Student tenant insurance – who covers what
Although protection from theft or liabilities doesn’t appear on many back-to-university shopping lists, it can be as important as textbooks or computers. Without tenant insurance, your child can be vulnerable to a variety of costly situations: theft, property damage, and injury, for example.
Students who have tenant insurance are protected if their possessions are stolen, if there is damage to their rooms or if someone is injured on the premises.
Universities themselves generally have insurance for their residences, but it often covers only damage to property. You can inquire about the approach your child’s institution takes toward insurance coverage.
For example, the University of Guelph in Ontario previously shared a passage from its residence agreement with the Globe and Mail. It states, “Coverage can often be obtained through a ‘rider’ on your family’s tenant or homeowner insurance policy, which should include liability coverage for injury or damage.” The university suggests that students obtain insurance, either through their parents’ policy or a policy of their own.
Your home insurance policy considerations
If your child lives on campus and attends university full time, it is quite likely that they are protected under your own homeowner’s policy. A call or an email to your insurance company can clarify what is covered and the financial parameters of that coverage—both liability and possessions may be covered.
However, bear in mind that any claim filed on your child’s behalf can affect your own rating and discount, so you may prefer purchasing tenant insurance in your child’s name.
If your offspring rents an apartment off campus, insurance is even more important, because your liability coverage may not be applicable, even if possessions are covered. In addition, problems with rental properties aren’t always a landlord’s responsibility.
If the tenant is found to be negligent, he or she is liable. A party in a student’s apartment and the accompanying tomfoolery can lead to property damage that could put a big dent in a bank account unless the student is insured.
