There is so much to think about as a new student. What’s dorm life going to be like? How are you going to find your classes? Will the professors be good? Where is the best place to study? And also the cheapest and yummiest place to eat on campus?
With all of these very exciting and very important life changes happening, insurance for students is often last on people’s minds. But once you get your kid’s coverage sorted out, you can rest easy knowing that they are thoroughly protected … even when you are not there for them anymore. Insurance for students will help set up them up for success so they can concentrate on their studies and start a brand new and exciting chapter in their lives.
Coverage Under Your Home Insurance Policy
If your child will be living in residence on campus, whether or not they need separate tenant insurance is dependent upon where they will be attending. Some universities and colleges require that students have their own, standalone tenant policy, while others may only require coverage for a students’ belongings. Be sure to read the guidelines and policies for your child’s specific post-secondary residence thoroughly so they do not arrive unprepared.
If your child’s chosen institution does not require tenant insurance, the good news is that your home insurance policy will provide some coverage for your child’s belongings while they are away, provided they are under the age of 26. This is when parents can no longer keep their kids on their policies in Alberta. Definitely give your broker or provider a call to thoroughly understand the parameters, however, as every policy is slightly different. Generally speaking, a student’s belongings will be covered, but only up to a specified amount (usually about $10,000). Tools such as computers and electronics, as well as sports equipment such as bikes, skis, and hockey gear, can quickly add up to exceed that amount. A personal property floater or an endorsement to increase the limits on these items may be needed.
Anyone living off campus in private accommodations should definitely purchase tenant insurance, which is usually very affordable at about $20 a month.
Remind your child that thefts on campus happen often, even though they seem like safe spaces. Places like libraries and study spaces are targeted by thieves. They should never leave their belongings unattended, even for a little while. Bike and car thefts also occur, so they should ensure to lock both at all times and leave them in brightly lit spots where foot traffic is high.
Your child should also create a comprehensive home inventory of all of their belongings. They should take pictures of everything they are bringing with them, including their clothes, in order for losses to be properly assessed should something occur. Their home inventory should include the value of each item (include receipts if possible), and when they were purchased. Make sure your child knows that if they make a large purchase they should inform their insurance company so that coverage limits are increased if necessary.
Liability coverage is also transferable from parents’ home insurance coverage to their child, however this should be double-checked with your broker or provider. Most post-secondary institutions require that students in residence carry no less than $1,000,000 in personal liability coverage. This could be through their tenant insurance, or through their parents’ coverage. The liability component of home insurance policies is concerned with the financial responsibility resulting from damages arising from an accident, incident, or other situation. This means that if a person is injured while visiting your child’s property, your child is then covered for proper reparations. We all know that anything can happen when young people get together, so liability coverage is a vital part of insurance for students. Without it, your child (or more likely, you), is on the hook to pay out of pocket if their actions or lack of appropriate actions caused property damage, injury, illness, death, or other losses.
Car Insurance for Students
If your child is headed to school without a vehicle of their own, some car insurance companies offer something referred to as a “student away from home” discount. This allows you to keep them on your policy so they have a record of continuous coverage, which is useful for building up their insurance record and potentially accessing lower fees upon their return to full-time driving. In addition, some companies provide discounts for car insurance for students with good grades — generally a B-average or better. The idea is that a student who pays attention to their grades will also pay attention behind the wheel.
Get Your Insurance for Students Through Lane’s
The staff at Lane’s Insurance are experienced insurance brokers who work for you, not the insurance companies. This means that we can shop for, and compare and contrast, the policies from several of Canada’s major providers to ensure you are getting the very best coverage at the very best rates.
Contact us at our Calgary, Edmonton, Banff or greater Alberta offices to see what we can do for you.