Student insurance in Canada – what you need to know

With files from Tyler Wade

This article was published on August 21, 2020 and was updated on August 1, 2025. 

It's back-to-school season, and while you're out shopping for supplies and clothes, one more item you should consider purchasing is insurance. Whether you're renting out your very first apartment or buying a used car to commute, you'll want to be protected financially, so here's everything you need to know about which insurance products you should consider this year.

Student renters insurance in Canada

Students are bringing more expensive items to university than ever before. Whether it's a $1,000+ smartphone, a $500 flatscreen, or a $2,000 laptop – there is insurance for college students. It’s not a special product, despite marketing efforts indicating otherwise. Student renters insurance exists, but it’s commonly referred to as tenant insurance – and it’s much cheaper than you think.

Tenant, or renters insurance, at its base includes three types of coverages: third-party liability, additional living expenses, and contents insurance. Let’s look at what these mean.

Third-party liability

Suppose a guest injures themselves in the student’s unit or destroys property within the apartment complex. In that case, a third-party liability claim will pay the related medical expenses and repairs. It can also cover legal fees. Unless a student is negligent, this coverage offers peace of mind if they want to throw a party.

Additional living expenses

If a flood or fire damages the apartment, additional living expenses pay for you to live elsewhere. It covers the cost of accommodation and any related expenses like laundry and internet installation.

Contents insurance

Contents insurance protects valuables, like electronics and gadgets, if they are stolen or damaged. Keep an up-to-date inventory, ideally with receipts, of all your belongings and their costs. It makes for a much smoother claims experience. A simple Google sheet will suffice; just ensure it’s cloud-based so you can access it if your laptop or phone is stolen.

Remember, contents insurance protects your stuff inside and outside your apartment. If a thief steals something from your car, you can make a claim under your renter’s insurance.

Does my homeowners’ insurance cover college students?

Yes, students are typically covered by their parents’ home policy, provided the family home is still considered their primary residence. On-campus residence is generally considered a temporary situation, so you should still be listed as a primary resident of your parents’ home. Keep in mind that every insurer is different, so you should speak with your provider to make sure. There may be limitations to coverage types and coverage amounts. You may also want to add a homeowner’s insurance rider or add-on to add protection for the extra contents you’ll be insuring.

But, arguably, it makes more sense to get the student their own tenant’s insurance for two reasons. First, if the student makes a claim, it could cause your home insurance rates to increase. The second is that when your child moves out into a house with friends or gets an apartment, they will need their own renter’s insurance. In other words, your home insurance will no longer cover the university student. 

How much is tenant insurance for university students?

It varies based on location, contents, and the building, but policies can start as low as $15 a month and can go up to about $30. So for about $3 to $7 per week, if you can skip one latte or late-night milkshake run per week, you’re good — a small price to pay for protection. To find out the exact cost you'll be paying, you can compare renters insurance quotes online with Ratehub.ca.

Read more: How inexpensive student rental insurance can be

Car insurance for students in Canada

Auto insurance is mandatory across Canada, but student car insurance doesn’t come cheap because, historically speaking, young drivers are less experienced, take more risks, and get into more accidents. 

However, if you bundle it with your tenant insurance policy, you may be saving up to 15%. Ask the financial aid office if your post-secondary institution has any affiliations with insurance providers, as there may be savings available. Also, consider telematics or usage-based insurance – an app that measures your driving behaviour, which can save you money.

To get the cheapest auto insurance, students can also go under their parents’ policy (provided the car is shared and mainly used by the parents) to leverage their safe driving history.

Life insurance for students in Canada 

You should consider life insurance as a post-secondary student if you have a lot of outstanding debt that can be passed on, or if you have dependents who rely on you financially. 

Government loans, such as OSAP, can be written off completely after the borrower’s death, so you don’t need to worry about passing these on. However, if you took out a private loan with a co-signer, such as your parents, this debt will be passed on to them after your death. 

If you have outstanding mortgage debt for your university housing, this can also be passed on to whoever inherits the property. Or if you regularly provide income for family members, they may need the financial protection of a life insurance policy. 

On the other hand, if you don’t have too much debt that could be passed on and you don’t have financial dependents, life insurance may not be necessary for your case. Keep in mind that getting approved for a policy is easier when you’re young and healthy, and you’ll be offered a cheaper premium. Compare life insurance quotes online to discover how affordable an extra layer of protection can be. 

Travel insurance for students in Canada

Whether you’re an international student studying abroad in Canada or a Canadian student studying out of province, travel insurance is smart to have. It can cover you financially if you cancel your trip, lose your baggage or have a medical emergency. 

International students: 

If you’re studying abroad in Canada, you’re likely flying internationally. Taking a flight overseas comes with risks, especially when bringing valuable items with you, like a laptop, sports equipment, and clothing. Securing a travel insurance policy is one step towards protecting your trip and ensuring you have a smooth flight into Canada. It will cover you for lost baggage, trip cancellation or interruption and unexpected medical expenses during travel.

Pro Tip: If you’re planning to explore the country during school breaks, travel insurance will also protect you during your weekend trips and domestic travel.

In addition, you are typically required to have health insurance as an international student in Canada. The exact requirements will vary depending on your school and province. 

For example, in British Columbia, international students with a valid study permit for six months or more must apply for MSP (BC’s public health insurance). You will be charged a $75 health fee once coverage begins, typically after a three-month waiting period. Note that MSP does not cover dental insurance, which you may want to purchase separately for regular cleanings and emergency dental work.

In Ontario, however, international students do not qualify for free health care coverage. Instead, you must have health coverage provided by the University Health Insurance Plan. For more information, visit the Government of Canada website. 

Make sure to review your school and provincial requirements to see what you’re covered for. 

For more information, visit our guide to insurance for newcomers to Canada. 

Canadian students studying out of province:

If you’re a Canadian student going to college or university in another province, consider getting travel insurance to cover your flight. This can protect you if plans change and you need to cancel, or if your bags get delayed or lost. 

While your provincial health insurance will generally cover you across Canada, there may be limitations. For example, the Ontario Health Insurance Plan (OHIP) won’t cover ambulance or laboratory services when you’re outside Ontario. However, most schools include health insurance in your tuition, so check what coverage you already have to avoid gaps. 

Travel insurance can save you thousands of dollars in out-of-pocket costs in case the unexpected happens, such as losing your luggage and needing to replace all of your belongings. Compare quotes online to find affordable coverage from Canada’s top providers. 

The bottom line

Give yourself peace of mind this back-to-school season by purchasing the right coverage for your needs. You wouldn't want to be scraping together emergency finances when you have an exam to worry about instead. For more information on student insurance in Canada, be sure to reach out to a licensed auto, home, or life broker.

Also read

• Best credit cards for students
• Reduced income budgeting (with spreadsheet)
• Lying to your insurance company: the consequences
• How to rent a car if you’re under 25