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Why Buy your First Home Insurance as a Student?
Par Éric Legros

When it comes to insuring a home, most people think of it after starting a family or owning a home. However, the truth is you can get your first home insurance cover even as a student. As a college-goer, one of the most exciting journeys is the journey of independence that new spaces bring. However, with independence comes responsibility. 

This article talks about why you should sign up for a home insurance policy even as a student. Home insurance is for everyone. Even if you have a temporary home, home insurance can protect it to a huge extent. A good home insurance policy protects your living space as well as your personal property. As students, your personal property needs insurance cover against damage and loss.


First apartment : Home insurance for students

Until the age of 24 or above, students that are still under the care of their parents can be covered under their parents’ home insurance cover. However, this coverage is highly limited and restrictive so it is always better to take a renters’ insurance policy. Student home insurance policy covers personal liabilities, damage to personal belongings, etc. Whether it is your first apartment or your friend’s place where you sublet, student home insurance covers your living space wherever you are located.


Home insurance : What is public liability?

Student home insurance deals with the concept of public liability, also known as Civil Liability. Public liability coverage protects you in case of a suit against you for property damage or bodily injury you may have accidentally caused to a third party.  For example, as a tenant, you will be liable towards your landlord if there is any property damage. That is also true for damage to neighbors’ or even friends’ property.

A good student home insurance policy will protect the tenant from monetary losses you incur for damages you cause to others anywhere in the territory covered by the policy. In other words, even when you are on a bike ride, traveling by bus, or simply in the park, the public liability coverage follows you. 


What is the connection between liability and travel?

Your tenant’s home insurance typically covers your property at the location designated on the policy. However, if you travel regularly, some belongings can be specifically covered anywhere you go. 

But the true benefit of having a tenant’s home insurance in place when traveling is the public liability coverage. Although standard home insurance policies include coverage to Canada and the US, you can extend it to a worldwide coverage. In that case, the public liability coverage will follow you everywhere. So think about all the occasions a student might be called to travel, whether for a personal trip, vacation, international internship or class project. Between Airbnb, hotels, and hostels, students need insurance policies everywhere.

No one can predict the future. An accident can occur at any time, anywhere. That’s the nature of an accident. With the proper insurance coverage, one can mitigate risk and smooth out financial fluctuations to unfortunate events. And as we know, unpredictable financial fluctuations is the one thing student’s can’t afford to face.

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