Don’t Underestimate the Importance of Tenant Insurance
We’ve all heard those horror stories of tenants left with nothing after a fire, all because they neglected to secure tenant insurance for their precious belongings.
No one wants to be the subject of that story. Fortunately, there are so many options for apartment insurance policies now. They are available to make sure you are not left uncovered if a catastrophe hits.
What is Tenant Insurance?
Tenant (or renters) insurance is easy to buy a policy that can cost less than $20 a month. This policy can cover everything that you own in your suite and can be tailored to your individual needs. For example, your rapidly expanding guitar collection. Your contents can be insured either on or off premises, depending on what you are using them for. You can even add coverage for your daily commuter bike to be insured for theft when it’s chained outside your office.
What else does Tenant Insurance do for me?
Say you leave your kitchen sink running and flood your suite. In most scenarios, your landlord’s insurance company will automatically sue you for the damage, whether your landlord wants to or not. A Tenants insurance policy will automatically include liability coverage to protect you in this situation.
Why can’t my landlord cover me?
Your landlord’s insurance will rarely cover you for contents or liability insurance, even if you are renting out a basement suite in someone’s home. There are also more leases that require proof of tenant insurance before the landlord will rent to you.
Holding insurance can be a big selling point for a landlord, which can be helpful in a low-vacancy rental market.
What do I need to know before getting a quote?
When you get a quote you’ll need to provide your name, address, and any detail your insurance history. You’ll also need to give us an estimate replacement cost for your contents. In other words, you need to tell us how much it would cost for you to go out and replace everything that you own if there was a claim. This can be tricky if it’s your first time being insured, check out Insurance Bureau of Canada’s website for some helpful hints on how to do this http://www.ibc.ca/pe/home/risk-management/home-inventory