Renting a home, unit or apartment may seem risk-free, but it doesn’t protect you from being liable for any damage to your property or the people in it. The best thing a renter can do to protect themselves is to look into tenant insurance, and compare tenant insurance quotes to find the coverage best suited for their needs. In fact, it’s pretty common now, that landlords want to see proof of Tenant Liability & Contents insurance before they lease a home/apartment to you.
I often get the question, “Do I really need insurance if I don’t own my home”? The simple answer is Yes! More than half of Canadian renters do not have tenant insurance and are not protected if the unexpected happens. The biggest mistake you can make is not getting tenant insurance.
As a tenant, you don’t own your home, but you do own everything in it. You’ve invested time and money into furnishing, decorating and perhaps even upgrading it. If the unexpected happens, replacing everything without insurance could set you back thousands of dollars. Consider how much it would cost to replace your furniture, laptop, television, jewellery, clothes and shoes? If a fire that started in your home caused damage to your neighbour’s place, would you be able to pay for their damaged goods and property?
Your tenant insurance would also protect in situations like…
· You accidentally leave the water running and flood your neighbour’s apartment
· You need to stay in a hotel or rent an air b&b as your apartment was damaged in a fire
· You need to pay for a guest’s rehabilitation bills after an accident at your apartment
· You accidentally shattered a glass door at a friend’s house
Tenant insurance is something you can’t afford to be without! It’s expensive to replace or repair your stuff, but a lot less expensive to have these insured. Don’t let these costs ruin your first experience living on your own.
Your Tenant insurance coverage would protect against…
· Property damage caused by fire, lightning, smoke, explosion or wind & hail
· Water damage caused by flooding, sewer back-ups or water infiltration
· Theft and forgery
· Jewellery and silverware
· Freezer foods
· Lock replacement
In addition, your Tenant insurance covers you for...
· Fire department charges
· Costs related to personal injury or property damage lawsuits (known as Tenant’s Liability)
· Living expenses in the event of a catastrophe
If you’re moving out on your own, ask yourself these questions:
How much coverage do I need? Tally up the cost of your possessions. Is a $20,000 policy enough to replace your clothes, shoes, furniture, linen, dishes, sports gear, artworks, décor, computer and electronics?
What kind of coverage do I need? You can tailor your coverage to suit your specific needs. If you live in a basement apartment, for example, you may want to add coverage for sewer back-up to your policy.
Do I have special items to consider? Do you have items that are of greater value than a basic policy will cover that may require additional coverage? For example, do you own a $5,000 bicycle that is only protected by a $1,000 limit?
For just a few dollars a month, you can have peace of mind when it comes to the things you hold dear, while also protecting you from certain types of liability. Remember that it’s not enough to be covered, you’ve got to feel Protected! Contact me today if you would like to learn how to better protect yourself and your possessions in the event of a catastrophe.
“All opinions and views expressed in this blog are of my own and do not represent the views of Allstate Insurance Co. of Canada.”