Student Renters Insurance

Students living in Canada might require student renters insurance. Student renters insurance is a type of home insurance specifically designed with post-secondary students in mind. Keep reading to learn more about tenant and renters insurance.

What is student renters insurance?

Student renters insurance is essentially tenant insurance. It is meant for first time renters, such as students, and is a type of house insurance designed to protect renters from risk. For example, if you rent an apartment as a student, that apartment might have lots of expensive electronics, like a smartphone, laptop and any other equipment required for schooling. Student renters insurance can protect policyholders in the event that such items were damaged or stolen, and much more. To give you a better understanding of student renters insurance, we break down the coverage it entails below.

What does student renters insurance cover?

Like tenant insurance, student renters insurance typically consists of three main components: contents coverage, personal liability coverage, and additional living expenses coverage:

Content(s) / personal property coverage

You will find content(s) coverage, which is sometimes referred to as personal property coverage, in nearly all student renters insurance policies. An integral component of tenant insurance, this coverage offers financial protection in the event that the personal belongings in your student housing or student rental are lost or damaged. Note that landlord insurance typically covers damage to the physical property of your student rental but not damage to any of the rental’s contents. That’s what makes content(s) coverage so important.

Contents coverage will specifically protect your belongings from damage caused by a named peril. Named perils that might be in your policy include fire, lightning, smoke, theft, falling objects, etc. Meanwhile, belongings that might be covered range from jewellery and furniture to clothing, sports equipment, decor, artwork, and more. If you aren’t sure how much coverage to add to your student renters insurance policy, speak with a broker who can help you assess the value of your belongings and recommend a coverage limit accordingly. Also, to learn more about the difference between renters and landlords insurance and landlord and tenant responsibilities, get in touch with BrokerLink.

Personal liability coverage

Personal liability insurance is another type of coverage that you are likely to find in a student renters insurance plan. It deals with liability claims of bodily injury and property damage. For instance, if a visitor came to your student housing unit and injured themselves, they could sue you. Luckily, with personal liability coverage as part of your student renters insurance policy, your insurer would help you pay for the cost of any applicable legal fees or medical expenses. The way that liability coverage for tenant insurance works is that it can be claimed whether a lawsuit alleging bodily injury or property damage is brought against you, no matter if the property damage was caused to your specific student rental home or the building in general.

Additional living expenses coverage

Additional living expenses coverage is the last type of coverage that is typically featured in student renters insurance policies. This type of coverage is fairly standard in tenant insurance policies as well as homeowners policies and it offers financial protection in the event that your student rental home is damaged and you must move out temporarily while it is repaired. Additional living expenses coverage can cover many of the costs associated with your temporary forced relocation, including meals, hotel bills, and even moving expenses. Note that there are usually several conditions or restrictions on additional living expenses coverage, such as a maximum number of days you can be covered while your rented home is being repaired. In addition, this type of coverage may only reimburse policyholders for the expenses incurred above their normal living expenses. This means that if you are a student who pays $1,500 in monthly rent but your new temporary accommodation is $1,800 a month in rent, your insurer would only reimburse you for the difference, i.e. $300. Lastly, it’s worth noting that additional living expenses coverage only applies if the incident that led to your apartment being damaged was a named peril in your policy, such as theft, fire, flood, lightning, smoke, etc.

Optional coverage for student renters in Canada

There are several types of tenant insurance coverage available to student renters in Canada above and beyond contents coverage, personal liability coverage, and additional living expenses coverage. The following optional coverage types might be worthwhile depending on your personal preferences and the circumstances of your student housing:

Overland water coverage

Overland water coverage can protect your student rental from flood damage that derives from a source of freshwater, such as a nearby river or lake. . This type of coverage can also provide compensation in the event of flooding that is caused by heavy rainfall or rapid snow melt. Those who live in rental homes in valleys or low-lying areas or areas that are prone to precipitation might find this type of flood insurance to be worthwhile.

Sewer backup coverage

Sewer backup coverage is another type of flood insurance worth considering if you want to add more coverage to your student renters insurance policy. This flood protection coverage will reimburse you for the cost of water damage should a sewer backup occur in your student rental. A sewer backup is when wastewater or sewage backs up and comes out of the drains in your property.

