Moving Into Your Student House? Get Tenant Insurance!

Posted Aug 19th, 2020 in ADVICE

Moving Into Your Student House Get Renters Insurance, SnapQuote Insurance, Ontario

Your student rental is a place where great memories are made, and where you keep all your valuable things. For a small monthly cost, you can protect yourself and your belongings with tenant insurance.


Moving out on your own and signing a new lease for an apartment is an exciting step in your college or university career. If you’re renting a new place on (or off) campus this semester, consider getting insurance to protect yourself.

Tenant Insurance 101

So, what is it?

Tenant insurance is something available to Ontario college and university students to protect themselves. Your landlord will have their own insurance to protect them if something were to happen to the building or unit, but this coverage does not extend to you. Tenant insurance protects against unforeseen circumstances and is tailored to you, the student.

What does tenant insurance typically cover?

What’s covered can depend on the insurance carrier, and for the most part, coverage typically includes:

  1. Contents: protects and covers your personal belongings like electronics, jewelry, or furniture if they’re stolen or damaged.
  2. Liability: protects you if a guest were to get injured in your home and took legal action.
  3. Additional Living Expenses (ALE): covers temporary living expenses if you are unable to live in the apartment due to damages i.e., a flood occurred and you had to live in a hotel during repairs.

Do I have to get it?

The simple answer is no, you are not legally obligated to get tenant insurance when renting. But, some landlords will require students to have some type of insurance before signing the lease and handing over the keys.

But can I afford it?

Yes! A tenant insurance policy costs on average $25 a month. That’s sacrificing only a few trips to Starbucks per month. Wouldn't you rather have some homemade coffee than have to pay for a stolen MacBook out of pocket?

Anything else I should know?

Let's say a neighbouring unit had a fire and it caused damage to your living room and Air Pods as a result. If you think that your landlord has to replace them for you, you're wrong! However, with tenant insurance, you could be covered. Even if your phone or laptop got stolen at the student library, you could be covered with tenant insurance. It’s also important to have an accurate inventory and value of the items you own in the building including how much your laptop, TV, purse, etc. is worth in the event of a claim.

Nowadays, you can even purchase the tenant insurance online! Before heading to school on move-in day, definitely look into this. You'll have enough stress with your studies, so don't stress about insurance! 

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