How Much Does Tenant Insurance for Students Cost?
Renting accommodation while attending college or university can be an exciting and new experience for many students. Amidst the joys of newfound independence, it is essential for students to understand the importance of securing tenant insurance to protect their personal possessions and liability. In this article, we’ll explore the common costs of tenant insurance for students and provide valuable tips on securing the best coverage for your budget.
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Why Tenant Insurance is Important for Students
While some students may overlook the importance of securing tenant insurance, doing so brings a number of benefits:
Personal Property Coverage: Tenant insurance protects your valuable belongings—including electronics, furniture, and clothes—from theft, fire, or damage caused by other unforeseen events.
Liability Protection: Tenant insurance covers costs associated with accidents on your rented property, such as injuries to guests or damage to a neighboring property.
Additional Living Expenses: In the event that your apartment becomes uninhabitable due to a covered loss, tenant insurance may help cover temporary living expenses.
Average Tenant Insurance Costs for Students
The cost of tenant insurance for students can vary depending on several factors, such as location, coverage amount, and deductible. On average, tenant insurance policies can range from $15 to $50 per month. However, student-specific plans may offer lower rates to accommodate tighter budgets.
APOLLO offers tenant insurance starting at just $11/month.
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Tips to Get the Best Tenant Insurance Deal for Students
Assess your coverage needs: Before shopping around, take the time to inventory your belongings and estimate their value. This will help you determine the appropriate coverage amount without over-insuring your property.
Shop around and compare coverage: Different insurance providers may offer different rates and coverage options. Look for student-specific plans or packages that cater to your needs and budget constraints. Make use of online comparison tools to streamline the process.
Inquire about discounts: Many insurance providers offer additional discounts for students—such as a “good student” discount for maintaining a high GPA, or discounts for students away from home. Don’t be afraid to ask your potential provider about any available discounts.
Consider increasing your deductible: Raising the amount you pay out of pocket before your insurance takes over—known as your deductible—can result in a lower monthly premium. However, ensure that you can afford the deductible in the case of a claim.
Bundle your insurance policies: Some insurance providers offer discounted rates if you bundle multiple policies, like tenant and auto insurance, together. If you have a car, this might be a great opportunity to save.
APOLLO offers effortless tenant insurance designed to protect renters across Canada. Get your free quote in less than a minute on our online platform and we’ll send your policy documents directly to your inbox.
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Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Originally published July 5, 2023, updated July 31, 2024
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