Rental properties are always in high demand near universities and colleges. Thousands of students want to live as close to campus as possible, and on-campus student housing isn’t the right solution for everyone, nor is there room for everyone to live on-campus. If you own a residential property near a secondary education campus or in a location that attracts students, it makes sense to consider turning it into a student rental property —and of course, that means you need student rental insurance.
Renting to university students is potentially lucrative because even though students don’t typically rent long-term, there’s always a steady supply of applicants waiting to take the place of anyone who moves out. However, renting to students comes with risk exposures that make it extra important that you protect yourself and your property with the right Ontario student rental insurance. Property owners in Ontario can count on the experienced brokers at Morison Insurance to find the best student rental house insurance options for their unique needs, ensuring they have financial protection against the risks most likely to affect their properties.
If you’re ready to protect your investment, you can request a student rental insurance quote from Morison Insurance online or by phone.
Ontario student rental insurance is a type of landlord insurance designed to protect rental property owners from financial loss in the event that the property or your belongings on the property are stolen, damaged, or destroyed by an insured peril, or if the property becomes uninhabitable due to damage caused by the occupant. Also known as student housing insurance or student rental house insurance, this type of policy also provides liability coverage for legal defence fees and settlement costs should you be found liable for causing third-party property damage or bodily injury. Coverage can vary depending on how your policy is written and your unique insurance requirements.
Your Morison Insurance broker can provide a student rental insurance quote tailored to the type of policy you need.
Anyone renting out residential property to full-time student tenants should have comprehensive financial protection with student rental insurance. This applies to free-standing houses, duplexes, condos, and more, though there may be special caveats for renting a condominium.
Always let your insurance broker know the exact type of property you are renting so they can confirm that you have complete coverage for your student rental property.
Ontario landlord and student rental policies both provide financial compensation in the event of loss or damage, but the difference lies in the risks they cover.
A typical landlord insurance policy protects your rental property in the event of an insured loss or damage. Most rental units are for long-term residents who view the place as their home. But if you rent to students, your tenants often stay only a few years and may frequently be away. Additionally, students are often new to independent living, increasing the risk of property damage.
Student rental insurance addresses challenges like higher turnover rates, extended vacancies, and potential property damage associated with student rentals.
If students may be moving into your rental property, ask your Morison Insurance broker how to increase protection with a student rental insurance quote for your property.
Student rental insurance is not legally required in Ontario. However, insurance professionals and the rental industry strongly recommend it.
Having property coverage like student landlord insurance is typically required by mortgage lenders before offering a mortgage. Without proof of insurance, such as student rental insurance, Ontario mortgage providers and financial institutions may not lend funds.
While property owners may not be obligated by law, going without student rental insurance is a significant risk. A rental property is a major investment, and when renting to students—often first-time independent adults—accidents or disasters can happen. Getting a student rental insurance quote ensures landlords are prepared for worst-case scenarios.
This part covers the building itself. If damaged or destroyed by fire, natural disasters, or vandalism, your insurance provider compensates for repair, restoration, or replacement up to the policy limits. Proper property valuation ensures full replacement coverage.
Covers appliances, furnishings, or décor provided by the landlord. Does not cover tenant belongings; tenants must have their own student renter insurance. For example, if a kitchen fire destroys appliances, contents coverage replaces them while property insurance repairs structural damage.
Protects landlords from third-party claims for bodily injury or property damage. For example, if a student’s guest slips and is injured, liability coverage handles legal fees and settlements up to policy limits.
Ontario policies can include extra coverage to tailor your student rental house insurance:
Providing detailed information about your student rental suites to your Morison Insurance broker ensures the best coverage. You can also request a student rental insurance quote to see what your policy would cost.
Student rental insurance protects landlords, while student tenant insurance protects tenants’ belongings and provides liability coverage. Landlords should understand the difference and confirm which policy applies.
Including a clause in the lease requiring student tenant insurance benefits both parties:
Student rentals may have temporary vacancies. Landlords should verify coverage during these periods. Vacant properties have higher risk, but insurance can often be adjusted to transition between student rental insurance and vacant property coverage.
Ask your broker if you need to adjust your coverage and request a student rental insurance quote for vacant periods.
Cost of student rental insurance can vary depending on:
Premiums are generally 15–20% higher than standard home insurance due to increased risks and coverage requirements. Morison Insurance brokers can help find ways to reduce costs while maintaining proper protection. Request a student rental insurance quote to see your personalized rate.
Morison Insurance provides expert guidance in finding the right student rental insurance in Ontario. We help landlords customize coverage to protect their investment and meet insurance requirements for tenants.
Call us at 1-800-463-8074 or request a student rental insurance quote online to speak with a broker about your student rental property insurance needs.
