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

EDMONTON, Sept. 3, 2015 /CNW/ - The back-to-school season has begun, and many college and university students are packing up to move to an out-of-town campus or apartment. As parents and students finish their to-do lists for the big move, Insurance Bureau of Canada (IBC) reminds them of something important that's often overlooked: tenant's insurance.   

"Students can have more possessions and potential liability than they realize," said Bill Adams, Vice-President, Western & Pacific, IBC. "Tenant's insurance is easy to acquire, affordable, and it protects their most treasured and costly belongings. It's a simple way to make sure that students and their families don't incur serious financial stress in the future."

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

1.      It's easy.

• Talk to your parents about their coverage. You may be covered under their policy.
• In many cases, you can get coverage right over the phone. Call your insurance representative. All you need is a list of your belongings and an estimated value of your expensive items to ensure accurate coverage.

2.      It's affordable.

• Tenant's insurance will generally cost less in a month than daily coffee runs to the café. 

3.      It protects your possessions.

• From furniture to expensive laptops, 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.
• When purchasing insurance, be sure to keep an updated record of everything you own. Taking pictures or video of your belongings also helps.

5.      It covers additional expenses after a loss. 

• If a fire occurs in your apartment, you will need a place to stay temporarily. Insurance will cover these necessary and reasonable 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 the unintentional harm they cause to any part of their building. Tenant's insurance is there to help cover the damage.

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

• Tenants are potentially responsible for the harm they cause others who live or visit their unit. Tenant's insurance would help cover the 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.

• If something did occur, it would be financially straining to replace all of your belongings, cover costs of damages to the apartment and cover potential lawsuit fees.

10.    It would make your parents proud.

• Taking this responsible step as you leave home will earn you points with your parents and give them peace of mind.

"IBC encourages you to speak with an insurance representative to find out more about tenant's insurance," added Adams. "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 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.  

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_West 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

Image with caption: "IBC Top 10: Reasons for students to purchase tenant's insurance (CNW Group/Insurance Bureau of Canada)". Image available at: http://photos.newswire.ca/images/download/20150903_C6472_PHOTO_EN_490291.jpg

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