A Guide to Rental Insurance for Students

Moving into the dorms is a huge milestone. You're leaving home and starting a new chapter—one that's filled with new experiences, new friends, and new challenges.

But have you thought about what happens if your belongings get lost or damaged? Even if you don’t have much, you still want to be protected in the event that something happens.

Student rental insurance can help protect you from this sort of thing—and in today’s blog, we're going to explain how. 

What is Tenant Insurance?

As a student, you probably have a lot of things that are important to you. Whether it’s the laptop you worked hard to save up for all summer or the necklace that was gifted to you by your great-grandmother, it’s important to protect these and other belongings from the unexpected.

A common misconception is that landlords have insurance that covers their tenants. This is simply not the case. Landlords may have their own property insurance, but this does not extend to any personal belongings—including computers, phones, or TVs—that belong to their tenants.

If these items are damaged or stolen while they are in your apartment, then your landlord's insurance will not cover this loss. This can be a major issue. Fortunately, tenant insurance for students offers the perfect solution.

Also commonly referred to as student rental insurance, the policy covers the repair or replacement cost for any personal belongings within the home you are renting in a covered claim–whether at a university or college dorm or off-campus apartment. That means if something breaks, or even gets lost or stolen, your student rental insurance will reimburse you for the cost of replacing it—up to the limits of your policy.

Why Do I Need Rental Insurance as a Post-Secondary Student? 

College and university students are busy people. Between classes, internships, part-time jobs, and extracurricular activities, it's hard to find time for much else. But one thing you definitely need to make room for is rental insurance.

Why? Because the world can be a dangerous place (even in your own home). You don't want to risk losing your security deposit or having to pay for repairs out of pocket because someone broke into your apartment and stole your stuff.

You've spent all this time studying hard so that you can get into college or university—you deserve some peace of mind while you're there! Here are three scenarios that could happen while you’re away at school that tenant insurance could help protect you from.

Scenario 1: Theft 

It's a nightmare scenario: you come home after a night out with friends to find that your apartment has been ransacked and all of your belongings are gone, including your laptop, with all your assignments! It's true that your cloud storage might have a backup of those files, but who wants to be without a computer for days or potentially weeks?

What if we told you there was something you could do about this whole situation? Something that would mean you didn't have to worry about coming up with the funds to replace a laptop on a student budget or be without a laptop for weeks on end.

Well… there is! With tenant insurance for students, if something happens to your laptop or some other personal belonging, you’ll be reimbursed for its replacement cost up to the limit specified in your policy.

Scenario 2: Fire

While you may consider yourself to be a responsible individual, who knows what your roommates are up to? Don't leave it to chance. It doesn't take much to start a kitchen fire, one unattended pot on the stove or an electrical mishap is all it takes for a disaster to strike.

If you rent an apartment or home off-campus, insurance is something you should consider for yourself and your belongings. Tenant insurance for students may provide coverage for damages due to fire, flood as well as other weather conditions and the cost of temporary housing while repairs take place.

 Scenario 3: Property Damage

 When you're a student, you don't have a lot of money to spare. The last thing you want to do is fork over cash for damage caused by someone else on your property—especially if that person is your roommate! That's why we recommend tenant insurance for students.

Tenant insurance for students can provide protection against damages caused by the reckless behaviour of others on your property. For instance, if a friend visits your dorm room and accidentally causes damage to the property through their negligence (i.e. breaking a lamp), your tenant insurance could provide coverage for the repair costs, rather than you having to fork out the money out of pocket.

 How Much Does Student Rental Insurance Cost?

 The cost of tenant insurance varies depending on location, contents, and the building. On average, student tenant insurance in Ontario ranges anywhere from $12 to $30 a month, which, in perspective, is really just a few premium coffees. But unlike those venti vanilla lattes from Starbucks, student rental insurance provides increased protection and peace of mind.

For an exact estimate, request a quote with Acumen Insurance.

Do My Roommates Need Their Own Tenant Insurance? 

Yes. If you're renting a home or apartment with roommates, you need to get your own tenant insurance. Your policy doesn't extend to your roommates unless they are listed on the policy, which isn't always possible (or recommended).

This is because each roommate has their own tenancy agreement– and if your roommate has to make a claim on your policy, it can make it more difficult for you to get affordable insurance rates in the future. Remember: the more claims there are on an insurance policy, the higher the risk.

Ready to get started with Student Rental Insurance?

We know that as a student, you're busy. But you also deserve some peace of mind. And that's what we want to give you. Acumen Insurance makes it easy for students like you to get the insurance coverage you need without all the hassle.

Contact us today to learn more about how we can help you!