Tenants or Rental insurance covers you for the loss of your possessions in the event of theft or damage, physical harm to others or property damage for which you are at fault.
Whether you rent an apartment, a condominium unit, or an entire house, you should have tenant’s insurance. Your landlord may have a policy in place to cover the building itself, but that policy does not cover your valuables and belongings against theft or damage, and yourself against bodily injury or property damage.
Tenants Insurance
Just like with home insurance, you can choose between Comprehensive and Broad coverage.
Comprehensive Insurance will give you additional coverage for things like accidental loss or damage and mysterious disappearance. In addition to contents coverage you also will have the following included in your package:
Additional Living Expenses
Provides coverage for a hotel room or other living expenses if you are unable to stay in your rental unit after a claim.
Legal Liability
Provides coverage in the event you are found at fault for damage caused to the building you are renting. For example, if you forgot to shut off the tub and caused water damage to your unit or the unit below you.
- What kind of heat is in the building? For example, is it a central furnace or do you have baseboard heaters in your unit?
- How many people will be living in this unit and their relation to one another?
- Does the building have a sprinkler system in place?
- Is there a 24hr video surveillance in place?
- How much contents coverage will you require?
Protect Your Belongings
Add up the cost to replace everything you have accumulated, not just your furniture. Factor in the cost to replace your clothing, electronics, bicycles, jewellery, even dinner ware, and all the other valuables in your home.
It is very important that you choose the value of your contents wisely, and that you have the right insurance in place to cover the cost of replacing it all. Renter’s insurance policies will also have limits on certain articles.
Liability Coverage at Home and Away
One of the most important features of Renter’s Insurance is the liability coverage that follows you whether you’re home or away. Should an accident occur in your home that causes damage to your complete apartment block the repairs will be covered. It will also cover you should you cause damage to another person or to other premises while you’re away from home.
Improvements to Your Space
Renter’s Insurance protects everything that is inside your four walls, including any permanent upgrades you may have made. This includes built-in sound systems, shelving and closet organizers; anything that has added value to your space will be important to consider when setting your insurance limits.
Living Expenses
If your space is not able to be occupied because of damage, living expenses will cover the cost of alternative living arrangements, even the cost of meals while you’re out of your home.
Optional Insurance Coverage
Sewer Back Up/Sump Pump Failure
Provide you with coverage in the event water comes into your unit through the sewer lines or the sump pump fails.
Scheduled Items
Items such as jewellery, furs, collections, watercraft or bicycles can be subject to a limit in the policy. If you have a higher valued item, scheduling the article on your policy might be in your best interest.