school season.


    Need Student Tenant Insurance?

    Learn More


    Tenant’s vs. Renter’s Insurance: What’s the Difference?

    While the terms “tenant insurance” and “renter’s insurance” may seem different at a glance, they are synonymous with one another. Unlike home insurance or a landlord’s insurance policy, renter’s insurance for students is specifically designed to protect full-time students’ finances from unforeseeable events while leasing.

    Although tenant’s insurance isn’t required by law in provinces like Ontario, Nova Scotia, and Quebec, it is becoming a common requirement of lease agreements for those in student housing.

    It can help prevent your kids from experiencing financial upset by:

    • Covering their belongings in the event of theft or disaster with contents insurance

    • Protecting them from personal liability allegations

    • Covering additional living expenses in the event of an emergency

    Why Students Need Their Own Tenant Insurance

    Below are three of the main reasons why your kids should obtain their own coverage while they are living in student housing.

    1. Children may not be covered under your home insurance

    Many parents add their children attending university to their homeowner’s insurance with a call or email. However, while several insurance providers allow those living outside of the primary household to obtain coverage, there are several nuances that must be considered.

    Under your current homeowner’s policy, your kids are likely listed as “dependents”, “student dependents”, or a “dependent child living away from home”. Unfortunately, these terms are often vague or even subjective. Meaning that in the event of a claim, whether or not your child is a dependent can be disputed by most insurance companies.

    Other implications which can impact their status as a dependent under your homeowner’s policy include whether or not your child:

    • Is over 18 years of age

    • Has individual sources of income, such as part-time, full-time, or a side hustle

    • Uses their own money to sustain themselves

    2. Students can receive more extensive coverage

    Not only is renter’s insurance for students highly recommended, but it can ensure your child is protected if faced with difficult, unplanned events.

    While your coverage may be enough to meet their landlord’s requirements, coverage for dependent children can be as limited as $5,000. Which as we know, is not nearly enough to secure you or your loved ones from financial woes that can arise from claims.

    These risks can be mitigated with student tenant’s insurance, as it is specifically designed to meet the unique needs of your kids who may be living in student housing. Renter’s insurance often covers the cost of replacing items and personal belongings, as well as protection from personal liability in the event of:

    3. Your family can keep your insurance rates down

    Obtaining an additional insurance policy might seem unnecessary. But, with individual policies, you and your kids living away from home can receive better coverage and insurance quotes. This is because any claim you make for your children could then negatively affect your insurance premium or rating.

    By obtaining a separate policy, not only could your child be better prepared for the future, but so could you. The renter’s insurance quote for your kids will vary based on certain factors, such as:

    • The style of the rented home or apartment

    • The value of the personal belongings on the property

    • Preferences in terms of how much coverage is preferred

    Student tenant’s insurance may seem like an unnecessary expense especially when considering the cost of rent, books, and tuition for a post-secondary student. However, no cost is ever too small when protecting your loved ones. Especially when this minimal additional cost, can help protect your kids’ financial future and allow them to focus on their studies.


    APOLLO Has You Covered

    Get the protection you need in minutes with custom Student Tenant Insurance from APOLLO.

    Learn More


    Originally published August 19, 2022, updated August 25, 2023

    Back to APOLLO Magazine
    Share this article

    Get a quote in less than a minute

    Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

    Get a free quote

    4.6 rating

    Google Logo

    Get a quote in less than a minute

    Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

    Relevant articles

    section background
    section background

    Getting insured is as easy as 1 - 2 - 3

    Tell us (very little) about yourself
    1

    Tell us (very little) about yourself

    Just tell us your address, your name, email and phone number. And that's it. We'll give you a price in less than a minute.

    Pay online easily and securely
    2

    Pay online easily and securely

    You can choose to pay monthly or save money by paying for the entire year in one easy payment.

    Get your documents in your inbox - instantly
    3

    Get your documents in your inbox - instantly

    As soon as you complete your purchase, you'll find your proof of insurance and policy documents waiting for you in your inbox.

    Get covered today - it couldn’t be easier

    We’ve provided more than 1,000,000 quotes to Canadians just like you. Give it a try!

    Google Logo

    Reviews

    4.6 rating

    1,861 reviews

    view all

    Across Canada

    Contact Us
    Apollo logo

    © 2024 APOLLO Insurance Solutions Ltd.

    111 Water Street, Unit 210, Vancouver, British Columbia, V6B 1A7

    APOLLO Insurance Agency Ltd. (o/a APOLLO Brokerage in the province of Ontario only) is a licensed retail brokerage, offering our clients with a comprehensive set of insurance solutions to meet their individual needs. APOLLO Insurance Agency Ltd. maintains necessary corporate licensing in provinces across Canada. Availability of products and service depends on licensing and product availability. The information that appears on this page is provided for information purposes only. Advertised products and prices are not guaranteed and vary based on insurance provider and/or insurance company's discretion and product availability.

    Transparency and Disclosure: APOLLO Insurance Agency's role is to provide you with exceptional service and the best insurance products that suit your needs. As a licensed retail brokerage, our compensation is based on a commission basis already built into your insurance premium and varies based on the product purchased through our platform. For a description of how APOLLO Insurance Agency is compensated and how this is calculated, please refer to our Compensation Disclosure document. For consumers in Ontario, please review the RIBO Conduct Fact Sheet and the RIBO Conduct Guidance document.