Students in apartments or residence halls: How to be covered by your parents’ home insurance
Is your child leaving the family nest to pursue post-secondary studies? Whether they’re moving into a dorm, a shared apartment, or a studio, their belongings are worth protecting—and so is your peace of mind in knowing they’re covered in case something unexpected happens. The good news is your home insurance policy may cover them as they set off on this new adventure.
Home insurance: Lesser-known coverage for students
Many students living in apartments or student residences, like a lot of tenants, do not have home insurance. Yet this coverage is critical! Why is it so important to insure your dwelling? Even though students often don’t leave with a lot of stuff, the possessions they do have can be very valuable, from laptops and tablets to headphones, smartphones, school supplies, clothing, bicycles, and so on. In the event of a loss, replacing these items can cost hundreds if not thousands of dollars.
Plus, you can’t forget civil liability. If your child accidentally causes water damage to their home or unintentionally injures someone, they could be held liable. Home insurance gives them the peace of mind that they need to focus on their studies—and that you need to sleep easy!
Your home insurance can cover your child
Most home insurance policies, including those from Promutuel Insurance, cover your children even if they’re at school and no longer live under your roof. Here are the specific conditions required to benefit from this coverage:
- The child must be enrolled in an educational institution where they are a full-time student.
- The child must be your dependent.
- The residential building designated in your insurance policy must be your main residence.
If all these criteria are met, your child could be covered under your home insurance policy at no additional cost.
At Promutuel Insurance, this allows many students to be covered, without having to take out tenant insurance when they first move out.
What to check before the big move
Even if you think your home insurance covers your child while they’re away at school, it is important to check certain information with your damage insurance representative before they leave.
- Type of occupancy: Student residence, rented room, condo, etc. The type of occupancy will affect the coverage available.
- Insurance amount limits: Some insurance policies cover a student’s belongings up to 10% of the parent’s insurance amount.
- Whether you need to report this new situation to your insurer: Most insurers require that you notify them of the situation in order for your child to be covered.
Conditions, limitations, and exclusions vary from one insurer to another. Some insurance companies prefer each person to have their own policy. A quick phone call is all it takes to get the info you need.
What if your child is not covered?
If your child is not your dependent, is not enrolled in an educational institution, or is not attending school full-time, they may not be covered by your home insurance policy. In this case, they’ll need to take out tenant insurance in their own name to be covered. Subject to the conditions, limitations, and exclusions set out in the policy, this coverage includes:
- Their property in the event of a loss, such as theft or fire
- Their civil liability
- Additional living expenses in the event of a loss if their place of residence becomes uninhabitable (i.e., the costs they will have to pay for lodging, food, and transportation until they can safely return home)
Good to know: Promutuel Insurance offers basic coverage for tenants starting at just $15.95 per month. So your child can get total peace of mind at an affordable rate in just a few clicks. All they need to do is request a quick online quote!
Lastly, whether your child is covered by your home insurance policy or their own tenant insurance, this vital coverage will allow them to put all their energy into their studies without having to worry about the unexpected.
If you have any questions about home insurance, don’t wait until you have a lease (or your kids are all grown up)! Contact us today!
