New semester, new supplies … and a quick insurance checkup.
As you and your friends gear up for a new year, it’s the perfect time to revisit why tenant’s insurance may be an essential item on the back-to-school checklist.
If you’re under 21 years of age, you could be covered by your parents’ or guardians’ home insurance policy, even though you’re living away from home for the school year. Ask them to review their policies and let you know.
If you’re not covered and renting, now’s the time to shop for a policy. These simple tips will help give you peace of mind, knowing that you and your belongings are protected.
You own more items than you may realize. From furniture to laptops, a standard tenant’s insurance policy will help cover your losses if disaster strikes. When purchasing insurance, create a record of everything you own and update it periodically. Taking photos or videos of your belongings can help. Use our home inventory checklist to help you document your belongings.
Use insurance to plan for the worst-case scenario. If a fire occurs in your apartment, for example, you will need a place to stay temporarily, such as a hotel. Insurance can help cover these additional living expenses while your apartment is being repaired.
If you have friends over and someone slips, trips or falls, you could be held responsible for the costs associated with their injury. Tenant’s insurance can help cover the costs associated with claims for an accidental personal injury.
Each insurance policy is priced, in part, according to the amount of coverage required to replace your personal belongings. Once you know how much coverage you need, shop around and speak with your insurance rep to find the best coverage for your budget. Note: If you don’t know how much coverage you need, speak with your insurance rep and they can help guide you towards an appropriate policy with suitable coverage limits.
If you are planning on renting a place and having roommates, it’s a good idea for each roommate to have their own tenant policy. Your tenant’s policy will only cover the items you own.
For more information or if you have general insurance questions, contact IBC’s Consumer Information Centre at 1-844-2ask-IBC or at ConsumerCentre@ibc.ca. We’re here to help.
