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Safeguarding property is something homeowners think about all the time. They’ve made a huge investment in their home and its contents, and they want to secure it for years to come.
But home insurance isn’t just for homeowners. Tenants also have belongings to protect. That’s where tenant, or renter’s, insurance comes in. Tenant insurance in Canada can cover belongings against risks such as fire, theft or loss. Tenant insurance can also help with expenses if your home is unlivable.
Although tenant insurance is not mandatory, having it can help cover expenses that may come up accidentally or unexpectedly. Costs can add up when it’s time to repair or replace items and tenant insurance can ease that burden should the need arise.
Some landlords may also require their renters to get tenant insurance as part of the lease agreement. Either way, the peace of mind that comes with knowing your possessions are protected, to some degree, is worth the added expense in the long run.
Tenant insurance covers:
1) Contents for your possessions
Stuff happens and having someone break into your home or take your belongings is a very real threat in many areas. Tenant insurance will cover the contents of your home. Without it, you will pay out of pocket to replace items, which is one more added stress after having lost the items in the first place. Tenant insurance coverage also extends beyond your home, so if your bike is stolen from outside of your office, or you leave your laptop in the back of a cab, tenant insurance will help with replacement costs.
If you acquire more expensive items or need further coverage, you can always talk to your insurance provider about adding more coverage later.
2) Renter’s liability if you’re sued for property damage or personal injury
Liability coverage helps cover costs associated with lawsuits resulting from accidental damage to someone’s property, or if someone gets hurt in your home. For example, if you forget to turn off a tap and the overflowing water floods the apartment below, your downstairs neighbour could sue you for the damage caused. Or, if a visitor slips and gets hurt in your home, they could sue for the cost of rehabilitation, loss of earnings, and anything else resulting from the accident. These lawsuits can cost thousands, even millions of dollars, and can easily bankrupt individuals who don’t have personal liability insurance.
The minimal recommended coverage is $100,000 but if it is within your means, it might make sense to go higher for potential liability risks.
3) Living expenses, should your home become temporarily uninhabitable
If there is a problem with your unit caused by an insured peril, you may have to leave until the matter is resolved. If you are lucky, you could stay with friends or family, but this aspect of tenant insurance helps with temporary accommodation, transportation, and even the cost of meals until you can return home.
Some insurance policies cap living expenses so make sure to talk to your provider and understand what is available to you should you need to move temporarily.
Tenant insurance policies limit the coverage provided to high-value items (e.g. expensive jewelry, antique watches, fine art or sports equipment). A $5,000 limit is common for these types of things, so if you lose $20,000 worth of jewelry, you will have to pay $15,000 out-of-pocket to replace it.
To insure these possessions for the actual replacement cost, you have to purchase a floater, also called a rider, which is an amendment to your standard policy. Examples of other items tenants purchase riders for include: musical instruments, expensive bicycles, and electronics. Always check your coverage limits on specific items to ensure your prized possessions are fully protected financially.
Tenant insurance varies depending on your circumstances. Premiums can differ per renter based on multiple factors, including:
Follow these tips to keep the cost down:
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Find the answers to all your tenant insurance related questions here.
Across Canada, tenant insurance premium rate can range from $197 to $240 annually, but changes depend on the possessions you have in your home. It’s best to visit sites like RATESDOTCA to compare quotes for the cheapest tenant's insurance available.
Average tenant insurance in Ontario is $197 per annum. But averages don’t tell the full picture with renters or any other type of insurance. Personal circumstances and needs are different, as are locations and even home construction – issues that insurance providers will look at.
Consult RATESDOTCA for immediate tenant insurance quotes and talk to providers about your personal circumstances.
Property owners are within their rights to ask you to get it and can stipulate it in the lease. Not having isn't grounds for eviction under Ontario’s Residential Tenancies Act. However, if you refuse to get tenant insurance, the landlord could reject your rental application.
Yes. The two terms are used interchangeably.
Every insurance provider will assess the likelihood of you making a claim, and the cost of providing your coverage, differently. In addition, the coverage you need to protect your things, will be different from the coverage needed by others. Compare coverage options and quotes from leading insurance providers on RATESDOTCA. It’s the quickest way to find the best tenant insurance policy for you.
If your possessions are damaged by hail, rain, wind or fire, your tenant insurance should provide coverage. However, some natural disasters, most notably earthquakes and floods, are excluded from standard tenant insurance policies. If you live in a high-risk area for these types of natural disasters, you should purchase additional coverage.
On RATESDOTCA, we will ask for the following information:
This will give you the most accurate quotes directly from the tenant insurance providers.
Firstly, assess the cost of paying out-of-pocket. If the amount you must spend is less than your deductible, there is no need to file an insurance claim since there will be no payout by your insurance company. Filing a claim for every little thing that goes wrong can affect your future premiums, as insurers are unwilling to provide coverage for people who cost them a lot of money.
With that said, don’t be afraid to make a claim when you need to. After all, this financial support was the whole point of having tenant insurance policy in the first place.
Once you have decided to make a claim, take photos to prove that your claim is legitimate, and call up your insurance provider to see what else they need. Claims can often be submitted through most provider apps. Don’t take too long, most insurers require you to submit the claim within days of the incident.
If you want to save money on tenant insurance without compromising coverage, you’re in the right place.
Spend a few minutes answering basic questions about your apartment, and we’ll show you multiple tenant insurance quotes from Canada’s best companies.
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