Do Students Need Renters Insurance While They’re Away at College or University?
Helping prepare your son or daughter to head off to university or college can be a bittersweet moment. As a parent, you’re proud of what they’ve accomplished but are also hesitant to let go of your baby. In and among the emotions while you help them choose courses and prepare to live away from home, one important thing you don’t want to forget is insurance for their belongings.
Do they need tenant insurance?
The lifestyle and belongings of a typical university or college student can make them an easy target for thieves. Students bring their smartphones, laptops, video game systems, televisions, tablets and other gadgets along with them when they go to school, which can add up in price if these things were ever damaged or stolen. A student’s lifestyle can be busy with frequent ins and outs, making the belongings in their living space easily accessible to others. Even after taking the precautions of having warranties and installing that lock on the bedroom door, it is always a good idea to invest in tenant insurance.
Tenant insurance is moderately priced and will give you and your university/college student peace of mind during such an exciting time in their life. Tenant insurance covers personal property (furniture, clothing and electronics) and additional living expenses if your child had to live somewhere else during a repair on the rented property, as well as providing liability coverage if someone is injured on the property or the property becomes damaged while the student is living there.
Is using your home insurance an option?
In most cases, a parent can extend their home insurance to their child while they’re away at school, but this comes with some risks. Insurance companies prefer to cover students who are living in residence or single-occupancy spaces. The reason for this is because when university/college students are unsupervised and living together, there is a greater risk of items being stolen or becoming damaged. If there is a claim, it could affect your home insurance premium and you may not be able to benefit from your no-claims discount.
What is covered in a residence agreement or renter’s lease?
Before buying tenant insurance or extending your home insurance to your child, be sure to read the residence agreement or renter’s lease. This will give you a good understanding of what the residence/landlord is responsible for and what your child is responsible for. In most cases, the university/college or landlord isn’t held responsible for any damage or theft to personal belongings and each person in the household must obtain their own insurance. By understanding this, it will make looking for the right insurance option easy for you because you’ll know exactly what needs to be covered.
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