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Buying tenant insurance is vital for international students renting, studying, and working in Canada. Having tenant insurance can save you from unforeseen costs and protect your belongings. Your college or university may even require it if you live on-campus.
Likewise, if you’re renting off-campus, your landlord may demand it as part of the rental agreement.
So, what is student tenant insurance, what does it do, and how do you get it?
Tenant insurance covers your personal property and liability. It also covers additional living expenses if, for example, you must move temporarily due to an event such as a flood or fire in your apartment or building.
While your landlord will have insurance, this will only cover the building itself. For example, it does not insure your belongings or cover your liability in case of damage or injury. So tenant insurance, also known as renters insurance, gives you security, protection, and peace of mind.
International students can find it challenging when it comes to searching for off-campus housing. Discover how to overcome common obstacles and find housing accommodation options for your unique needs.
REGISTER FOR THE WEBINARTenant insurance covers your personal belongings within your apartment. The insurance helps pay for any loss or damage to your personal property (and includes items damaged or stolen). Your stuff like electronics, phones, laptops, gaming systems, and jewelry is expensive and valuable. They are also prime targets for thieves.
Landlords expect you to have tenant insurance. They will ask for a copy of your policy before you move in.
If you live on campus in student housing, your school (university or college) will likely insist you have renters’ insurance. The school is your landlord. Most schools will detail in the residency agreement that they are not liable for theft or damage to student property.
Tenant insurance ensures that if you can’t live in your apartment due to a covered emergency such as a fire, you will get financial assistance for temporary accommodation (like a hotel or Airbnb) and food.
Count on it, and some accidents are costly. Personal liability coverage in your tenant insurance policy protects you if your landlord holds you responsible for property damage or personal injury to someone at your apartment. Parties and sharing student accommodation with others bring visitors, including some who may cause damage or steal your stuff. You could be held responsible if they damage your home or injure someone.
Legally, you do not require tenant insurance in Canada. There is no law to make renters purchase tenant insurance. But, it does protect you and provides security and peace of mind. And, of course, your landlord may insist you buy it to meet the terms of your lease agreement.
Given how affordable contents insurance is for renters in Canada, it makes sense for students to insure their valuables, particularly those living so far from home.
Contact an insurance company and talk to the broker about renter’s insurance for university and college students. They have the knowledge and expertise to advise you.
Remember, when you get tenant insurance, read the agreement carefully to know what is covered (and what is not!). Be sure to share the agreement with your landlord.
When renting a home in Canada, it’s a good idea to inform a prospective landlord that you intend to get tenant insurance. This shows landlords you will be a responsible tenant.
Working with a real estate agent is a reliable alternative way for newcomers to Canada to find their first long-term rental accommodation.
Why should newcomers consider working with a real estate agent (also known as a realtor) to find a rental?
Demand, competition, expertise, and access to landlords are four obvious reasons (also, searching for a rental yourself in a new country can create stress, delay, and wasted effort).
In Canada’s red-hot rental market, the demand for all types of rental accommodation has never been higher.
The country’s ambitious immigration targets are fuelling rental demand as prices rise each month. And that demand will only get stronger across the country, particularly in Toronto, the Greater Toronto Area (GTA), and Ontario.
Canada intends to welcome 465,000 new immigrants this year after admitting a record-breaking 431,000 newcomers in 2022 (mostly from India, the Philippines and China).
In 2024 that number will rise to 485,000 newcomers, and then to 500,000 in 2025.
Canada has also welcomed a record number of international students. These numbers are forecast to continue to rise, again increasing the demand for rental housing.
With so many newcomers arriving in Canada, the competition for available rental accommodation continues to escalate. Typically, rental listings in Canada (particularly those with choice locations) receive multiple offers from newcomers and those already in Canada. And many of those applicants have done their research and are prepared to act quickly.
Real estate agents have the expertise that newcomers can use to get the rental accommodation they want, where they want it, and when they want it.
According to the Real Estate Council of Ontario, in which membership is mandatory for all real estate professionals in Ontario, there are more than 86,000 real estate agents in the province.
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REGISTER FOR THE WEBINARUsing a real estate agent to help you find your ideal rental property typically costs nothing. Your future landlord (the actual owner of the property) covers the realtor commissions.
In Ontario and the GTA, more renters are using real estate agents because realtors:
Finally, the realtor’s access to landlords and listings cannot be overstated. Because of this access, realtors know about rental properties that aren’t listed on rental sites, or that are about to be listed. So, you get a head start on the competition. This is particularly true regarding Toronto/GTA condo owners who often work only through real estate agents.
These are just some of the advantages that come with working with a real estate agent.
While real estate agents in Ontario are licensed, there are still some other things newcomers should consider when deciding to work with one to find a rental:
So how do you find the real estate agent that’s right for you?
Prepare for Canada and Rentals for Newcomers has teamed up with Souqh to make it easy for newcomers and international students to work with a licensed real estate agent to find suitable rental accommodation.
Souqh is a Canadian real estate and home services marketplace whose goal is to simplify every step of the home buying, ownership, and rental journey.
Ahmer Rafiq, Souqh’s CEO, says his company partnered with Prepare for Canada and Rentals for Newcomers “to connect immigrants with realtors and assist with finding rentals across Ontario.”
“We have onboard 3,000+ real estate/home services professionals onto our marketplace across Ontario and … we have partnered with ten real estate boards and associations across Ontario.”
Dave Frattini, the managing partner of Prepare for Canada and Rentals for Newcomers, is excited about working with Souqh to help newcomers access real estate agents.
“Prepare for Canada has been helping newcomers make connections that simplify the immigration journey for over 12 years, said Frattini, “and Souqh is Canada’s real estate and home services marketplace. Together we’re on a mission to help newcomers enter the rental market faster and easier than ever by connecting newcomers with real estate agents who can assist in finding the rental property that’s right for our newcomer audience needs.”
So, if working with realtors to find accommodation in Ontario appeals to you, simply click here to register with Souqh. Once you register, a real estate agent in the city where you wish to rent will respond to you.
And remember: If you’re not in Canada or Ontario yet, but are arriving soon, please register for our Renting in Canada webinar to learn all about working with a real estate agent, finding your own rental, renting a room in a home, and all the other options for finding rental accommodation in Ontario and Canada.