IBC encourages students to take up tenant insurance when moving away from home

The Insurance Bureau of Canada is encouraging students entering college or university to take up a tenant’s policy if they’re planning to move away from home and rent.

While some home insurance policies have coverage for personal property while away at school up to a certain limit, IBC is urging consumers to get in touch with their insurance representatives to find out if they might be left vulnerable.

“Your child will likely bring expensive personal items such as electronics, computers, stereo equipment and furniture with them to their new home,” IBC says. “Furthermore, they may be liable for any damage to the dwelling they are living in while away at school.”

Since each insurance company packages tenant insurance policies differently or calls the products by different names, they all (should) include two kinds of coverage – basic liability coverage and content coverage, IBC points out.

Landlords don’t have much obligation when it comes to personal property damage, IBC also notes.

The group offers other tips for new families of new renters, such as:

You should keep an up-to-date list of your belongings in case of theft, loss or damage. Have your child keep an accurate list of the belongings that he or she takes with them to school. This will make it easier to settle your insurance claim in the event of theft, fire or other risks.

All college and university residences have their own requirements and recommendations for students living on campus, check with your school before you move in.

The IBC website has further information on tenant’s insurance.