Additional contents coverage

Lastly, student renters need to add additional contents coverage to their policies if they have high-value items in their homes. While many students may not have acquired such items, if you happen to be a music student with expensive musical instruments or a film student with lots of expensive camera equipment, standard content(s) coverage may not be enough. This is when adding extra contents coverage is important as it will ensure your high-value items are protected in the event of a loss.

For advice on what coverage to add to your student renters insurance policy, speak with a BrokerLink insurance advisor today.


What does student renters insurance not cover?

Student renters insurance unfortunately cannot cover anything. Even if you purchase a policy with high coverage limits or additional coverages, there are still certain situations or scenarios that you will not be protected against. Being aware of your policy’s limitations and exclusions is critical, and a BrokerLink insurance advisor can help with this. In the meantime, the following is a list of what is not typically covered by student renters insurance policies:

Car damage

Although student renters insurance usually features contents coverage, designed to protect personal belongings like clothing, furniture, and electronics, it does not cover motor vehicles. This means that if you have a car, your student renters insurance policy will not compensate you if it is damaged. Instead, you will need a separate auto insurance policy for this type of protection. Specifically, you may need to add comprehensive coverage to this policy.

Animal infestations

Student renters insurance is unlikely to cover damage to your leased space that is caused by pest or animal infestation. Thus, if you discovered a bed bug problem in your student housing unit and needed to call an exterminator, the cost of the pest extermination wouldn’t be covered by your insurer. The cost of repairing or replacing any damage the bed bugs caused to your unit would also not be covered by either your insurance or landlord insurance.

Pet damage

If you are a student renter with a pet, it is worth noting that damage to your unit caused by your pet won’t be covered by your insurance provider. Therefore, if a cat, dog, or other animal that lives with you damaged your belongings or the building, you would have to pay for the cost of repairing or replacing the damage on your own.

Property damage to the building

Student renters insurance does not cover property damage to the building or dwelling that your leased unit is located in. Why? This type of damage is covered by landlord insurance, which means you only have to worry about your personal belongings being damaged rather than the physical structure of your rental unit being damaged.

Is student renters insurance required in Canada?

If you’re a student in Canada who recently moved into their own leased unit, then you may be wondering if renters insurance is required. The answer to this question is it depends. Some landlords require student renters to purchase a tenant insurance policy while others do not. You will need to ask your landlord or consult your lease agreement to find out whether tenant insurance is required. If tenant insurance is required, make sure to check with your landlord about any specific coverage requirements, as some landlords stipulate that tenants must purchase a minimum amount of personal liability coverage, such as $1,000,000 or $2,000,000.

One of the main reasons that your landlord may require you to buy student renters insurance is that it protects them. To learn more about why tenant insurance matters, and whether it is required or not, contact BrokerLink.

The cost of student renters insurance

How much does student renters insurance cost? This is the question on many students’ minds. Generally speaking, tenant insurance in Canada averages between $20 and $30 per month. However, for students, this amount could be even lower. Why? Since students are younger, they are less likely to have accumulated high-value items, which means their coverage requirements might be minimal. Whereas someone older who has amassed lots of expensive furniture, artwork, or jewellery might need a contents coverage limit of $250,000 or more, a student might require $25,000-$30,000 or less, which would bring rates down. As you may already know, several factors are used to determine student renters insurance rates. Such factors include your location, your personal claims history, and the limits, deductibles, and coverages you choose. The more coverage you add, the higher your limits, and the lower your deductibles, the more your student renters insurance policy is likely to cost.

Keep in mind that whether your student renters insurance policy costs $15 per month or $30 per month, it is still a small price to pay for the protection that these types of plans offer. In addition, if budget is a major concern, a BrokerLink insurance advisor can help you cut costs by giving you advice and tips on ways to save money. A broker can also unlock home insurance discounts on your behalf so you never have to ensure your policy is as affordable as possible. Lastly, for a better idea of how much your student renters insurance policy will cost, request a free quote from your local insurance broker. Brokers like BrokerLink offer free student renters insurance quotes to customers. All you have to do is answer some basic questions and you will receive a competitive and accurate quote in minutes. Even better, all BrokerLink student renters insurance quotes are 100% obligation-free, meaning you have nothing to lose.

