As summer draws to a close, many students will be leaving home to attend college or university. Amid all the packing and preparations, there’s one often overlooked question: How can you make sure that your belongings are protected?

Usually, student accommodations aren’t spacious, but they tend to be filled with valuable computers and other electronics, clothing and, of course, those expensive textbooks. After a damaging event such as a fire, replacement costs for these items can be a significant financial burden. In addition, as a tenant, you can be held responsible for damage you inadvertently cause to your unit and others in the building. For example, if a sink overflows and the water damages your floors and the apartment below you, your landlord may require you to cover repair costs. This can apply to designated student residences as well as to more traditional apartments.

The good news is that tenant insurance protects you from both types of financial loss. And most home insurance policies automatically extend to cover students temporarily living away from home. Check with your family’s insurance provider to find out if you already have this coverage and what its limitations are (e.g., coverage may stop when you reach a certain age, and it could be restricted to a maximum dollar amount). You may need a separate policy, however, if you’re studying outside of Canada or if your move is a permanent one. The cost is relatively inexpensive, often ranging between $10 and $15 a month, depending on where you’re living and how much coverage you need. Be sure to talk to your family’s insurance provider about the type of building you’re living in, and tell them about any roommates.

To help offset the cost of tenant insurance, you may want to consider adjusting your automobile insurance coverage. If you won’t be bringing a vehicle with you to college or university, most insurers will apply a significant discount on the cost of listing you as an additional driver on your parents’ auto policy. You’ll still be able to borrow the car when you’re home for weekends and holidays, but the annual cost will be reduced.

Stay covered with Hudson’ s Bay Insurance.


1Earn 1,250 Hudson’s Bay Rewards points when you obtain an auto insurance quote, and 750 points for a home insurance quote; earn 1,000 points when you provide your expiry date; and earn 5,000 points when you renew your combined home and auto insurance policy and use a valid Canadian-issued credit card to pay for your premiums. Each Hudson’s Bay Rewards points offer is limited to one Hudson’s Bay Rewards account per household.