Should I get renters insurance while I’m attending college or university?

By HUB SmartCoverage Team on September 5th, 2017

Heading off to college or university and living on your own is a great experience. You have a new sense of freedon and independence while trying new things on a regular basis. However, this new found lifestyle and responsibility comes with some risks.


Not many post-secondary students have insurance on their minds while moving away from home, but it is beneficial to consider.  Renters insurance is a great way to ensure that you and your belongings are covered while living away from home. 


You may not be covered by your landlord’s insurance

Though many believe they are covered under their landlord’s policy while living in student housing, this isn’t necessarily the case. A landlord’s insurance policy protects the building; however, it doesn’t cover you or your belongings. Having renters insurance helps ensure you're properly covered and the liability of those who come into your rented space are covered.


The student-lifestyle comes with risks

Life as a post-secondary student comes with laptops and cell phones that are essential for getting your work done. Chances are you also own items such as tvs, bluray players and gaming systems in addition to your clothes and furniture. You have your whole life with you in this new place, and will cost you a lot of money if you had to replace everything out of pocket.


Renters insurance can help cover you in the event that something happens to your possessions, saving you from adding to your student debt. Having people over is fun, and part of the student experience, however it increases the necessity of coverage for your possessions, the unit and personal safety.


Renters insurance isn’t expensive

Before purchasing a policy of your own, have your parents  speak to their insurance broker  and inquire if you are covered under their policy.  It’s possible you are already covered under your parent’s home insurance policy when you go off to study.


If you are not covered under your parents policy, renters insurance,as a rule, tends to be the cheapest form of property insurance. Though policies vary, a student can expect to pay approximately $15 per month.

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