With fall fast approaching, students are packing up their belongings to move to new lodgings on or near campus. With many important decisions to make while at school, insurance needs should be one of them.
Before packing away the laptop, television and iPad, it’s important students review their insurance coverage to ensure their personal belongings are covered in case of accidental loss or damage while away at school.
The student’s living situation
If students are living on campus and planning to return to their parents’ home during the non-school year, the student may be covered by an extension of the parents’ home insurance while away. Parents and students should confirm their policy details with their BrokerLink broker to ensure the coverage extends to the student’s new living arrangements. A student who is planning to move away permanently will want to set up a separate tenant insurance policy.
Either type of coverage helps pay for damage to personal property caused by theft, fire, smoke damage or vandalism. Along with protection for personal belongings, students will also have liability coverage for protection if they are sued. Students could be liable for damages in the event they cause unintentional injury or damage to another person or their property. Check out reason number three in our blog, Renting? Five reasons you need tenant insurance for more information. Also included is additional living expenses coverage where in the event of a covered loss, the policy may pay for additional living expense such as hotel accommodations or meals.
For students who plan to rent, the landlord’s insurance policy will not cover any of their personal belongings for loss or damage, nor will it cover any damage they cause to the rental unit or neighbouring units. It is important students have their own tenant’s policy to respond to these types of losses. Check out our blog, Tenant or Landlord: who is responsible for what? for more information.
Unfortunately, many students do not believe they have anything valuable to insure or assume they are covered under their parents’ or landlord’s insurance policy. However, it’s important for students to consider if they could afford replacement costs for valuables if an unexpected event, such as a flood, occurred. The costs to replace damaged or stolen valuables is unlikely to be higher than the cost of tenant’s insurance – which depending on the policy, can cost approximately $25 per month.
Is the student taking a car with them when they move?
Students who are taking their vehicle to school will need to make changes to their auto insurance, such as a change in address.
For students who are permanently moving away and have a shared policy with their parents, it’s important to call a BrokerLink broker to set up separate auto insurance. If students are moving to another province, they will also need to contact their BrokerLink broker to inform them of their move and how to get insurance in their new home province.
Students who do not have their own vehicle and plan to return home can consider staying on their parents’ policy as a part-time driver. In these cases, the student’s parent or policy owner may qualify for a reduced premium by having an occasional driver, such as an away at school discount.
To help students prepare for their year ahead, it’s important they review their insurance or speak with their parents about their current coverage. A BrokerLink broker can also help determine what adjustments are needed while they are away from home or moving away for their education.