IBC reminds students about the importance of tenant insurance

HALIFAX, Aug. 30, 2016 /CNW/ - It's that time of year again! Students are heading back to school, and many college and university students are packing up to move out on their own for the first time. As parents and students finish their to-do lists for the big move, Insurance Bureau of Canada (IBC) reminds them of an important item that's often overlooked: tenant insurance.  

"Starting school away from home is one of the most exciting times in a young person's life, but it brings more responsibility," said Amanda Dean, Vice-President, Atlantic, IBC. "To help make sure your belongings are taken care of, tenant insurance is a must. It's something you can't afford not to have."

IBC's Top 10 reasons for students to purchase tenant insurance:  

1.

It's easy


  • Have your parents check with their insurance representative as you may be covered under their current home/tenant insurance policy while you are a student.  In many cases, you can buy coverage right over the phone. Call various insurance representatives to compare prices and products.  All you need is an estimated value to replace your personal belongings. But be sure to discuss extra coverage for expensive items such as any jewellery, art, and collectibles that you might be taking to school with you. 

2.

It's affordable.


  • Tenant insurance will generally cost less per month than daily coffee runs to the café. 

3.

It protects your stuff.


  • From furniture to expensive laptops, electronics and textbooks insurance will protect it.

4.

You own more stuff than you think.


  • Many are surprised to realize how much stuff they actually have and how expensive it would be to replace all of it at once if there was a total loss.
  • Keep an updated record of everything you own. Taking pictures or video of your belongings also helps identify makes/brands, etc. after a loss.

5.

It covers additional expenses after a loss. 


  • If a fire occurs in your apartment, you may need a place to stay temporarily. Insurance will cover these necessary types of expenses while your apartment is being repaired.

6.

It protects you if you damage someone else's property in your building.


  • Tenants are responsible for any damage they cause to  the building they are tenants in.  Tenant insurance also includes this type of protection for you.

7.

It protects you if you cause someone harm in your building. 


  • Tenants could be potentially responsible for unintentional harm caused to visitors in their rental unit. Tenant Insurance will protect you against any costs associated with this type of claim.

8.

It protects you in the event of a lawsuit related to your rental unit. 


  • A standard insurance policy provides coverage, including defence costs and potential settlements, in the case of a lawsuit commenced by a third party.

9.

You can't afford not to have it.


  • Financially straining to replace all of your belongings, and cover costs of all damages to the building itself.

10.

It would make your parents proud.


  • Taking this responsible step as you leave home will afford everyone peace of mind. 

"IBC encourages you to speak with an insurance representative to find out more about tenant insurance," added Dean. "For further information, phone IBC's Consumer Information Centre at 1-844-2ask-IBC."  

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.    

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_Atlantic or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE Insurance Bureau of Canada

For further information: To schedule an interview, please contact: Andrew McGrath, Manager, Media Relations, 416-362-2031 ext. 4312, amcgrath@ibc.ca

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