If you have first time student(s) leaving home to attend school in the Fall, planning for this important life stage should include discussions about finances and the responsible use of credit and debit cards, academic goals, and how you will keep in touch throughout the year. From an insurance perspective, if the student will be living in a dormitory or on campus, he/she is likely covered by an extension of your home policy. If he/she is moving out permanently and will be renting, a separate tenant’s insurance policy is needed. Most landlord policies do not cover personal belongings or any accidental damage to their unit or the neighbouring unit.
Regarding auto insurance, if the student is returning home and does not have his/her own vehicle, he/she may be able to stay on the parent’s policy as a part time driver. If the student who has moved out permanently is taking a vehicle, changes will need to be made to the parent’s policy. The student will also need a new policy if he/she is moving out of the province as auto policies vary provincially. Check with your insurance broker to review your particular circumstances and get the proper coverage in place.