Free Renter Insurance

Part #1: Growing up is Expensive! – Can I get Free Renter’s insurance?

I know it sounds too good to be true!

Here’s the bad news ─ it is technically not true. We cannot give you tenant insurance (also know as Renter Insurance) for $0, however the good news is that in practical terms, you can protect your possessions with renter insurance for no addition insurance dollars. Let me explain by way of example.

Mark lives in Toronto. I know many Marks but this one is hypothetical… let’s call him Mark B. Smartypants. Mark is 24 years old, recently started working downtown Toronto for an investment bank. He feels all grown up having graduated University and having a steady income. He has been living outside the city limits with his parents and driving in to the city to work. With his first pay cheque, he put a down-payment on his car. He arranged car insurance and is currently paying $235 per month. That is a lot of money for car insurance, but being a young driver with little experience in Toronto, it could have been much worse. His insurance broker searched their insurance companies for the best combination of insurance coverage he needed and cost savings.

Now, Mark has just signed a rental agreement on a new place closer to work. He doesn’t have a lot of assets yet, but knows he needs to protect what he does own as well as his personal liability, with renter insurance. Growing up is expensive! He calls his Rhodes & Williams Insurance Broker wondering how he can find enough money for another new expense.

So, his insurance broker talks to him about his needs, what he has and what he needs to protect, and provides recommendations. Mark decides on his level of coverage, but starts to become overwhelmed by thinking about where he will get the money to pay for the additional insurance.  He hears his broker talk about an annual price of $350… that’s not a lot of money for peace of mind… but things are really tight already!

Tune in to Part #2 – Buy Renter Insurance, Pay $0 additional for overall insurance of this blog to see how Mr. Smartypants ends up getting protected for less money than he originally paid for his car insurance alone!