Why college and university students need tenant insurance

Between moving to their new place, choosing courses, and making new friends, post-secondary students should never forget about tenant insurance, say advisors in this field. Many tenants know that landlords have insurance on their building and they assume it's enough. They may be surprised to learn how risky going without tenant insurance really is.

“A landlord's insurance won't cover a tenant's personal belongings if they are lost in a disaster,” says John Jenner, vice-president of marketing and communications at Western Financial Group. “Tenants also need to understand that they will be responsible for damages that they might cause accidentally to any part of the building, or to another tenants' possessions. For example, if your toaster malfunctions and causes a fire in the building, you are responsible to pay for both the damages to the building and for any possessions that your fellow tenants lost.”

Tenant insurance covers two main areas: contents and liability. Here are a few more details:


Even if you don't own many expensive things, it can be very expensive to replace everything you own. Contents insurance will help you replace your possessions and cover the cost of the damage you caused to others' property.


Did you know you could be held legally responsible if someone got hurt in your apartment? For example, if someone slipped on your wet floor they might choose to sue you. Tenant insurance will protect you against legal fees and will pay potential losses. This section of the insurance policy will also protect you if one of your guests damages the building.

“Tenant insurance is not expensive, but going without it might be,” said Jenner. “It is important for renters to know their options to make sure they are protected in case of an incident.”

More information is available online at www.westernfinancialgroup.ca.

Carol Ireland

Carol Ireland

Sales Representative
CENTURY 21 Millennium Inc., Brokerage*
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