It's that time of year again! After a long summer break, students across Canada are finally heading back to school. Many post-secondary students are packing up and moving to an out-of-town campus residence or apartment, and can’t wait for their next big adventure. However, there is one critical item that is often overlooked during this time of year: tenant's insurance.
Here are some simple tips to help give you peace of mind, knowing that your items are protected.
Parents: Review your insurance policies. Your children may already be covered under your existing policy.
In many cases, you can get coverage right over the phone. Call your insurance representative. All you need is a list of your belongings and an estimated value of any valuables or expensive items to ensure you get the right coverage.
Tenant’s insurance is affordable. Tenant's insurance will generally cost less in a month than a daily cup of coffee.
It protects your belongings. From furniture to expensive laptops, a standard tenant’s insurance policy will help protect it.
You own more items than you may realize. Many Canadians are surprised to realize how many items they actually have and how expensive it would be to replace all of it at once.
When purchasing insurance, be sure to keep an updated record of everything you own. Taking pictures or video of your belongings also helps.
It covers additional expenses after a loss. If a fire occurs in your apartment for example, you will need a place to stay temporarily. Insurance will cover these necessary and reasonable additional living expenses while your apartment is being repaired.
It protects you if you unintentionally damage someone else's property in your building. Tenants are responsible for the harm they cause to any part of their building. Tenant's insurance is there to help cover the damage.
It protects you if your actions unintentionally result in personal injuries to others. Tenants are potentially responsible for the unintentional harm they cause to others who visit their unit. Tenant's insurance would help cover the costs associated with accidental personal injury claims.
If students or parents have any questions, IBC encourages you to speak with an insurance representative to find out more about tenant's insurance. For further information, you can always call IBC's Consumer Information Centre at 1-844-2ask-IBC. We’re here to help.
