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Insurance tips for the post-secondary-student

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With fall fast approaching, as a student you will be packing up your belongings to move to your new lodgings on or near campus. With many important decisions to make while at school, insurance needs should be one of them. Before packing away your laptop, television and iPad, review your insurance coverage. Ensure your vehicle and personal belongings are covered in case of accidental loss or damage while you are away at school.

Your living situation

If you are living on campus and planning to return to your parents’ home during the non-school year, you may be covered by an extension of your parents’ home insurance while you are living away. Have your parents confirm their policy details with their BrokerLink broker to ensure the coverage extends to your new living arrangements.

If you are planning to move away permanently, it is important to set up a separate tenant insurance policy for your new home. Either type of coverage helps pay for damage to personal property caused by theft, fire, smoke damage or vandalism. Along with protection for personal belongings, you will also have liability coverage for protection if you are sued. You could be liable for damages in the event you cause unintentional injury or damage to another person or their property. Check out Reason #3 in our blog Renting? Five reasons you need tenant insurance for more information. Also included is additional living expenses coverage where in the event of a covered loss, your policy may pay for additional living expense such as hotel accommodations or meals.

If you plan on renting, keep in mind your landlord’s insurance policy will not cover any of your personal belongings for loss or damage, nor will it cover any damage you accidentally cause to your rental unit or any neighboring units. It is important to have your own tenant’s policy to respond to these types of losses. Check out our blog Tenant or Landlord: who is responsible for what? for more information.

Unfortunately, many students do not believe they have anything valuable to insure or assume they are covered under their parents’ or landlord’s insurance policy. Consider this – in the event of broken water pipes, fire or theft, could you afford to replace every single item in your unit? The monthly cost of tenant insurance is very low compared to the cost of replacing your computer, your clothing and any furniture you may have.

Are you taking a car with you when you move?

If you are taking your vehicle to school, you will need to make changes to your auto insurance, such as a change in the type of use or a change in address.

If you are moving away permanently, call your BrokerLink broker to set up separate auto insurance from your parents with your updated address information.

Moving to a different province? A new policy should be set up in that province. It is important all information is current and valid.

If you plan to return home during the summer and do not have your own vehicle, consider staying on your parents’ policy as a part-time driver. In these cases, your parent or policy owner may qualify for a reduced premium by having an occasional driver, such as an away at school discount.

As you prepare for the school year ahead, be sure to review your insurance or speak to your parents about their current coverage. Your BrokerLink broker can also help determine what adjustments you need on your insurance while you are away from home.

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