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5 reasons to purchase tenant insurance in 2022

Jan. 25, 2022
4 mins
green and pink living room with nice decor, a plant, and a fan

If there’s anything we’ve learned over the last few years, it’s the fact that life can be unpredictable. One way to add some security to your world is to purchase a renters insurance policy, which ensures you’re compensated should anything happen to your belongings in the event of an accident.

There’s nothing like some extra peace of mind to start the new year off on the right foot. If you’re a renter, 2022 should be the year you consider buying a tenant insurance policy. Here’s why:

1. Get prepared for seasonal accidents

As Canadians, preparing for the changing seasons is our area of expertise. However, with Canada’s unpredictable weather, there’s only so much we can know in advance. Sadly, weather apps can’t predict if the icy temperatures will cause your pipes to freeze and rupture, resulting in damage to your belongings. Nor can they predict if floodwaters will make their way into your apartment.

The good news is you can brace yourself for the seasons ahead with a tenant insurance policy that can keep your belongings covered in a situation like this.

2. Put your hosting hat on confidently

Although hosting an event right now may seem slightly out of reach, there’s no harm in thinking of future get-togethers. Maybe you’re looking to celebrate a spring graduation, a summer birthday party, or even a high-class tea party. Whatever the occasion, you can have more fun and worry less by having renters coverage in place.

For example, let’s say you decide to host your sibling’s graduation bash with family and friends when, suddenly, a guest accidentally trips on a discarded party box and hurts themselves. Your tenant insurance policy includes liability coverage, which is designed to cover you in the event someone injures themselves in your space and decides to sue you.

3. Give your new pad some extra protection

If upgrading your place is on your bucket list this year, start the lease off right by making sure all the items you so carefully moved into your new palace are protected from anything unexpected. For example, let’s say the new couch you bought for your apartment was damaged from an unintentional fire caused by candles. With a tenant insurance policy, you can get the money you need to replace it.

Also, if you happen to get a new roommate during your upgrading process, make sure they get an individual policy, as roommates are not necessarily covered by your tenant insurance.

4. Travel near and far, worry-free

Are you finally planning to book that getaway you’ve been dreaming about? You’re in luck. Your tenant insurance policy can also cover loss or damage to the contents of your home while you are away on vacation. However, there may be specific limitations to your coverage if you’re gone for more than a few days, so be sure to check your policy for details.

Pro tip: Get friends/family to check in on your space when you’re planning to be away for an extended period to avoid accidents from happening.

5. It’s easy to factor into your budget

Most tenant insurance policies require you to sign up for a 12-month period. If you decide to switch tenant insurance providers before your policy renews, you’ll likely face cancellation fees.

However, there are insurance providers out there that offer affordable month-to-month tenant policies and don’t charge a cancellation fee, which can make it easier to budget and allow for a more flexible experience.

The bottom line is that tenant insurance provides you and your personal belongings with coverage in all types of situations — especially the ones you may not expect.

Duuo

Duuo is a digital, on-demand insurance provider based in Canada. Part of the Co-operators group of companies, Duuo offers month-to-month tenant insurance coverage that can be purchased online in just a few clicks.

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