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Understanding
Tenant insurance
Can you afford to
lose everything you own?
If you are like most tenants, you will probably never need to submit an
insurance claim. But no one is immune from misfortune. Tenant insurance
removes much of the worry from renting a home or apartment. It reduces
the financial hardship and aid in emotional recovery after a disaster
strikes. It provides the financial assistance required to get back to
where you were financially before the loss – providing more financial
assistance than any community or social agency can provide.
These commonly asked questions should
answer most of your questions about what tenants insurance is – and why
you should have it.
What is tenants insurance?
Tenants insurance is peace of mind. It reimburses you
for your financial loss arising from mishaps that are "sudden and
accidental" and hard to predict and prevent. For example, it can help
you recover damage caused by fire, vandalism, windstorms, hail,
explosions, plumbing problems, and many other hazards.
A tenant insurance policy also provides
liability protection if you are responsible for an injury to a person or
damage to another person’s property. If an insured loss forces you to
leave your home temporarily, it will pay for your temporary living
expenses, while your home is being repaired. Coverage and limits for
losses and damages are different. Ask questions of your insurance
representative to ensure you have the appropriate coverage for you.
Doesn’t my landlord’s insurance protect my belongings?
Landlords have relatively few obligations to compensate tenants for
damage to or loss of personal possessions. Tenants, on the other hand,
are responsible for harm they may cause to part of the building in which
they live or others who visit there. A fire ignited by a tenant’s
defective toaster could, for example, gut an entire apartment complex.
That’s a lot of liability.
Won’t tenants insurance be
expensive?
No. Tenants insurance is available at low costs for your
personal property. It costs a great deal less than car insurance. The
national average cost was $14 dollars per month. However, the amount may
vary depending on the amount of personal property you own and where you
live. It is best to shop around for the best price.
What if I don’t own much property?
You probably own a great deal more than you think – furniture, clothing,
stereo, television, books, toys, jewelry, sports equipment, pots and
pans, dishes … What would it cost to replace everything if your
apartment had a disaster?
Are all tenants insurance
policies the same?
There is no such thing as a standard tenant policy.
Because coverage and price vary from one insurer to another, it is
important to have your insurance representative explain the policy to
you before you agree to coverage.
Who should I buy tenants insurance from?
Throughout Canada, insurance companies compete for your business either
directly with their own agents or through independent brokers. They
compete not only on price but also on service and coverage. Discounts
may be available if you buy your tenant insurance form the same company
that insures your car. Shop around for the policy that best meets your
needs at the best price.
Be sure to ask about:
- Content coverage
- Replacement cost
- Coverage
- Extra living expense coverage
- Liability and theft
- What is NOT covered by the policy
- Deductibles
- Discounts
- Scheduled articles coverage
Professional and confidential Home
Inventory Services in Canada are available in some areas. While
not yet widely available, it is a growing industry. If you are
interested in providing Home Inventory Services in Canada,
contact us or
visit here for more information. We provide a Home Inventory
Business Start-up Kit designed specifically for Canada.
Canada Home
Inventory - Natural Disasters in
Canada -
Importance of a Home Inventory in Canada
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