Tenant insurance advice for students moving away from home

EDMONTON, Aug. 13, 2013 /CNW/ - With a new school year and fall season fast approaching, many students will be leaving the family home for college or university and moving in to rental accommodation closer to their post-secondary school. If you're one of them or a parent of one, Insurance Bureau of Canada (IBC) wants you to know the importance of protecting your young student with property insurance.

"With all the stress that comes with having your child move away for school, the last thing you want to worry about is a financially stressful situation that could have been avoided," says Bill Adams, Vice President, Western and Pacific, IBC. "Tenant insurance can protect your child and provide piece of mind to make this transition to school a smooth one."

Your child will likely bring expensive personal items such as electronics, computers, stereo equipment and furniture with them to their new home. Furthermore, they may be liable for any damage to the dwelling they are living in while away at school. Some home insurance policies provide coverage for personal property while away at school up to a certain limit, it's best to check with your insurance representative on your coverage. Without the protection of home or tenant insurance you and your child are vulnerable to loss of damage to those possessions and other liability risks.

Here are a few insurance considerations when your child is moving away from home:

• Notify your insurance representative to review available coverages and perhaps purchasing a tenant's policy. As each insurance company packages tenant insurance policies differently or calls the products by different names, they all (should) include two kinds of coverage - Basic Liability coverage and Contents coverage.
  
  
• You could be held responsible if your actions (e.g., leaving the bathtub running) caused damage to your apartment, your neighbours' apartment(s) or the apartment building itself. Without insurance you would be personally liable for such costs.
  
  
• You may also be held responsible for personal liability, if someone is injured in your home - even if it is one that you're renting. They could sue you for any costs associated with the injury.
  
  
• Landlords have relatively few legal obligations to compensate tenants for damage to, or loss of, their personal possessions. Tenants are responsible for the harm they may cause to any part of the building in which they live or to others who live or visit there.
  
  
• You should keep an up to date list of your belongings in case of theft, loss or damage. Have your child keep an accurate list of the belongings that he or she takes with them to school. This will make it easier to settle your insurance claim in the event of theft, fire or other risks.
  
  
• All college and university residences have their own requirements and recommendations for students living on campus, check with your school before you move in.

For more information about tenant insurance:

http://www.ibc.ca/en/Home_Insurance/documents/brochures/Tenant_ins.pdf

http://www.ibc.ca/en/You_Wanted_to_Know/audiovideo/tenant.wmv

About Insurance Bureau of Canada

Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 118,600 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $46 billion.

To view media releases and other information, visit the media section of IBC's website at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or like us on Facebook.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE: INSURANCE BUREAU OF CANADA

To schedule an interview, please contact:

Helen Lialias 
Media Relations Officer
Insurance Bureau of Canada
416-362-2031 x 4312
[email protected]