University is a fantastic chapter in a young person’s life, one where discoveries are made, confidence is built, and life starts to become a lot bigger and a lot more complicated … and fraught with a lot more risk.
Choosing to live off-campus in a house with roommates is a great option to begin dipping toes into “adult-ing” responsibilities. Sharing a house serves as the ultimate bridge — managing utility bills, splitting chores, cooking together, and figuring out how to share space (especially the bathroom) instills accountability and teamwork. There’s lots of shared camaraderie with friends, jokes and fun, combined with the hands-on life skills that help shape responsible adults.
The rental markets in both Calgary and Edmonton are making this particular housing option even more attractive. Calgary’s overall residential rental vacancy rate sits at approximately 5.0% to 6.3%, which is much better than the 1.4% low recorded in 2023. This means that there are a lot more units of the market, and as supply is now outpacing demand, rates for rent are becoming more affordable. The average rental cost for an entire house in Calgary ranges from $2,200 to $2,700 per month, making it well in reach for four roomies.
In Edmonton, the vacancy rate is not quite as much of a renters’ market as it is in Calgary, sitting at approximately 2.7% to 3.8%. Rental costs range from about $1,200 for a 1-bedroom to over $2,700 for a 4-bedroom home.
Tenant insurance is highly affordable
It’s important for students to know that most landlords now mandate proof of tenant insurance as a strict condition of the lease before handing over the keys. In addition to helping to safeguard a students’ belongings, and protecting a landlord from risk, holding a continuous insurance policy during university also establishes a good insurance record, which helps build credit history and lowers rates for auto and home insurance policies later in life.
Our tenant insurance policies cover provide the following protections:
Personal property loss
A landlord’s insurance policy only covers the physical building’s structure — not anything inside it. If a fire, burst pipe, break-in, or storm damages the house, the landlord’s policy will repair the walls and roof, but the student tenants are entirely on the hook for replacing their belongings. We know that students require high-value items, including laptops, smartphones, textbooks, monitors, and smartphones, to complete their school work, not to mention their furniture and clothing. Replacing these items out-of-pocket can cost thousands.
Personal liability coverage
Liability coverage is arguably the most crucial part of tenant insurance. If a student accidentally leaves a stove on, causes a grease fire, or forgets a running tap that floods the basement, they can be held legally and financially responsible for thousands of dollars in property damage. In addition, if perhaps during an end-of-semester party a guest slips, falls, and is injured on the property, the students living there could face expensive medical or legal claims. Tenant insurance includes liability protection that covers legal defense costs and settlement fees.
Additional living expenses
If a major event like a kitchen fire or severe water damage renders the rental home uninhabitable, the students still need a place to live while repairs are made. Tenant insurance typically includes additional living expenses, which helps pay for temporary hotel accommodations, short-term rentals, and extra food costs incurred while displaced.
Questions? Concerns? Talk to the pros at Lane’s
At a low monthly cost — often less than the price of a couple of coffees a week — tenant insurance provides invaluable peace of mind, allowing university students to focus on their studies … and having a great time while doing it.
Lane’s Insurance is a leading Alberta-based brokerage, with caring and knowledgeable professionals who always work for your best interests. If you have any questions about tenant insurance for students, or 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 assist you in making a smart, educated decision. Contact us at our Calgary, Edmonton, Banff and Alberta offices.
