I want to pay for my education

Living in a CEGEP or university residence: Do you need to buy insurance?

If your parents have home insurance and you are still financially dependant on them, their contract provides coverage for students. Ask them to check what the amount of coverage is, and adjust it if necessary. If this is not your case...

Two good reasons to have insurance

If ever your belongings were destroyed by an event such as a fire or eater damage, or if you suffered a robbery, you might like to be able to count on an insurer to give you financial help to recover your property.

Furthermore, if you were responsible for accidental damage suffered by other people... if you caused a fire or water damage, for example... an insurance company would defend you in the event that you were sued for the damage caused.

How to buy insurance

If you are not covered by your parents' insurance and you want to buy insurance at a reasonable cost, you need to shop around! The price differences between insurance companies can be substantial. You can apply for quotes on-line, or speak directly with a broker or an agent.

Before making your decision, be sure to compare the same coverage from one insurer to another. More importantly, you must be able to pay the insurance premium. If you were to miss a payment, your coverage could be cancelled, and it would be difficult to obtain insurance again afterwards.

Want more information? Check out the AMF's website or call the Information Centre.

Resources

Autorité des marchés financiers, Insurance section
Infoinsurance.ca