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Does home insurance cover belongings at university?

Home Insurance

By Smart Bug | December 29, 2015

Heading off to university is exciting but it can also be stressful. There are a lot of decisions to be made and things to do. One thing that is often overlooked is insurance. Your kid is likely bringing a lot of stuff, including potentially expensive items like a laptop, camera, and bike. If something happens, does home insurance cover belongings at university?

Luckily, the answer is yes, home insurance will cover belongings at university if they’re living in a dorm. If they’re renting their own apartment and not intending to return home, they should get renter’s insurance to protect their belongings.

Just make sure to inform your insurance company that someone is attending university. Your broker can also help you determine if you’re covered with your home insurance or if you need a separate renter’s insurance policy for university students.

Why is having insurance important for university students?

Whether your home insurance covers your university student or they get a separate renter’s insurance policy, having insurance is important. It reduces the financial impact of a disaster, allowing you to get your life back faster. This coverage includes:

  • Property Coverage – Covers the replacement of your property if it’s damaged or destroyed by an insured peril.
  • Additional Living Expenses – Covers additional costs if you are forced from your home due to a covered claim or mandatory evacuation caused by an insured peril.
  • Personal Liability – Covers expenses related to your unintentional actions resulting in someone getting hurt or damaging someone’s property.

Are there limits to coverage for university students?

There is generally a maximum claim limit of $10,000 for your university student’s possessions stored away from home. There may also be other exclusions.

If this limit is too low or inadequate in another way, you may want to get renter’s insurance as it will offer higher limits and potentially more coverage.

Keep in mind if you fail to notify your insurer that your child is going to university, a claim may be denied as the insurer wasn’t aware of the change in risk.

Create an Inventory List When Your University Student Moves

An easy way to create an inventory list is when you’re moving – simply make a list of everything you put into a box! This will help if you need to make a claim while they’re at university.

You can use this list to determine the value of all of the student’s belongings and ensure your home insurance offers enough coverage. If not, talk to your broker about a renter’s insurance policy.

Other Things to Note

Keep in mind if you make a claim for your kid’s belongings while they’re at university, this will be a claim on your home insurance (unless they purchase a separate renter’s insurance policy). That means your rates could increase.

It’s a good idea to teach your kids preventative measures such as locking the door when they leave and hiding valuables out of sight.

Have more questions? Talk to your broker about your coverage today.

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