If you are accepted into a university that allows students to live on or near campus, the choice to become a resident is an exciting one – but it can also be an expensive one, especially if you don’t take the proper precautions to protect yourself with tenant insurance for university students.
University life includes a lot of expensive equipment – a computer, a phone, an iPad, and any other gadgets that come with study. All of these gadgets, as well as all the other items in their possession, come with a need for rental and liability insurance, which, if opted out of, can leave you in the financial lurch.
Common Myth About Tenant Insurance for University Students
There are some common myths when it comes to insurance and coverage around renting, such as:
- My landlord’s insurance will cover me
- My roommate’s insurance will cover me
- Nothing will happen to me; my stuff is safe
- Insurance is too expensive
- My parents’ insurance will cover me.
While your parents’ insurance may cover you (look into it before purchasing your own insurance), all of the other above points are false. The reality is that theft is an occurrence that can happen to anyone, and rental insurance is just too affordable to pass up on.
Further, if your possessions contained in the rental property are damaged or subject to theft while you live there, you won’t be covered by your landlord or your roommate, leaving you to pay for replacements.
Why You Need Rental Insurance
If you’re a college or university student that is considering renting, check out these top reasons why you should purchase rental insurance:
- It’s easy and affordable! It usually costs less than you think – often less than a cup of coffee a day. Not only is it affordable, it may be covered under your parents’ policy – but not always, so make sure you check.2
- It protects your possessions. This usually even includes theft of your stuff outside your home: this means if someone steals your laptop from the library, it will be covered. It’s also just good to have, as we all tend to own a lot more stuff than we think, and it can be quite expensive to replace it all if it was damaged in a fire or otherwise. On a side note here, when purchasing an insurance policy, be sure to keep an updated list of everything you own; in fact, taking pictures or video of your belongings is a very good idea to track what you’ve got.
- Insurance covers additional expenses after a loss. So if your home is damaged by fire or flood and is uninhabitable, you will likely be covered if you need to stay in a hotel. It will also cover any expenses that you may incur while you’re displaced, such as food or toiletries.
- Tenant insurance also protects you if you damage other property in your building. So if you accidentally hit a baseball through the window of your neighbour’s apartment, the good news is that your insurance will cover it!
- A significant benefit of tenant’s insurance is that it protects you if you cause someone harm in your building. It’s not a well-known fact, but usually, renters can be responsible for the unintentional harm to others that visit their place. For example, if someone falls and hurts themselves and tries to sue you, you should be covered. This also includes the potential of a lawsuit related to your unit, and will cover you for defence costs and potentially any settlements that may occur.
In short, with all these reasons above, you truly can’t afford not to have it. If something did happen to your property, it would be a huge financial burden to deal with it. So forgo that coffee house latte every day and put that money somewhere that you’ll feel safe and protected from, gain peace of mind, and make your parents proud by showing them how responsible you are.