Do You Know What Your Home Insurance Policy Covers?

It feels like just yesterday when your child spoke their first word, started kindergarten, and went to their high school prom. Now, suddenly, they’re heading off to college or university, ready to take on the world. It’s an exciting and nerve-wracking time for both parents and students. While you’re proud of their ambitions, it’s natural to worry about their safety and well-being as they step out on their own.

You want to be sure that your child is well-protected while they’re away from home, and that includes safeguarding their belongings and covering any potential liabilities. In Canada, many students living in dorms or campus housing are typically covered under their parent’s home insurance, specifically through the personal property and liability sections of the policy. However, this coverage may not always extend to off-campus housing or could come with certain limitations. We’ll discuss what is covered so you avoid misconceptions about home insurance coverage and your student is fully protected during this new chapter in their life.

 

Belongings Coverage

Off-Premises Coverage

Most Canadian home insurance policies include off-premises coverage, which means your child’s belongings are covered even when they’re living in a dorm or campus housing. While the coverage limit for items located outside the family home may be lower, it’s usually enough to provide peace of mind. For example, a policy that offers $100,000 of personal property coverage at home might extend $10,000 to $15,000 in protection for belongings in their dorm. This can help cover the cost of replacing items like a laptop, phone, or other essentials.

Protection Against Theft

Theft can happen anywhere, but with the right precautions and coverage, your child’s belongings can be well protected. Many Canadian home insurance policies require proof of forced entry for theft claims, so encouraging your child to always lock their dorm room or apartment door can make a big difference. With these habits in place, your home insurance can help protect them from the disruption caused by stolen items.

High-Value Items

If your child is bringing high-value items like a camera, or musical instrument to school, you can add a special rider or endorsement to your policy to ensure these items are fully covered. This ensures that even their most valuable possessions are protected so they can focus on their passions and hobbies without worry.

Off-Campus Apartments

If your child is moving into an off-campus apartment, many home insurance policies can still cover their belongings, but the details can vary. Some policies might require you to notify the insurer about the new living arrangements, or they may have different limits for items in rentals compared to dorms. Coverage might also be limited in shared spaces, like common areas, or may not include damage caused by roommates. It’s a good idea to check with your provider about any specific exclusions.

Liability Protection

Accidental Injuries

If someone is injured while visiting your child’s dorm room or off-campus apartment, liability coverage can help cover medical expenses and legal fees. For example, if a guest trips and falls in your child’s apartment, resulting in an injury, liability coverage can step in to cover the costs, protecting you and your child from potentially significant out-of-pocket expenses.

Damage to Property

If your child accidentally damages their rental property or someone else’s belongings, liability coverage can help cover the repair or replacement costs. This could range from something as simple as accidentally breaking a window to causing water damage in an apartment. Liability protection can help cover repair costs, including any damage to neighbouring units.

Shared Living Arrangements

In shared living situations, liability coverage is especially important. Accidents happen, and if your child is responsible for damage or injury in a shared apartment, your home insurance’s liability protection can cover the costs. For example, if your child accidentally damages a roommate’s expensive laptop, liability coverage can help pay for repairs or replacement, reducing conflicts and easing financial stress.

Additional Considerations for Students

Beyond the standard belongings and liability coverage, there are a few other important areas to consider for students living away from home. Depending on your home insurance policy, these can offer extra protection and peace of mind. The following can be added by endorsement.

Identity Theft Protection

Students are increasingly at risk for identity theft, especially with frequent use of shared networks and online services. Some home insurance policies offer optional identity theft coverage, which can help cover the costs of restoring your child’s identity if they fall victim to fraud. This can include legal fees, credit monitoring, and the costs associated with reclaiming their financial information—important for tech-savvy students who often manage their finances online.

Bicycles

If a student’s bicycle is stolen, it may be covered under the personal property section of your policy. However, the coverage limits may depend on whether the bike was properly secured at the time of theft, and additional coverage might be necessary for high-end bicycles.

Travelling and Lost Items

Students often travel between home and school, or even internationally, during study programs. Many policies include coverage for lost or stolen personal items while travelling, but the specifics can vary. This might extend to luggage, electronics, and other essentials that are temporarily outside their primary living space, offering added protection during trips or holidays.

Storage Units

Some students use storage units to keep their belongings during summer breaks or while studying abroad. Depending on your home insurance policy, belongings kept in storage units may be covered, but limits and conditions can apply. For example, certain perils like theft or fire might be covered, while damage due to poor maintenance of the storage facility might not be. Checking the policy details is key to ensuring these items are protected.

At Keller & Associates Insurance Brokers, we put your home insurance needs first. We’ll provide you with the best price we can offer you and the best available coverage. Whether you are a first-time home buyer, have purchased your dream home, or are downsizing, we’re the top choice in the Niagara Region.