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.
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.
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? 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.
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.
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.
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.
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. 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.