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Will your insurance policy cover your children during their post-secondary education?

It is an exciting time; your children are graduating into the next stage in their lives – post-secondary education! For many, this is the first time your children will be out on their own. As exciting as it might be, you need to ensure that your children are protected and that there are no surprises when it comes to insurance coverage. 

Home Insurance

Your belongings are worth a lot, and the total replacement cost can add up quickly. A cell phone and laptop together have an average cost of over $1,000. That doesn’t include the many other small appliances, clothing and shoes, as well as other belongings your children may possess. 

If your kids will be living temporarily away from home to attend post-secondary, your policy may partially or fully continue to cover your child and their belongings. If your child is renting a full apartment that needs to be fully furnished, whether it is on campus or not, student extension coverage may not be enough, and a full tenant policy will be necessary. Arrange to speak with your broker about any potential gaps in coverage.

Many renters wrongly believe that they are automatically covered under their landlord, however, that is not the case. A tenant’s insurance policy is affordable and will provide coverage in the event of theft, fire, some instances of water damage and personal liability. In the event that an insured loss was to happen to the rental property making it uninhabitable, tenant policies will cover some “additional living expenses”; meaning coverage to stay in another location until they can move back into their rented dwelling.
Car Insurance

If your children are driving, whether commuting to school or coming home on weekends, car insurance is mandatory. If it is your car they are borrowing, you need to ensure that you speak with your broker to determine if they need to be listed as an occasional driver or primary operator. Car insurance provides coverage in the event of an accident or other coverages such as fire, theft, and vandalism. Bundling your car insurance with home or tenant’s insurance could reduce the price of your premium; speak with your insurance broker to see if your children are eligible for any special discounts.

To discuss coverage options for your child while they are away at school, and to review your current policy, contact an OTIP insurance broker at 1-800-267-6847.

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