If you have a first time student 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 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, an extension from the parent’s home policy will likely provide coverage. However, if the student will be 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 they are returning home, and do not own their own vehicle, they may be able to stay on their parent’s policy as a part time driver. If they have moved out permanently and are taking a vehicle, changes will need to be made to the parent’s policy. They will also need a new policy if they are 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.