Contact BrokerLink to learn more about how student renters insurance works

If you are in need of renters insurance, such as student renters insurance, get in touch with BrokerLink today. A BrokerLink insurance advisor would be pleased to discuss your insurance needs. They can give you professional advice on what type of coverage to purchase for your student home, as well as give you tips on ways to save money on student renters insurance. As insurance experts, a BrokerLink student renters insurance advisor could also debunk common tenant insurance myths or help with tasks like renewing your current student renters insurance policy. Ultimately, no matter your home insurance needs, the BrokerLink team is here. Contact us today to learn more about how student renters insurance works and how you can find a great policy at an affordable rate in minutes.


Student renters insurance FAQs

How much does student renters insurance cost?

Student renters insurance policies in Canada typically hover around $20 or $30 a month. However, they can be as low as $12 a month. Tenant insurance policies for students might be lower than for older adults given that they may not have accumulated high-value items yet and thus their coverage limits will be less.

How can I save money on student renters insurance?

You can save money on student renters insurance by bundling insurance policies, paying for your policy yearly rather than monthly, installing a sewer backup detection device in your student home, equipping your rented home with a burglar alarm system, and more.

How do I purchase student renters insurance?

Nowadays, there are many ways to purchase all kinds of insurance, including student renters insurance. You can purchase student renters insurance by calling an insurance broker or agent, visiting an insurance office in person, or logging onto an insurance broker or company’s website.

How do I renew my student renters insurance policy?

Renewal processes vary between insurance companies. However, generally speaking, you can renew your student renters insurance policy in one of three ways: online, over the phone, or in person at an insurance office. Before you renew your policy, make sure to review it and assess whether you are pleased with your current coverage and premiums or wish to update it before renewing.

Are student renters insurance and tenant insurance the same?

Yes. Student renters insurance is simply tenant insurance by another name. Renters insurance is another way to refer to this type of insurance. These categories of insurance are all designed to protect tenants from the unique risks they face.

Do I need to purchase student renters insurance if I have a student rental?

If you rent a home as a student, your landlord may require you to purchase student renters insurance. However, even if they don’t, purchasing a policy is still a smart idea. Without this type of coverage, you will have to pay for the costs of any damage or losses out of pocket and any additional living expenses in the event of a claim.

Does student renters insurance protect against natural disasters?

Your student renters insurance policy may cover certain types of natural disasters - namely earthquakes and floods. However, this will only be the case if you specifically add these types of coverages to your policy. Some insurers offer earthquake and flood insurance coverage in the form of sewer backup and overland water coverage. Ask an insurance agent for more information if you are interested in being protected against natural disasters.

How do I get a student renters insurance quote?

You can get a student renters insurance quote online by providing some information about yourself and your rented home. For example, you may need to provide your address, the number of people who live in your student rental unit, and the type of building your unit is located in. From there, you can receive a free estimate for student renters insurance.

How do I file a student renters insurance claim with my insurance provider?

The process for filing an insurance claim varies between policyholders. Contact your insurance agent to ask about the claims process. Generally, a claim can be submitted online via the insurance company’s website. You will need to submit some basic information about yourself and the incident. It is a good idea to have photographic evidence to submit alongside the claim.

Does landlord insurance protect me as a student renter?

Landlord insurance offers a degree of protection to student renters. However, it is not always enough for students by itself.. This is because landlord insurance only covers damage to the physical structure of the leased unit you live in. It does not cover any of your belongings in the event of damage. You will need to purchase a student renters insurance policy to have your belongings covered and to be covered against third party liability claims and loss of use or additional living expenses coverage.

Can roommates share a student renters insurance policy?

Yes, you might be able to share your student renters insurance policy with your roommates by adding their names to your policy. You will need to check if there are limits as to how many people you can name in your policy as some insurers may have limits.

Does student renters insurance cover water damage?

Student renters insurance may cover water damage if you add flood insurance to your policy. For example, if you add overland water coverage or sewer backup coverage to your policy, you can receive compensation if your home suffers water damage due to a nearby lake or river, heavy rainfall, rapid snow melt, or a sewer backup.

Does home insurance cover students?

Yes, typically so long as the student’s primary residence is still your home, then your home insurance policy should cover them. You should inquire with your broker or agent to ensure your home will likely remain their primary residence if they are living in an on-campus residence at university which will qualify them for coverage under your policy. However, as soon as they move into off-campus housing, a separate student renters insurance policy is a smart choice.

If you have any questions, contact one of our local branches.