Why students should get renters insurance while at school
You made it! You’ve been accepted at the college or university of your dreams and you’re beginning to settle into the new neighbourhood, congrats. If you’ve found yourself in a new city or town, you’ve probably also found yourself in a new home, apartment, residence or dormitory.
If you’re living with new school friends who might be strangers and who might like to throw a “small” party every now and then, aren’t you worried about your belongings? When you’re in class and need to leave for the washroom, do you take your computer with you? How about in the library?
When I was on the ground floor of the largest university library in Canada, I couldn’t help but overhear two young girls telling the front desk clerk that their computers were stolen. I felt bad because I knew they’d never find it.
Here’s why you’ll never have to cry in a library over stolen goods with contents insurance (you might cry over your midterms but that’s another story):
Benefits of coverage
Being a student comes with some perks: there's usually a category for students within renters insurance, that'll have you covered no matter where you live while you go to school. Whether it’s a dorm, residence or rental nearby, all your favourite things will be protected wherever you go. Plus, you’ll only have to insure the things you specify, unlike normal home insurance that usually comes as a package deal.
You’ll be covered for dreadful events, so you don’t have to worry about replacing all your things before the big exam. Break-ins, fires, burst pipes, injury at your party? All probable.
It’s not that expensive
Thinking about it? Good.
First, you should check with your parents to see if you’re covered under their policy. Have them speak to their insurance broker.
If you still need coverage, don’t worry about the price. Renters insurance is usually the cheapest form of property insurance. Generally speaking, renters insurance combined with a student discount (if available) won't run you more than $20 per month. That’s less than 1 night out at the pub to have all your prized possessions insured and protected. Shouldn’t you be studying anyway?
Items worth protecting
That new laptop your mom got you is especially vulnerable to theft on huge sprawling campuses with thousands of students rushing past you per day, in the halls or in the classroom. They make them so lightweight these days. Trust me, I’ve been there.
That expensive winter parka you need for commuting during the harsh Canadian winters is a diamond in the eyes of a thief. Your coat’s whereabouts can fall into the back of your mind when you’re in a building cramming for 4 hours, but it’s honestly one of the easiest things to just grab and go. They’ll probably even wear it as they walk out.
Your cellphone; so tiny, so essential. Call your mom back by the way.
Ask about special items
Your bike! Did you know that Toronto, Vancouver and Montreal all rank in the top 4 Canadian cities concerning bike theft volume? Weird, they’re all home to major universities.
The University of Toronto names bike theft as one of the most reported crimes on campus, occurring at a rate of two to three per week according to campus police. Protecting your bike through contents insurance is so worth it, especially if you rely on it to get to class or grab a quick lunch. Ask your insurance broker about bicycle protection if it isn’t included in your contents plan.
Plan ahead
You’ll avoid a mess of a scenario by taking a simple, adult precaution to protect your things. Make sure to speak to your parents about contents insurance, they might offer to help you out. Talk to an insurance broker if you have any questions, and make sure to shop around to get the best deal for you.