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Insuring your home isn’t just for homeowners

Woman leaning on cardboard box while moving house

Getting renters insurance is a smart way of protecting yourself and your belongings.

If you rent your home, whether it’s an apartment, condo or house, do you have tenant insurance?

A recent survey conducted by TD Insurance found out that almost half of Canadian renters (41%) opt out of getting tenant insurance. Many cite cost as a factor or the mistaken belief that their landlord’s insurance policy will cover their personal belongings in the event of theft, fire, or water damage.

While landlords have property insurance that covers their building, this won’t include coverage for a tenant’s personal items in a unit.

Consider the replacement cost.

If you think your personal gear isn’t worth insuring, think again. 43% of survey respondents named personal electronics such as mobile phones, laptops, and televisions as the most valued possessions they would want to protect against loss or damage. 22% cited furniture as the next most valued possession. More than half (51%) of survey respondents stated they would have trouble replacing any of their belongings without insurance.

Although tenant insurance isn’t a legal requirement in Canada, many landlords make it a condition of the rental agreement. 49% of survey respondents indicated that their landlords require them to have tenant insurance and for good reason. Without tenant insurance, if you accidentally cause damage to your landlord’s property you could be liable for steep repair costs on top of the cost of replacing your belongings.

Coverage while you're away.

With an average cost of $400 per year and the option of paying monthly, tenant insurance is a relatively low-cost way of protecting yourself and your possessions. In fact, tenant insurance coverage applies to items that are both in your home and temporarily away, including while on vacation.

For more information about tenant insurance or to get a quote, call McLean & Dickey and speak with one of our friendly brokers.

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