Renters & Tenants Insurance
Renters insurance, also called tenant insurance, can be overlooked as a necessity but is essential for a renter in Canada due to unexpected events that could put a big dent in a renter’s financial situation.
Essential Renters Insurance in Canada
Are you thinking about renting an apartment, condo or home? As a tenant, it’s prudent to get renters’ insurance to protect against damage to your valuables, your neighbour’s home, or unintentional property damage.
Do You Need Renters Insurance?
While not mandatory, renters’ insurance can help you cover the costs when your personal belongings are stolen, vandalized or you accidentally cause damage to the building where you live. For an upfront fee now, you are protected if an insured loss happens later.
What is Covered Under a Renters Insurance Policy?
Renters insurance is relatively inexpensive in Canada and covers your personal belongings and personal liability if you cause unintentional damage to someone else’s property or bodily injury.
Coverage for Renters Insurance
Your personal items are precious and often not replaceable. If there is a fire, water damage or theft in your apartment or home you rent, you still will need complete coverage to recover costs associated with the losses.
The first step when figuring out a rental policy is to list everything you own and how much each item costs. An inventory of your belongings is a great start to know what you would be refunded if an insured loss did occur. It’s not fun to think about losing your stuff but having a dollar amount for each item helps when you need to get reimbursed after an insured loss.
Tenant insurance also covers you if your personal items are stolen from your car or even in another location outside your car or rental. Ask a Rhodes & Williams broker for more information to get the optimal coverage for you.
While your belongings are precious, protecting yourself is essential. Personal liability in a renter’s policy will often include protection against being sued when a visitor is injured at your rental space.
Accidental Property Damage
Liability insurance will also cover legal costs regarding unintentional (accidental) property damage to others.
Additional Living Expenses
Similar to home insurance, if you have an insured loss (fire, theft, water damage) that prevents you from living in your rental temporarily, you will need additional living expenses insurance. This coverage reimburses you for temporary accommodation and meals for a certain period.
Additional Coverage Options for Your Renters Insurance
Sewer-Back up & Overland Water Insurance, you may want to consider adding sewer back-up and overland coverage for extra protection.
Sewer Back-up is water damage from the back-up or escape of water/sewage from a sump pump, sewer or septic system.
Overland Insurance will cover you if water enters your home through a flood in your basement, a lake or river, or the sudden overflow of water from surface waters (rainfall, thaw)
Umbrella Liability Insurance
If you are a worst-case scenario type of person, umbrella liability insurance may be for you. This type of insurance gives you an extra cushion of protection if the worst happens.
Earthquake insurance is not required in Canada but an add-on to your renter’s insurance policy that may allow you to sleep better at night.
Valuable Articles Insurance
If you have pricey items including jewelry, art, antiques and other valuables, it may be worth the extra insurance for your belongings. Valuable articles insurance may limit the number of valuables that you can insure but does not include a deductible.
If you have any questions, please reach out to one of our Rhodes & Williams brokers. Our job is to help you find what you need, quickly and easily
Why Choose Rhodes & Williams Insurance?
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Yes, you can combine a tenant (renters) insurance policy with your car insurance policy if you are with one insurance provider. You will also save money if you bundle these two policies.
Many tenants insurance policies in Canada (even expensive cities, like Toronto and Vancouver) are relatively inexpensive, because the policy covers personal items and liability and not the building where you live. The landlord’s policy covers the building or structure itself. On average, a renter’s policy will cost you between $30 to $45 a month.
Yes. If you have been living at your residence for years and only now realize you should have proper renters’ insurance, call one of our Rhodes & Williams brokers right away and they will help you set up an individualized policy that works right for you.
Yes. A tenant insurance policy covers you beyond your resting place. If your personal items are stolen or vandalized in your vehicle, you will likely be covered. If you have specific questions about what items are covered and not covered and where, please contact a Rhodes & Williams broker today.