Tenants insurance (for renters) is important to protect and provide coverage for you and your personal possessions when renting a home or apartment. As a tenant it’s just as important for you to protect your belongings from potential risk as it is for a homeowner to purchase insurance on his dwelling.
Most people underestimate how much it costs to replace all of their personal possessions such as clothes, dishes, linens, toiletries, food, etc. as well as those big ticket items like furniture or big screen TV’s.
If you are renting your dwelling or an apartment you will need tenants insurance, which is purchased as a package.
Tenant insurance can provide coverage for:
- Personal property – replacement cost settlement up to the limit established by you
- Personal Liability insurance – worldwide coverage for bodily injury or property damage you accidentally cause and are found legally liable for
- Additional Living Expense – reimbursement for any increase in living expenses if you can’t remain in your home while the damage is being repaired due to an insured loss
These are the types of things that tenant insurance could cover you for:
- smoke damage
- impact by aircraft or land vehicle
- riot, vandalism, or malicious acts
- water damage
- weight of ice, snow or sleet
- windstorm or hail
- theft, attempted theft, or burglary
Important types of coverages you may want to consider adding to your policy:
Experts have been predicting the increased likelihood of “The Big One” for many years. British Columbia experiences thousands of earthquakes a year that we don’t even feel.
Earthquake insurance provides coverage for damage to your contents resulting directly or indirectly from an earthquake. This coverage will also provide reimbursement for any increase in living expenses if you can’t remain in your home while the damage is being repaired.
If you are in a high risk Earthquake zone this is a coverage you should consider.
Water Damage/Sewer Backup
Water damage is now the number one cause of insurance claims costing the Canadian Insurance Industry $1.7 Billion a year. There are a lot of different types of water claims that occur but a few of the leading causes is burst pipes, faulty indoor appliances (hot water tanks, dishwashers, washing machines etc), heavy rain and sewer back-up. It is very important that you understand how your policy protects you against water damage.