Every September, approximately 1.44 million students are welcomed onto university campuses across Canada. While these students embark on their journey toward independence, it’s normal to find a few million of their parents back at home, anxiously wondering how they can protect their child’s safety and well-being from afar.
If you’re one of these concerned parents, ensuring your child is adequately insured while away at school is a practical thing you can do that will also help you sleep a little easier at night. But will your home insurance policy cover your son or daughter at university or college?
In this article, you’ll find an answer to this question, as well as an explanation of the complexities of insurance for students, all so that you feel empowered to make informed decisions regarding the insurance needs of your family in this new chapter of your lives.
Does My Home Insurance Cover My Son or Daughter at University?
Yes, your home insurance policy may cover your son or daughter while they are away at university or college. This is because some insurance companies consider students living away from home for school “temporary residents.” Consequently, their personal belongings and liability may still be covered under your home insurance policy.
However, the extent and conditions of this coverage will depend on the specifics of your policy. As such, the only way to be certain is to review your policy documents. These documents will outline the terms and conditions, including any limits on coverage, exclusions, and specific requirements that need to be met. You may also contact your insurance company or broker if you need clarification about the information you find, or do not find, in these documents.
As you look into this, consider the following factors, which might influence whether alternative coverage, such as student tenant insurance, is necessary.
Change of Address
Home insurance policies typically only cover those who live at the address listed on the policy. Therefore, if your child moves away to school and changes their address, they may no longer be covered under your policy and would instead need their own insurance coverage, such as tenant insurance. You can find out how changes in residency affect coverage for your child by reviewing the terms and conditions section of your policy.
On-Campus vs. Off-Campus Housing
Your home insurance policy might specify that coverage for a student living away at university or college depends on their housing situation. Some policies may only cover students living in on-campus housing, while others may extend coverage to both on-campus and off-campus accommodations.
Coverage Limits
Even if your home insurance policy does cover your child, the coverage limits for students temporarily living away from home are often lower than those that apply to your primary residence. Given how quickly a student’s belongings can add up and the nature of the student experience, including the potential for injuries and damages, adequate coverage for both personal belongings and liability is crucial. So, if you feel that the imposed coverage limits aren’t enough, tenant insurance can offer protection specifically for your child and their belongings.
University Policies
Universities and colleges in Canada usually require students living in on-campus housing to have insurance that at least covers their belongings and liability. For example, some universities, like Laval University and the University of Toronto, strongly advise students in on-campus housing to ensure they have sufficient coverage, whether through their parent’s home insurance or a separate tenant insurance policy. Conversely, others, such as the University of Guelph, may include insurance coverage as part of their residence fees.
With these factors in mind, you should be able to make an informed decision about whether your current home insurance policy is sufficient or if a separate tenant insurance policy is needed to give you peace of mind while your child is away at university or college.
Next Steps: Tenant Insurance Starting at $12/Month
As a parent of a university or college student, your primary concern always has been and always will be to ensure the safety and well-being of your child. While it’s natural to feel somewhat powerless when they’re off at school and out of your immediate care, one thing you can do for them is ensure they’re adequately insured.
If your home insurance policy covers them, great! If not and you determine that your child would benefit from having their own policy, you’ll find it easy to buy tenant insurance online with YouSet for less, with policies starting at just $12 a month.