TORONTO, July 10, 2012 — While theft is the most commonly reported claim by renters (47 per cent) according to data from Allstate Insurance Company of Canada, almost one third of claims among tenants involve damages from water (17 per cent) and fire (14 per cent). As students prepare to go back to colleges and universities, with many renting for the first time, Allstate Canada wants to help educate students so they can protect themselves financially against the unexpected.
Statistics Canada reports that half of Canadian renters do not have tenant insurance. While students might not think their possessions are worth a lot of money, they rarely stop to imagine how much it would cost to replace everything at once.
“While experiencing a break-in is terrible, having all of your belongings destroyed from the sewer backing up in a basement apartment is often far worse,” says Karen Benner of Allstate Canada. Renters can also be held liable for the safety and actions of visitors. “Students may not realize how financially crippling it could be if they personally had to pay medical costs if someone was hurt because of their negligence or if they had to pay for repairs to the building because a party they hosted got out of hand,” adds Benner.
Tenant insurance also provides coverage in the event of the following situations:
- A break-in or vandalism to property;
- Accidentally leaving the water running and flooding the apartment or a neighbour’s apartment;
- Having to stay in a hotel if the apartment or house is so damaged that the student must stay elsewhere while repairs are made;
- Paying for medical expenses if someone is hurt on the property;
- Unintentionally breaking a door or window at a friend’s house.
Many renters don’t realize that tenant insurance will protect them even when outside of their personal rented space.
If a student is sharing a house with friends, each roommate should have their own insurance policy. A renter should determine how much coverage they need by tallying up the cost of all of their possessions. Allstate Canada’s Homeowner’s Checklist can help and is available here. Student’s evolving circumstances in life often mean their insurance needs will change too, so it is recommended that students review their policies when entering each new life stage, such as moving in with a partner.
One Student’s Story
Danielle spent the holiday break back home and returned to her apartment only to find mould everywhere and all her possessions ruined. She didn’t have tenant insurance. Watch her story to find out what happened next.
Students living away from home while attending school are often still covered under their parents’ home insurance policy, but it is always best to check with an insurance provider to be sure.
Allstate Canada encourages students headed off to university to do their homework and review how much their belongings are worth. Get to know more about tenant insurance by visiting goodhandsadvice.ca.
About Allstate Insurance Company of Canada
Allstate Insurance Company of Canada is one of Canada’s leading producers and distributors of home and auto insurance products. "The Good Hands Network®" enables consumers to contact Allstate Canada through one of 92 community-based Agencies, directly online at www.allstate.ca and through the Customer Contact Centre at 1-800-Allstate. Allstate Canada is committed to making a positive difference in the communities in which it operates. This year, Allstate Canada celebrates 25 years of partnership with MADD Canada in the effort to protect us all from impaired driving. In 2010, Allstate Canada, in partnership with the National Hockey League Players’ Association (NHLPA), created the Allstate All-Canadians program, a mentorship program designed to create future community leaders through the sport of hockey. Learn more about this program at www.allcanadians.com. To learn more about Allstate Canada, visit www.allstate.ca.