Why international students should consider tenant insurance

Renting a Home in Canada is Affordable

Accommodation in Canada & Options for Newcomers

Tenant insurance for international students: Seven things you need to know

• Your Stuff – tenant insurance covers YOUR personal belongings within your apartment. The insurance pays for any damage or loss of your personal property. This includes items that have been damaged or stolen.  Your stuff – such as electronics, phones, laptops, gaming systems, and jewelry – is expensive and valuable. They are also prime targets of thieves.

• LANDLORDS LIKE It – Expect a landlord to require tenant insurance. They will ask to see a copy of the policy before you move in.

• So Do Schools – If you live on campus in student housing, your school (university or college) will likely insist you have renters’ insurance. The school is also your landlord. In their residency agreements, most schools state that they will not be held responsible for the theft or damage to student property.

• EMERGENCIES HAPPEN – Tenant insurance ensures that if you can’t live in your apartment due to a covered emergency such as a fire, you will get financial assistance for temporary accommodation (like a hotel or Airbnb) and food.

• ACCIDENTS HAPPEN TOO  – Count on it – and some are costly. Your tenant insurance policy includes Personal Liability coverage that protects you in the event your landlord holds you accountable for any property damage or injury to a person at your apartment. Parties and sharing student accommodation with others can bring in visitors who could cause damage or steal from you.  You could be held accountable if someone injures or damages your home.

• It is not the law – Legally, you do not require tenant insurance in Canada. Renters are not required to purchase tenant insurance by law, but it is a good idea because it offers protection, security and peace of mind. Your landlord may require you to purchase it if your lease agreement specifies that this is required.

How do international students obtain tenant insurance?

Contacting an insurance company and talk to the broker about renters’ insurance for university and college students. They can guide you in this process because they have the expertise. Here’s a handy link where you can get a quote online.

When you decide to purchase tenant insurance, make sure to read the contract carefully to understand what is covered and what isn’t. Share the agreement with your landlord.

Also, it’s always a good idea when Renting a home in Canada Inform a prospective landlord of your intention to obtain tenant insurance. This shows that you plan to be a good tenant.