And so should everyone else

This year, I was able to watch some of my friends—and my friend’s siblings—head off to university for the very first time.

When I was making the leap, I had heard tales of laptop and stereo theft. To prepare I, naturally, didn’t bring my stereo and, instead I bought a PC (Now that I am a laptop owner, I realize what kind of a mistake I just may have made).

Perhaps I should have, instead, thought about whether I had adequate insurance to cover my belongings in that dorm room of mine.

On Mom and Dad’s Plan

I have since learned that, while I wasn’t too concerned, my parents had thought things over. They had checked with their insurance company and discovered that my property was protected even though I wasn’t at home.

From what I’ve been able to research, most insurance companies have a similar policy: insurance companies cover students’ property while they’re away from home. “Over-age student dependents” are students that are over 21 years old but less than 25 years old (26 in Quebec). They, too, are usually covered—but it’s important to check with your provider.

This policy works for both university residences and rental apartments.

On Your Own

If you don’t fall under your parent or guardian’s insurance policy, it’s still a good idea to have insurance.

If you’re lucky enough to be living in your own home, you should have home insurance.

But if you’re a renter, you can get content insurance to cover the items you have in your apartment. According to RBC’s website, no one is responsible for your items except you:

Your landlord's insurance will not cover your personal belongings. Your jewellery, artwork, furniture, entertainment equipment and other valuable belongings will not be protected.

Content insurance is relatively cheap and it covers almost all of your belongings. Like all insurance, your rate depends on what you have that needs to be covered. By visiting RBC website, you can get a quote without even having to visit a branch.

Of course, if you’re like me, you don’t have to worry about insurance right now because you’re back at home. In which case, thank your parents and buy up as much stuff as possible—why not, right? It’s protected.