You’ve seen the receipts, heck chances are you’ve paid for it. School is expensive, not just in regards to tuition but also when it comes to supplies and accommodation. The costs for books, a laptop, printer, cellphone, entertainment system, mini-fridge, clothing, and other items can quickly add up. Due to these costs, it’s important to make sure all your student's must-haves are protected when your high school grad takes the next step and heads off to college.
Whether they are living in residence, renting a room or apartment, or staying in a house off-campus, you have a couple options when it comes to insuring your child’s belongings while they’re away at school.
Home insurance
On-campus residence fees do not typically include contents insurance. Luckily, if your child is living in a school dormitory, it is likely they will be covered under your home insurance policy. Home insurance policies typically cover dependents under the age of 21 who are temporarily living away from home and attending school. However, there may be a cap on the coverage—usually about 10 per cent of your policy's limit. It is always a good idea to speak with your insurance provider to confirm that your child’s possessions will be covered against theft or damage when they’re on campus and for a sufficient amount.
Tenant insurance
If your child is renting a room, apartment, or a home off-campus, they will not likely be covered under your home insurance policy. Their "stuff" will also not be covered under the landlord's policy.
Having a tenant or renter's insurance policy will protect your child’s possessions with contents coverage; it will also provide them with liability coverage in the event something should happen on the property or someone is injured. Tenant insurance is very affordable, and the premium is a small fee in comparison to the cost of replacing everything they take with them to school that can easily run into the thousands of dollars.
Did you know? If your child makes a claim under your home insurance policy, that claim goes on your record. If they have their own tenant insurance, it goes on their record.
Before school starts, take inventory
Before sending your child off to school, take inventory of all of the items they’ll be taking with them and keep a record at home. List all their possessions, including clothing and furniture, and estimate what it would cost to replace everything. It’s a good idea to save receipts as well. This way, you’ll have supporting evidence of what needs to be replaced and the value of each item in the event of a claim.
Tenant insurance for students
Unfortunately, accidents happen and thefts occur. Whether it's through an extension of your own home insurance policy, or by setting your child up with a tenant insurance policy of their own, make sure your student and their possessions are protected with some form of property insurance as they head off to school.
