Tenant, or Renters Insurance, is often a mandatory condition by landlords in Canada. The most basic element of Tenants Insurance is to cover the contents and belongings of your rented living space. However, tenants are exposed to other risks, such as additional living expenses (if your residence becomes inhabitable due to damage), personal liability (being sued for property damage or bodily injury), and earthquake or flood damage.
Protect your belongings AND yourself from the unexpected.
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Choose the belongings you would like insured, everything from televisions, furniture, non built-in appliances, and more.
In the situation where you're unable to live in your rented property due to an insured loss, your extra living expenses would be covered by Underwriters. This includes eating out and hotel expenses.
Personal liability protection covers you for third-party property damage (PD) or bodily injury (BI) claims, no matter where you are in the world.
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Renters Insurance, also called Tenants Insurance, covers a policyholder’s legal liability, obligations, and daily expenses in the event of loss or damage. The insurance premium goes towards covering losses to the resident’s personal property inside the rented space. Additionally, a tenant insurance policy provides financial protection against the losses brought on by liability claims, like injuries sustained by others on the premises that are not brought on by structural issues with the building.
Protecting your valuables is the main objective of Tenant Insurance. As a tenant/renter, you should be ready for the worst-case scenario since your landlord will not cover your property. Obtaining Tenant Insurance means having property and liability coverage that will protect your valuables and cover injuries occurring on your property. Also, Renters Insurance is usually required by your landlord, so it is ideal that you have a policy in place.
Renter Insurance offers three different forms of protection:
Personal Property Coverage
This coverage includes furniture, clothes, shoes, gadgets, appliances, kitchenware, household products like sheets and rugs, and most sporting and recreational items like bikes and musical instruments.
If some personal belongings have a value over a specific threshold, they may not be covered by a typical landlord’s Insurance. Examples of such items include jewelry, fine art, antiques, and electronic devices. However, they can be endorsed separately for an additional cost.
Renters Liability Insurance
If a lawsuit stems from events on the rental property, such as unexpected accidents, damages from home pets, or unintentional damage to a neighbour’s private property, the renters liability or personal liability insurance will protect the owner. If necessary, an umbrella insurance program may often be used to supplement or extend your personal property insurance coverage.
Additional Living Expenses
If a covered peril forces you to move away from the rental home, Additional Living Expenses will reimburse those expenses. The policy will refund the policyholder for any additional accommodation, food, and living costs incurred while residing elsewhere.
Special and Additional Coverage
If you need additional coverage not covered by the three categories above, you can obtain special coverage limits between $1,000 and $10,000 for jewelry, pets, computers, bikes, and more. You can also get optional sewer backup coverage and overland water damage, as well as for theft and mysterious disappearances.
All renters must have Renter’s Insurance. Renter’s insurance is generally not required, but we highly recommend you obtain it anyway, particularly if you fall under one of the categories listed:
The Renters Insurance cost will depend on several factors, including:
Complete our online application anytime and get your free custom quote as low as $219 annually! It does not cost anything, and you have no obligation to proceed with the coverage once a quote is provided – customer service is our priority.
Yes, sharing a Renters Insurance policy with a roommate is possible. But think hard before doing so, as you can effectively double (or more) the number of insured items, which might result in you using up your insurance limits more quickly. Additionally, if you or your roommate moves out, you will have to sort out your policy, which may be difficult if your separation is not amicable.
Floods and earthquakes are typically not covered by tenants insurance policies. However, let us know should you require flood insurance. Based on where you reside, you may either get earthquake coverage individually or add it as an addition to your renters’ policy.
