Why University Students Shouldn’t Skip Tenant Insurance
One of the most common events associated with fall is going back to school. For younger students, this may mean buying new clothes and new school supplies. It can mean a lot more than just new clothes and books for college and university students, though – it can mean moving out!
Depending on the kind of place a student is moving to, they may have to supply their own furnishings. Even if they don’t have to provide furnishings, they’ll still bring along expensive items like laptops and Ipads. This is why it’s so important that students consider tenant insurance – so they’ll be protected if anything happens to their belongings.
Still not convinced you need tenant insurance? We’ll explain:
- What tenant insurance is
- How tenant insurance can help protect you
- How to make the most of your tenant insurance
And when you’re ready to sign up for tenant insurance, we’re here to help you at Archway Insurance.
What is tenant insurance?
Tenant insurance is important because your landlord’s (if you’re off-campus) or university’s (if you’re on-campus) insurance doesn’t necessarily protect you or anything you own. Tenant insurance provides all of the following protection:
- Third-party liability. If someone injures themselves in your apartment or house, you could be on the hook for medical expenses and even legal fees. Third-party liability helps cover these costs.
- Additional living expenses. If you have to temporarily move out (e.g. due to a fire or a flood), then tenant insurance covers the cost of other living expenses – such as a hotel, eating out and even laundry.
- Contents insurance. Contents insurance protects your valuables – such as your laptop or Ipad if they are stolen or damaged.
How can tenant insurance help protect me?
Tenant insurance protects against unexpected costs. You don’t want to have to spend your precious time worrying about how to pay for expenses due to damage to your “home away from home” or your possessions.
With tenant insurance, you’ll be covered if:
- Expensive items like your phone or your laptop are stolen or damaged. You won’t have to pay out of pocket if something happens to your vital possessions.
- Your furniture and other items are damaged or stolen. If you’re living off-campus, you may have had to provide everything from your bed to your couch and TV. It’s traumatic enough to be robbed – now imagine having to find the money to replace all these items. With tenant insurance, you’re covered.
- Wildfires and flooding are becoming more common. If you’re forced out of your lodging due to either of these events, tenant insurance will cover the cost of your temporary housing.
- Finally, tenant insurance helps protect you against the actions of other people. Third-party liability helps cover damage if a guest acts up and damages your dorm room or apartment.
How to Make The Most of Your Tenant Insurance
The best way to make the most of your tenant insurance is to create a detailed inventory of what you’ll be taking with you to school and what it’s worth. This will help your insurance broker get a better idea of what kind of coverage you’ll need.
You don’t have to list every piece of clothing and every book, but “big-ticket” items such as the following should be part of your inventory:
- Laptop or computer
- Clothing and shoes (including those fancy kicks)
- Furniture such as couches, desks and futons
- Other expensive items like cameras and jewellery
Having a detailed list of your possessions and what they cost will help ensure you get the right amount of tenant insurance and make your claims process easier and quicker. You’ll be surprised how much you actually own!
How can Archway Insurance help me with tenant insurance?
At Archway Insurance, we sell a wide variety of property insurance, including home insurance, condo insurance and tenant insurance. Moving out for the first time can be exciting – but it’s essential to ensure you have the proper protection in place.
Tenant insurance is designed for people who are renting. It’s less expensive than home insurance because it doesn’t cover the structure you’re living in (your landlord’s insurance covers that). However, it’s still vital to protect your furniture, electronics and personal property.
At Archway Insurance, we’ll work to get you tenant insurance coverage that suits your needs and budget. You can have peace of mind with tenant insurance from Archway Insurance, knowing that all of the following is covered:
- Your personal property, such as appliances and electronics if stolen or destroyed.
- Your additional living expenses – everything from hotels, meals and even self-storage units – will be paid for if you have to move out due to a flood, fire or another event that damages where you’re living.
- Your liability expenses. If a third party is injured or damages where you’re living, tenant insurance covers any costs associated with this.
Tenant Insurance Offers so Many Benefits
It may seem like a pain to consider tenant insurance when you’re excited about moving out for the first time. But the short amount of time it takes to get tenant insurance can save you a lot of money and hassle if anything happens to your possessions while you’re at school.
- Tenant insurance is vital because your landlord’s insurance doesn’t cover your possessions.
- Tenant insurance also covers living expenses if you need to move out temporarily.
- Third-party liability is an integral part of tenant insurance providing you with financial protection if someone is injured in your room or apartment.
At Archway Insurance, we’ll work with our trust insurance partners to get you tenant insurance at a reasonable price that provides you with the protection you need. Making a list of your possessions before you talk to us about tenant insurance can help you make sure you get the right coverage!
Contact Us About Tenant Insurance
We’re Atlantic Canada’s largest independent insurance brokerage, and we’re here for your insurance needs in New Brunswick, Nova Scotia, and PEI. To learn more about tenant insurance, call Archway Insurance at 1-833-536-0529 or contact us here.