When heading off to college or university, contents insurance may be the last thing on your mind. But students can be primary targets of break-ins and theft. Students are more likely to be living in unsecured accommodations, more likely to have doors left open by roommates, and more likely to be away from their apartments or residence during holidays (Christmas, reading week). This means that laptops, cell phones, jewellery, TV’s and cash can easily disappear (see the top targets of home thefts).
Fortunately, making sure your possessions are insured against theft, fire, flooding and in B.C., perhaps earthquakes, can protect you financially and give you piece of mind.
Some things to keep you insured:
Are you covered?
Most of your parents’ policies should cover you while you’re attending school, but check to be sure you’re covered and for how much. Also find out if you’re covered for original value or replacement value (important if you have older items).
Know your limits
Check what limitations there are on items that are covered. Some policies, for example, may limit the amount of coverage to $6,000 for jewellery and $2,000 for a laptop. There is also likely to be a limit on the amount of cash that’s covered in the event of a theft.
Look for exclusions
Always check your policy to see what items are excluded from coverage. Some policies have more clauses than a downtown mall in December. If there’s something you want to have covered that isn’t, see if they’ll include it. For example, policies in some provinces don’t include bicycles or limit the value at $2,000.
Grab those discounts
Interior sprinklers (in BC, landlords are responsible for installing them), along with proximity to a hydrant and fire station may also lower the amount that you pay. Raising the deductible (the amount that you must pay if you make a claim) from $300 to $500 can also lower your monthly insurance payments.
Regardless of the policy, take inventory of your possessions and save the list, snap some photos or video of your things and keeping them in a safe place is good practice. This may also give you more peace of mind, so you can concentrate on studying!
