Am I covered under my parents’ insurance?

Moving out

Leaving the family home to go away to school is not a trivial matter. This new phase means new responsibilities, including renting an apartment. As a new renter, it is important to cover your belongings with renters’ insurance.

In addition to covering your belongings, like your computer, clothing and furniture, renters’ insurance also provides liability insurance for accidental physical damages and bodily injury to others.

Are you covered under your parents’ insurance policy?

If you meet certain criteria, you may already be covered under your parents’ insurance:

• You are a student and your parents’ dependent
• You are registered at a recognized educational institution
• You are a full-time student
• You have moved away from home temporarily to complete your education

Usually, the parents’ home insurance usually covers a student’s personal property up to 10% of the parents’ insurance coverage. A limit on the amount payable may apply.

To determine your eligibility and to make sure that your parents’ coverage is sufficient to cover you and your belongings, consult their insurance company.

Renters’ insurance

If you are not covered by your parents’ insurance or if you move out of your parents’ home permanently, you must take out your own insurance to make sure you are protected.

Renters’ insurance is essential, as, in addition to not being very expensive, it provides liability coverage. This means that you are covered for accidental physical damages or bodily injury to others. As well, your personal property is covered, including your:

• Computer and video games
• Clothing and jewellery
• Furniture and appliances

Note that some property, like games and jewellery are subject to limits on the amount payable.

With renters insurance, you will be covered against fire, theft and vandalism. You can also take out coverage against water damage. Thus, you can focus on your studies with peace of mind and avoid nasty surprises.

Roommates

If you live with your spouse or a roommate, inform your insurance company so that this person can be added to your policy and thus, covered by your insurance.