Guide to Student Rental House Insurance

It’s always bittersweet watching a child prepare for college or university. On the one hand, you’re excited for your child because you know that post-secondary school is a fantastic experience that can broaden a young adult’s horizons in countless ways. 

On the other hand, you’re worried about your child and want to make sure that they’re financially protected during their time in post-secondary school.

Unfortunately, you can’t be with your child 24/7, especially if they’re living away from home while attending college or university. But you can invest in a high-quality student rental insurance policy for your child.

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If you’re not familiar with this type of insurance, that’s ok — we’ll go over everything you need to know about tenant insurance for students in the following paragraphs.

Continue reading to learn more.

What is student rental insurance and why is it important?

If your child is renting a house or apartment while attending college or university, you may want to invest in student renter’s insurance (also referred to as student tenant insurance). 

Student rental insurance is a separate insurance policy that financially protects student renters from a wide range of unforeseen risks and perils.

For example, if someone broke into your child’s rental house and stole several valuable items (laptop, TV, smartphone, etc.), your student renter’s insurance policy can cover all or a portion of the replacement cost (depending on the coverage limits outlined in your policy).

So, instead of forcing your child to pay for everything out of pocket, you can use student renter’s insurance to help them cover their expenses.

*Student rental insurance is not separate from standard tenant insurance in Canada. Contact your Surex insurance advisor to learn more.*

What does student rental insurance cover?

Student tenant insurance features a handful of different coverages, including:

• Third-party liability coverage — Covers legal costs related to third-party injuries that take place on the rental property
• Contents coverage — Covers the replacement cost of damaged or stolen items.
• Additional living expenses coverage — If your child’s rental property becomes uninhabitable, their additional living expenses coverage will cover the cost of temporary living expenses (like staying at a hotel).

Contact your personal Surex insurance advisor to learn more about the coverages included in a student renter’s insurance policy.

3 reasons to invest in renter’s insurance for students

There are quite a few benefits that come with obtaining house insurance for a student rental property. Here are some of the top reasons why you should consider getting high-quality renter’s insurance for your student while they’re attending college or university:

#1 — Keep your property insurance rates down

As mentioned earlier, your child’s renter’s insurance policy is separate from your property insurance policy. This is an important factor, as it can help you maintain your current home insurance rate.

Instead of investing in renter’s insurance, many parents use their home insurance policies to financially protect their children while they’re enrolled in post-secondary school. Although this may be easier than obtaining a separate policy, it’s somewhat risky.

If you need to submit a claim for your child through your home insurance company, it may negatively influence your risk level, which can lead to higher insurance rates in the future.

But, if you get a student rental house insurance policy for your child and you need to make a claim, the claim will not have any bearing on your rates. 

#2 — Your child’s “dependency” status won’t affect future claims

Most home insurance policies use vague terms (dependent, student dependent, etc.) while listing your children in your policy. 

Some home insurance companies use this vague phrasing to their advantage while dealing with student claims. If the phrasing or terminology isn’t clearly stated in your policy, your insurance company may use the fine print to dispute your claim. If the dispute is successful, your insurance company will not reimburse you for your losses.

However, if you obtain renter’s insurance for your child, your child’s dependency status will not have any bearing on future claims.

#3 — Reliable financial protection

Student rental insurance is designed to cater to the specific needs of post-secondary student renters.

You can use student renter’s insurance to financially protect your child from unforeseen events like:

• Break-ins
• Robberies
• Fires
• Flooding (caused by a broken pipe)

Investing in renter’s insurance for your child can give you much-needed peace of mind; if an unexpected event damages their living space or belongings, you know that they won’t have to bear the entire expense out of pocket.

How much does student renter’s insurance cost in Canada?

We can’t tell you exactly how much you’ll end up spending on student renter’s insurance; the price of coverage is influenced by a wide range of factors, like the value of the student’s belongings and the type of rental property they are renting, like a room in a house or dormitory versus an apartment in a high-rise building.

However, we can say that most student renter’s insurance policies start at roughly $300 per year ($25 per month) and can increase based on personalized factors.

How to get cheap insurance for students in Canada

Post-secondary school is expensive enough as it is, so why pay top dollar for student renter’s insurance?

If you want to save on student rental insurance, feel free to try out the following list of tips and tricks:

• Increase your deductible (be prepared to pay more upfront if you need to make a claim)
• Ask your insurance agent or broker about potential deals and discounts
• Do your research before making a final decision
• Ask your insurance agent or broker about bundling options (car and renter’s insurance, for instance)
• Compare cheap tenant insurance quotes with an online insurance brokerage, like Surex

Want to save on student rental insurance? Compare quotes with Surex

If you want to save on student renter’s insurance, the best thing that you can do is contact your Surex insurance advisor.

Our advisors work closely with several of the best tenant insurance companies in Canada; working with a variety of companies gives you the opportunity to compare quotes until you’ve found the perfect option for you and your child.

Contact your personal advisor today to learn how you can save a significant amount when you bundle multiple policies with the same advisor. In some cases, the savings can be as high as 25%!