Students Urged to Get Tenant Insurance
As thousands of Canadian students get ready to head off to college and university, they’re being reminded about one important must-have if they plan on renting an apartment or a house, tenant insurance.
Statistics Canada reports that half of Canadian renters do not have tenant insurance, and while students may feel like they don’t have much in the way of pricey possessions, they rarely think about what it would be like to lose everything all at once and the money it would cost to replace it all.
Allstate Insurance Company of Canada says tenant insurance covers more than just thefts.
“While experiencing a break-in is terrible, having all of your belongings destroyed from the sewer backing up in a basement apartment is often far worse,” says Karen Benner of Allstate Canada. Renters can also be held liable for the safety and actions of visitors. “Students may not realize how financially crippling it could be if they personally had to pay medical costs if someone was hurt because of their negligence or if they had to pay for repairs to the building because a party they hosted got out of hand,” adds Benner.
Saskia Matheson with Allstate Canada says it also could be a great going away gift for a young student and can give them and their parents peace of mind.
“It’s thinking about what you’ve got, what you’re building and what you don’t want to be saddled with. It’s enough to think about student debt for when you come out of school, you don’t want to be saddled with something like a liability claim against you because someone got injured.” says Matheson.
Tenant insurance also provides coverage in the event of the following situations:
- A break-in or vandalism to property;
- Accidentally leaving the water running and flooding the apartment or a neighbour’s apartment;
- Having to stay in a hotel if the apartment or house is so damaged that the student must stay elsewhere while repairs are made;
- Paying for medical expenses if someone is hurt on the property;
- Unintentionally breaking a door or window at a friend’s house. Many renters don’t realize that tenant insurance will protect them even when outside of their personal rented space.
If a student is sharing a home or apartment with other renters, each renter should have their own policy. Students may also be covered under their parents insurance policy, but they should check with the provider to be sure.
You can get more information about tenant insurance by visiting goodhandsadvice.ca