It’s estimated that less than half of renters in Canada have tenant insurance. Tenant insurance goes by several names, so you might hear it referred to as renters insurance or as contents insurance, but none of these names fully explains the important coverage provided by tenant insurance.
What’s Covered by Tenant Insurance
It’s common to think that the landlord’s insurance policy ensures a tenant as well. The landlord’s insurance policy can cover many things, including the building and the landlord's liability risk, but stops short of providing much value to the tenant.
Here are some of the key coverages that a tenant insurance policy provides that the landlord’s policy won’t cover for tenants.
Contents Coverage: Your personal belongings might cost tens of thousands of dollars to replace. If the building is damaged by fire, it could all be gone in an instant. Many other risks are covered as well. Contents coverage can help pay the cost of replacing your belongings if they are lost, damaged, or stolen. What’s interesting about contents coverage is that the coverage applies even when you were traveling.
Particularly valuable items require special attention to ensure that you're fully covered. If you have expensive jewelry, furs, musical instruments, or similar items, speak with your broker to be sure you're covered for the full value of these items.
Personal Liability Coverage: Slip and fall injuries are common, especially during snowy and icy Canadian winters, but accidents can happen anytime and renters can be liable for injuries to others. A landlord’s policy won’t cover the cost of your defense if you are sued for injuries, even if the injuries weren’t your fault. Your tenant insurance policy can cover the cost of your legal defense and pay any judgments up to your coverage limits.
Additional Living Expenses Coverage: If the building or apartment you’re living in is damaged, you might be forced to live elsewhere for a while. Depending on the extent of the damage, you could be displaced for just a few days — or it could be much longer. Your landlord’s insurance policy won’t cover your additional costs for hotels or the increased costs of eating out, but your tenant insurance can save the day and keep you from bearing the expense yourself.
Tenant Insurance Provides an Affordable Peace of Mind
Because tenant insurance coverage doesn’t cover the cost of rebuilding the apartment or house you’re living in (the landlord’s policy does that), the cost of a tenant policy is often much more affordable than a home insurance policy. Speak with your broker to be sure you’re covered. Getting a policy to protect yourself might cost less than you think.
Our Insurance Advisors are here to help find the policy that is right for you.
Receiving a quote has never been easier! We offer instant online home, tenant and condo quotes.Get Started!
Technically, there is no insurance policy called a self-employed policy. However, self-employed p...
Cycling is fun, good for the environment and great exercise. However, before you make cycling par...
Most of us love to get away occasionally and for many Canadians, a cottage or a vacation property...
Our exclusive residential glass policy offers a $25 deductible for all exterior glass related claims.