Condo insurance
Moving into on-campus housing or an off-campus rental is something many students eagerly anticipate. However, amidst the thrill of newfound independence, it’s crucial to acknowledge the potential risks of living away from home and the protection that student tenant insurance can offer.
If student tenant insurance is something you’re considering purchasing, this article is a must-read. Not only does it provide an overview of the basics of student tenant insurance, but it also contains answers to the most frequently asked questions Canadians have on the topic, including what student tenant insurance is, how much it is, what it covers, and more.
Key takeaways
Student tenant insurance protects students living in on- and off-campus housing. It is similar to traditional renters insurance, typically covering personal belongings, additional living expenses, and tenant liability. It is not mandatory by law to have student tenant insurance, but campus housing, landlords, and rental companies may require it as a condition of the lease.
What is student tenant insurance?
By definition, student tenant insurance is a form of renters insurance designed to protect students living in on- and off-campus rental accommodations. It is similar to traditional renters’ insurance in that it typically includes personal belongings, additional living expenses, and tenant liability coverage.
While a school or landlord will have insurance for the property, their policy is primarily geared towards safeguarding the building’s structure and its common areas, including the elevators, hallways, lobby, and gym. Put simply, it isn’t meant to cover the students themselves and their belongings.
That’s why many universities and colleges in Canada highly recommend their students have tenant insurance, regardless of whether they are living on campus in a dorm or off campus in a rented apartment.
Is it mandatory to have student tenant insurance?
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 parents’ 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.
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What does student tenant insurance cover?
Standard tenant insurance policies include coverage for personal belongings, additional living expenses, and liability coverage. Additionally, optional coverage for things like water damage is also available and highly recommended. Here’s a look at what a tenant insurance for students typically covers:
Personal belongings
Tenant insurance for students covers personal belongings that are damaged or destroyed by covered perils up to a certain limit. Personal belongings include items such as laptops, smartphones, furniture, clothing, textbooks, and other personal possessions that students bring with them to school and take with them when they leave.
Injuries to others or damage to their property
If a student accidentally causes damage to someone else’s property or if someone is injured while visiting the student’s residence, tenant liability coverage can help cover the associated legal and medical expenses. This is arguably one of the most crucial types of coverage for students, which is why many universities and colleges require or strongly recommend a policy that includes it.
Temporary relocation
If a student needs to relocate from their on- or off-campus accommodation temporarily due to a covered event, such as a fire, most tenant insurance policies in Canada will cover the additional living costs up to a certain amount. This ensures that the student can continue their studies without major disruption.
Theft
The types of items students bring with them to school, such as laptops, smartphones, tablets, bicycles, and gaming consoles, are highly attractive to thieves, so much so that theft is one of the most common crimes on university and college campuses. However, students can find reassurance in the fact that tenant insurance offers financial protection in the event they become victims of theft.
Vandalism
Both on- and off-campus student housing can become targets for vandalism, ranging from graffiti to broken windows and other deliberate damage. Thankfully, tenant insurance typically covers the repair or replacement costs resulting from vandalism to some extent, thereby easing the financial burden on students.
Identity theft
Even though 52% of students believe they don’t have enough money to be targets of identity theft, 46% admit to being targeted more frequently since starting university or college. While students can take steps to prevent such incidents, tenant insurance can provide crucial financial relief if it happens in the form of identity theft coverage.
Accidental damage
A coffee cup spills over hundreds of dollars worth of textbooks. A laptop slips down a flight of stairs. These are examples of accidental damages that can happen to any student’s property. While accidental damage coverage is typically optional, anyone concerned about covering the costs that result from these types of accidents should consider adding it to their policy.
Water damage
As the number of residents increases in an on-campus student residence or off-campus apartment building, so do the chances of experiencing water damage from neighbouring apartments or common areas. Since water damage can have serious consequences and might not be automatically included, it might be worth opting into for added peace of mind.
How much is student tenant insurance?
Student tenant insurance typically comes at a relatively affordable price point, primarily because students tend to possess fewer belongings compared to older young adults and families. Insurance companies in Canada will also sometimes offer policies that are tailored to the unique needs and circumstances of students, but at a price point that better suits a student’s budget. In any case, the final cost of student tenant insurance will always come down to factors like:
- Location of the rental unit (on-campus or off-campus)
- Number of units in the building
- Number of roommates
- Security features of the rental unit (ex. monitored alarm system)
- Proximity to fire hydrants and stations
- Value of personal belongings
- Additional coverages
- Deductible amount
- Insurance claim history
- Credit score
For reference, though, tenant insurance costs an average of $27 a month in Ontario and $18 a month in Quebec in 2024, according to YouSet policy data. While these numbers are not student-specific, they should give you a general sense of what to anticipate.
