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Written By
Steve Tustin
Feb 9, 2024
•Insurance
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.
WRITTEN BY
Steve Tustin
Senior Editor, Prepare for Canada
Steve Tustin is the Editor for Rentals for Newcomers and a contributing editor for Prepare for Canada. He is also the former managing editor of Storeys.com and a former senior editor at the Globe and Mail and the Toronto Star.
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