Do students living on campus need renters insurance?


If you're a scholar planning to survive residence there can be something missing out of your dormitory checklist – renters insurance.

There are obvious concerns such as fire, water damage and mold and theft – but there are also liability concerns to understand.

Some universities require residents to acquire personal insurance since the university's own insurance because of its residences often only covers damage to property.

“The university gets insurance to safeguard their interests,” Pete Karageorgos, director of consumer and industry relations, Insurance Bureau of Canada told

“You can purchase a tenant insurance policy to pay for your belongings without having insurance elsewhere.”

The benefits of renters insurance

If a hazard renders your residence unfit to reside in, the insurance policy covers the cost of alternate accommodations while you are temporarily away.

“It causes it to be much easier on a person's pockets, to cover your additional living expenses if you're forced from your place due to an event like a fire, flood as well,” Karageorgos said.

One of the other advantages of purchasing renters insurance coverage is that it also covers liability from accidents to guests and damage to property.

“Many times people don't consider liability insurance unless there's a real concern about being sued,” Karageorgos said.

“But being students many times you make a move that may injure another person or harm someone else or someone else's property.”

For example, let's imagine you've got a party inside your unit and someone clogs the bathroom . and it floods the dorm and also the units below them.

Depending around the agreement, the university's insurance provider would likely pay to repair the harm. However they have the opportunity to pursue whoever was accountable for causing the damage and may present the balance to you for repairs.

Before you rush to buy a policy

Full-time post-secondary students who've not officially moved out of the home – simply because they plan to move back home after the college year – may be covered to some degree by their parent's home insurance policy.

It's best to verify with your provider because not every insurance company has that coverage and when they are doing, there might be limits with regards to the coverage available.

For temporary residents for example international students who don't put on a lasting address in Canada, you are able to inquire about the approach your institution takes toward insurance policy.

But there's added value to having a renters insurance policy.

“Make sure you've some protection somewhere, don't assume,” Karageorgos said.