Tenant Insurance What is it, and why do I need it?


Being a student, you may not think your possessions are really of the highest value. So when you hear something like “Tenant Insurance” your immediate reaction is “ya-ya, not necessary, moving on.” However we encourage you to take the time to make a list of your personal belongings and see how quickly it all adds up.

All of a sudden things start coming into focus. You don't want to have to replace all of your clothes, not only would it be an unnecessary expense, but it’s going to take all this time away from the more important aspects of your life such as your studies. But forget about your clothes, what if your phone or laptop is damaged? Any sporting gear or musical equipment? All this will add up into a hefty replacement bill that can easily be avoided. This is why we advocate to our students the importance of insuring your items.

But Isn’t Mississauga Student Residence Insured?

That insurance does not cover you, nor your belongings. It is there to protect the structure of the building, leaving your things unaccounted for. Let’s break this all down. Say the rental building caught on fire and all of your personal belongings go up in flames, the landlord’s insurance would only pay for repairs to fix the building itself. You would be responsible for replacing all your personal belongings. You are liable for anything that happens in your rented space? If a fire starts in your room that damages other units, you might be found liable for that damage.

Other Features

You’re covered even when you’re not home. Tenant insurance will protect your belongings even outside of the property. Many people don’t realize this feature, but it makes investing in this insurance that much more worth it. It’s also worth mentioning that if you are living away from home while attending school, you might be covered under your parent's’ homeowner’s policy. However, if you have permanently moved out of your parents’ house, you will probably need to purchase your own.

Cost

Okay so what is this wonderful thing going to cost you? Less than $20.00/month?! That’s it! That includes $1000.00 in content coverage and $1 Million in personal liability coverage. So please do consider this in your monthly budgets if you are not still covered under your guardian’s policy.

Closing Remarks

Please keep in mind there is no comprehensive or individual contents coverage provided regardless of the loss or how it was sustained. Mississauga Student Residences provide you with a key to secure your belongings in your room but we are not responsible and will not provide compensation for any damages or losses (including water, fire, and theft) for any reason. Please make arrangements for personal contents coverage throughout your stay.