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

For many students, heading to post-secondary is their first time leasing a home or 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 child should have student tenant insurance – beyond your current policy – this back-to-school season.

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What Does Student Tenant Insurance Cover?

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.

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

• Contents coverage: Protection for personal belongings if they’re damaged or stolen

• Liability coverage: If your child is found responsible for injuring someone or damaging property

• Additional living expenses: Reimbursement for emergency housing if their rental becomes uninhabitable (due to a fire, for example)

Why Students Need Their Own Tenant Insurance

Below are three of the main reasons why your child 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 children 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 child 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:

• Break-ins or theft

• Fire or water damage

• Additional living expenses (like hotel stays) in an emergency

• Property damage

3. Your family can keep your insurance rates down

Obtaining an additional insurance policy might seem unnecessary. But, with individual policies, you and your child living away from home can receive better coverage and insurance quotes. This is because any claim you make for your child 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 child 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 initially seem like an unnecessary expense, but no cost is ever too small when protecting your loved ones — especially when this minimal additional cost can help protect your childs’ financial future and allow them to focus on their studies.

What If Your Child Has a Pet?

Many students move with a furry friend — and that can affect insurance, too. If your child is bringing a pet to their rental, here’s what to keep in mind:

• Some tenant insurance policies offer liability coverage if the pet causes injury or damages someone else’s property

• Certain dog breeds may be excluded — always read the fine print

• Pet-related damage to the rental unit may not be covered unless specified

• Pet insurance is a separate policy — but worth considering if your student is on the hook for vet bills

What Could Actually Go Wrong?

Tenant insurance may seem like a “just in case” expense, but you'll be glad it's there when something unexpected happens. Here are a few real-world examples that show how quickly costs can add up:

Stolen Laptop: A student leaves their laptop charging in a shared study room. It’s gone when they return — and so is their midterm project. They may have to start their project over from scratch, but with tenant insurance, they can file a claim and replace the laptop. Without it, they’re out over $1,500.

Water Damage: A student leaves their bathtub running and gets distracted, ruining not just their bathroom, but the ceiling of the unit below. Liability coverage from tenant insurance helps cover the $6,000 in repair costs.

The Unexpected Evacuation: A kitchen fire in another unit forces Maya and her roommates to evacuate for three nights. Their policy covers hotel stays and meals until they can return safely.

APOLLO offers effortless tenant insurance designed to protect renters across Canada. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.

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