Guide to Tenant Insurance for Students
When a child gets ready for post-secondary school, it's an undoubtedly exciting (and stressful) time for both the student and the parents. Post-secondary school is one of the best times of a young person's life; they get to fill their brains with knowledge, meet new people and have a ton of fun along the way.
That being said, there are numerous things that students (and, in many cases, parents) need to take care of before the post-secondary journey begins. Tasks like picking out a computer, buying textbooks and finding a living space are generally near the top of a new post-secondary school student's priority list.
But have you taken the time to assess the importance of finding quality post-secondary student renters insurance in Ontario?
START A QUOTERenters insurance for students 101 — what is it and why is it important?
Renters insurance (also commonly referred to as tenant insurance) is a type of coverage that financially protects renters, in this case, students, from a variety of unforeseen risks and events (more on this shortly).
Investing in quality renters insurance is invaluable for students for a handful of reasons, but the primary factors are financial security and peace of mind.
Renters insurance can cover a number of expenses that students (or their parents) would otherwise have to pay for out of their own pocket. Spending a small amount on renters insurance each year can help you save thousands of dollars in the long run.
Tenant insurance for university students and college students makes it easier for young scholars to focus on their studies and not worry about unforeseen expenses that may be waiting around the corner.
What is covered by tenant insurance for students in Ontario?
In its simplest form, renters insurance is comprised of three basic types of coverages:
- Third-party liability coverage
- Additional living expense coverage
- Contents coverage
Third-party liability coverage — A type of coverage that financially protects renters from medical and legal expenses if a guest gets injured or physically damages third-party property.
Additional living expense coverage — This aspect of renters insurance covers expenses that are accumulated by the policyholder while they're forced to reside in a temporary living space due to an unforeseen event (fire, severe windstorm, etc.). Additional living expense coverage covers accommodation costs like rooming, but it doesn't cover things that the policyholder would have otherwise had to pay for, like food.
Contents coverage — A type of insurance that protects a renter's belongings if they get stolen, vandalized or damaged. Contents coverage financially protects belongings inside and outside of the rental space. For instance, if someone steals your laptop from the front seat of your car, your renters insurance can cover the replacement costs. For instance, if someone steals your laptop from the front seat of your car, your renters insurance can cover the replacement costs. Please note that the amount of the contents stolen must be greater than the policy deductible.
Speak with your Surex insurance advisor if you'd like to learn about the various add-ons (also known as riders or endorsements) for student renters insurance in Ontario.
Is tenant insurance for students legally required in Ontario?
No, but in some cases, yes.
When it comes to tenant insurance for students Ontario doesn't have any specific laws stating that it's legally required.
However, if you're planning on renting a house or apartment located off-campus, your landlord is allowed to make rental insurance a stipulation of the lease. This means that if your landlord wants you to purchase renters insurance, you need to invest in a policy or look for another living space.
But, if your landlord hasn't asked you to purchase renters insurance, you have the power to decide whether you'd like to buy it or not. This is one of the reasons why you should read your lease carefully before committing to a rental space.
We highly suggest that you do invest in a renters insurance policy; here are some reasons why tenants should get renters insurance:
- Peace of mind
- Protect yourself financially
- Affordable
What's the average cost of tenant insurance in Ontario?
Many tenant insurance providers in Ontario offer coverage for as little as $15 to $25 a month. However, this price isn't set in stone.
The price of tenant insurance will vary from provider to provider, as they have different ways of determining your rates. Additionally, the price of tenant insurance is also heavily influenced by a number of variables, like your location, level of coverage, type of building you're renting, the size of your deductible and more.
For accurate, up-to-date information about pricing, options, quotes, etc., for tenant insurance in Ontario, please reach out to your Surex insurance advisor at your earliest convenience.
How can you save on tenant insurance in Ontario?
There are plenty of things that students can do to save money on renters insurance. Some effective tips include:
- Increase your tenant insurance deductible (be prepared to pay more upfront if/when you make a tenant insurance claim)
- Bundle (if possible)
- Stay claim-free
- Pay annually instead of monthly for lower rates
- Rent property in a safe neighbourhood
- Shop around and compare quotes with a reputable brokerage
Need help finding tenant insurance in Ontario?
At Surex, our number one goal is to help Canadians find quality insurance policies that meet their needs and work with their budgets. Whether you're looking for car, home, motorcycle, or of course, renters insurance, your Surex insurance advisor has got you covered.
At Surex, we do things a little bit differently from the competition.
Instead of matching you with the first available advisor, we permanently pair you with your own Surex insurance advisor (our title for insurance brokers).
Instead of re-explaining your situation to a number of brokers, you can jump right into the nitty-gritty details when you team up with your personal Surex insurance advisor.
Contact us over the phone or online to receive quotes from Ontario's top renters insurance providers in ten minutes or less!
If you're bringing your car with you to post-secondary school, ask your advisor how you can save when you bundle your tenant insurance with your car insurance policy.
Who offers tenant insurance in Ontario?
A variety of insurance companies offer tenant insurance in Ontario. Here's a list of some of Surex's partners that offer tenant insurance:
Are there exclusions that students should be aware of?
If a student is renting a space in a dorm, boarding house or student rental house where they have their own bedroom but share living spaces like a kitchen or living room, then they will not qualify for tenants insurance. Tenants insurance is specifically for renters who are renting a complete apartment with their own separate entrance and living spaces, and not sharing the space with any other roommates. Some tenant's insurance providers will allow for one unrelated person to live there as well if a student has one roommate.
Do homeowners insurance policies extend to students living away from home?
Yes! Many insurance providers have this coverage built-in or endorsements that can be added to a homeowners policy that will extend liability and contents coverage to university students living at a different location.
Check with your Surex insurance advisor to see if your home insurance policy has this option!
What have you learned about renters insurance in Ontario?
At first glance, renters insurance may seem like a complex subject; but at its core, it's relatively straightforward. Renters insurance is made to financially protect tenants from an array of risks, ranging from natural disasters to theft.
If you have unanswered questions about renters insurance in Ontario, you can rely on your Surex insurance advisor to have the answer.
