It’s a difficult time to be a student requiring housing in Alberta. Not only is there a shortage of good units available after on-campus residences filled up incredibly fast in Calgary and Edmonton, renters are facing the steepest rent increases across the country.
At the University of Calgary, the number of first-year students moving to campus this fall was the most yet. An “unparalleled” 1,267 first-year students are moving into residence in this fall, along with more than 1,700 returning students. The total number of students living in residence to more than 3,000 and many are waitlisted.
Students are also waitlisted at Mount Royal University and the University of Alberta – despite the U of A recently completing a major overhaul of its largest residence complex – the Lister Centre.
In Calgary, vacancy rates for rental accommodations are expected to will drop to 1.1% (from 1.4% in 2023) this year and to just 1% next year. And rent has increased 22 per cent since 2022.
Last year Edmonton rent increases surpassed Calgary with a jump of 17.1% compared to 2023. The average Edmonton rent is up to $1,479.
The Alberta government says that the best approach is to build more units to meet the growing demand, though this will take a few years. Until then, students looking for temporary housing must unfortunately bear the brunt of the housing dearth.
Renters insurance is an absolute must
If you have a young adult in your household heading off to college or university, call your insurance broker or provider about your current home insurance policy to find out is covered for your child and what isn’t. University students generally enjoy some protection under standard home insurance policies while they’re away at school, but you should also be aware of the coverage limits. It just may be that their electronics and computer are worth more than the standard limit, and other items may not be covered at all.
Beyond that, however, is that even if they are partially covered by your policy, renters insurance, also known as tenant insurance, is incredibly important for students living away.
While landlord or building insurance typically covers the structure, it doesn’t protect tenants’ possessions in cases of theft, fire, or natural disasters. Renters insurance ensures that valuables like electronics, furniture, and clothing are covered, potentially saving thousands of dollars in replacement costs. Renters insurance is also typically very affordable.
Of course, avoiding the need to file a claim is the best kind of insurance policy. To that end, make sure your student follows these helpful tips:
- Leave valuables at home if possible
- Keep bedroom and house doors locked whenever they are not home
- Avoid leaving valuables unattended in libraries, campus centres, and other public areas
- Maintain an up-to-date list of all valuables the student has with them at school, and submit a copy to your insurance provider
Vehicle insurance for students living away
A university student often needs a vehicle to get to class, work, and back home again, and if they are going to be the primary driver you will need to remove them as an occasional driver if that is how they are currently insured. You will also need to let your provider know about their change of address. Driving in a different area and parking in a different location may affect their rates.
This is a great time to consult an insurance broker such as us at Lane’s. We can help find the ideal vehicle insurance policy for your university student that will fully protect them and meets their needs as a driver. We can find a company that offers discounts to post-secondary students (as they often exhibit a great deal of responsibility), and another incentive is that students with good grades may qualify for an insurance discount.
My university student won’t have a car
It’s a good idea to keep your child on your policy even if they are not driving your vehicle, as this will allow them to maintain continuous coverage, which looks good to insurance companies. The longer they have been insured and accident-free, the better it is for their rates.
Some vehicle insurance companies offer discounts for parents of students who are away from home, which will save you some money plus allow them to maintain their coverage and still drive your car when they are home.
Questions? Concerns? Talk to the pros at Lane’s
Lane’s Insurance is a leading Alberta-based brokerage, with caring and knowledgeable professionals who always work in your best interests. If you have any questions about insurance for students, or if you have any concerns about your insurance coverage in general, the friendly experts at Lane’s will be happy to help. You can rely on your broker for the professional service necessary to help you make a smart, educated decision. Contact us at our Calgary, Edmonton, Banff and Alberta offices.
