It could happen to you
- You return to your rental accommodation after a night out to find your place has been broken into. All of your belongings have been stolen.
- You come home from class one day to find your rental home burned to the ground. Firefighters are everywhere. All of your belongings have been destroyed.
While these are horrible situations to be in, what will make it worse is if you don't have an insurance policy to reimburse you for your loss. If all of your personal items need to be replaced, the cost would likely be in the thousands. An insurance policy covering your personal belongings can help ease the tragedy of a loss like this. Note: tenant/rental insurance is quite affordable.
Why should student tenants purchase insurance?
- In the event of disaster or theft, you will be able to file a claim with your insurance company to get money in order to replace your lost belongings.
- In addition to insurance for your personal belongings, consider liability insurance. In the event a tenant causes damage or destruction to the rental property, the landlord's insurance company could seek payment from any tenant or guarantor on the lease.
- Minimal monthly fee (price will range depending on your coverage, but can be under $20/mo).
What should I do if I want insurance?
- Call a few insurance companies in Windsor.
- Get estimates from companies to compare the price and offered coverage.
- Ask your parent/guardian to find out if their home insurance policy will cover the loss of your belongings at your rental unit. You may already be covered by their existing policy. If not perhaps your parent's company will offer you a policy at a discount rate.
- Take photos and write down serial numbers of all valuable items (Eg. Jewelry, electronics, etc.). Store these photos and information in a location other than your rental accommodation.