Do I Need Renters Insurance if I’m a Student?

July 1, 2017 4 min read
Real Cost of Renters Insurance [Infographic]

Starting college or university is an exciting chance to meet new people, discover new ideas and explore different career paths. It’s even more exciting if you’re also moving out on your own for the first time. Whether you’re moving out of province or into a new neighbourhood, you should have a plan to keep your belongings protected. As a student, renters insurance gives you peace of mind so you can focus on the important stuff — like getting that paper finished before your first class tomorrow.

What is Renters Insurance?

Renters insurance policies have two categories: contents coverage and third-party liability coverage. Contents coverage helps pay for the cost of replacing your possessions after a break-in, fire, flood or other unforeseen situation. Liability coverage protects you if someone gets hurt on your property or if you damage something at a friend’s place. In addition, most policies include coverage for living expenses if your rental suite becomes uninhabitable.

Why Do Students Need Renters Insurance?

As a student, your stuff is probably more valuable than you think. Could you cover the cost of replacing your laptop, tablet or smartphone if it was stolen? Students renters insurance will reimburse you for those expensive electronics after a loss — even if they were stolen outside of your home, like from the backseat of your car or your gym locker. It also covers things like clothes, kitchenware and textbooks. Keep in mind that your stuff isn’t covered by your landlord’s insurance, so it’s a good idea to have your own policy in case the worst happens.

Student Liability Insurance

Liability coverage is an added bonus because it helps pay for costly legal fees or repairs if, for example, your friend breaks a bone and puts a hole in your apartment wall after tripping over your overstuffed school bag. Liability coverage also goes where you go, so you’re protected at home and away. The best part is that renters insurance for students is more affordable than you might realize with most policies costing less than a large pizza per month.

Student Rental House Insurance

Do you have someone (or are you) going off to college or university this fall? If you are renting a place off campus, there is some important information you need to know about renters insurance.

  • ‍Living in campus housing – Most home insurance policies will have provision to cover student’s possessions while living in a campus dorm.  This can be limited often to a percentage of the total coverage for contents.
  • ‍Living off campus – If the plan is to rent an apartment, condo or house during the school year, your student should carry their own renter’s insurance.

How Much Is Renters Insurance For College Students?

For as little as $20 per month, student renters insurance will cover costs of accidental damages to space or to others as well as all personal property, which can add up fast! What are your student’s personal belongings worth? Use our personal property calculator to get a good idea.

How to Get Renters Insurance Coverage

First, ask your parents if you’re covered under their policy — many homeowner insurance policies can be extended to a child who is away at school. If you are covered, that’s one less thing to check off your back-to-school list.

Is Renters Insurance Worth It For College Students?

School can be stressful enough without having to worry about your stuff. Renters insurance can save you and your parents a big financial headache in a worst-case-scenario. If not, it’s easy to get your own policy. Once you’ve figured out the total value of your possessions you can use MIG’s Buy Online option to get a quote and purchase a policy within minutes. When you’ve found the right policy for your needs, all of your important documents will be sent right to your inbox.

Check out MIG’s renters insurance resources today to learn about how affordable and simple the right coverage can be. Contact us to learn more about renters insurance for students, or to get a quote, click here to get started now.

Written by

Alex Harms is part of our marketing team at MIG Insurance and she specializes in writing content to make insurance easier to understand for our clients. She obtained her Bachelors in Commerce (Hons.) at the Asper School of Business and worked with MIG as a broker during her studies and now fulltime in a Marketing & Operations role. She has taken on many tasks her at MIG but enjoys the challenge. Outside of work she enjoys spending time with her family as well as her dog Murphy, out at the lake which is their favourite spot!