IBC Reminds Ontario Students to Buy Tenant Insurance

Start Studying this Fall with the Proper Home Insurance

Laptops, textbooks, and new shoes have all been packed for back-to-school… but what about the right home insurance? Tenant insurance may not be the first thing you think of for a safe and productive school year, but don’t forget it! It won’t take up space in the moving van, but that insurance policy can be crucial for protecting renters and their belongings throughout the year.

If you aren’t convinced that insurance is necessary, consider all the belongings kept in the apartment, bedroom, or dorm room being rented. Electronics, clothing, mementos, and the renter themselves can all be damaged. Tenant insurance helps protect these in case an unexpected fire, flood, or other damages occur. Protect your belongings and pocketbook knowing that money that should be going towards tuition won’t need to be spent elsewhere.

5 Reasons for Students to Buy Tenant Insurance

A Man Searching for Tenant Insurance Online"Tenant insurance is a good investment that provides peace of mind," says Kim Donaldson, Vice-President, Ontario, Insurance Bureau of Canada (IBC). "Even if you're renting on a temporary basis, it will help protect you and your belongings in the event of loss or damage."

These are just a few of the reasons outlined by the IBC to demonstrate the value and importance of renter’s insurance coverage:

  1. Simplicity - One quick phone call is usually all it takes to get insured. All you need is a list of your belongings. Be prepared with an estimated value of your more expensive items (i.e. electronics, appliances, jewelry, or instruments) for accurate coverage. Speak with parents about their existing policies, as you may already be covered!
  2. Affordability – School is expensive, but tenant insurance won’t break the bank. Most students can be insured for less than the cost of their daily coffee runs.
  3. Valuables – You may not think you own that much, or have that many precious belongings. Look around your room and start adding up how much things cost, however, and you’ll quickly see a different, more expensive reality. Be sure to update your record of belongings and take a photo or video in case you need to make a claim.
  4. Additional Expenses – Aside from losing the things you own, a fire or other unexpected damages in your unit may lead to other expenses. If you need somewhere to stay during repairs or renovations, for example, your coverage can help offset those costs.
  5. Damage to Others – If you cause a fire or flood, you aren’t only responsible for your belongings. Your neighbours’ property that is impacted will also be your responsibility. Unintentional harm or injuries caused to neighbours or your guests can also lead to expensive liability claims. Tenant insurance can help with these costs.

Focus on your studies with complete peace of mind that you are prepared for everything and anything the school year throws your way. Tenant insurance is the responsible, affordable, and smart choice for protecting your belongings and self in your new home.

Contact Petley-Hare to learn more about our tenant insurance and other home insurance options. Discover if your existing coverage supports the student or students in your family or let us direct you towards the perfect policy for the school year. Note that most Homeowner Policies will cover a student if they are away just for the school year, or living in a dorm. Our Insurance Agents will want to know whether your child will be living on campus or in an off-campus apartment. Most Homeowners Insurance Policies cover a student's personal property in their dorm for up to 10 percent of your Coverage. (Example: $200,000 worth of Property Insurance translates into $20,000 of personal property coverage)

Reach our insurance professionals at 1-800-216-5324 (toll free) for more information on home and tenant insurance in Durham and Oshawa. Request a free, no obligation quote online today.