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

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.

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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:

• 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 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.

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