Tenant Insurance In Thunder Bay
With breathtaking waterfalls, excellent hiking trails, and historic landmarks (including The Terry Fox Memorial and Lookout), Thunder Bay is perfect for those who love nature and city living.
Planning to settle down in Thunder Bay? You’re probably looking for the right apartment to call home. Once you pick a spot, the next step is protecting it with tenant insurance.
If the thought of buying tenant insurance intimidates you, don’t worry! At Westland, we make the process as simple and affordable as possible. Our insurance advisors are here to find you the perfect tenant insurance at the right price.
What Does Tenant Insurance Cover?
First things first: When you buy tenant insurance, what can you expect?
It’s essential to understand exactly what your policy offers. That way, you’ll know what’s covered (and what’s not) if you need to make a claim.
Here’s how tenant insurance protects you:
As you pack your clothes, electronics, and decorations into boxes, it dawns on you just how much stuff you have. All your personal belongings would cost a lot to replace if they were damaged in a fire or stolen.
Give yourself peace of mind with tenant insurance. With personal belongings coverage, your insurance provider will reimburse you for the cost of replacing items inside your rental unit.
Want to upgrade your rental unit? You just need permission from your landlord, and then you’re good to go.
Any upgrades you make will be covered by your tenant insurance; that includes your new stereo surround system, and more. Be sure to factor in the value of these improvements when choosing a renter’s insurance policy limit.
We all make mistakes sometimes—some of which are more costly than others. What if you accidentally left the oven on, causing a fire that affected multiple units in your building?
In that case, your personal liability coverage would kick in. It helps you cover property damage or lawsuit costs that may result.
Third-party liability coverage also applies if you accidentally injure another person or their property at their home. Liability insurance will cover legal expenses, property damage, and medical bills.
Be sure to read up on the liability limit in your policy; you can always extend your insurance coverage for an additional cost.
If your home is temporarily unavailable, where will you go? With this policy, you can cover living expenses like hotel (or Airbnb) fees, moving costs, and takeout meals. Your costs will be covered until the repairs at your suite are finished.
What Does It Not Cover?
Your personal belongings coverage only goes so far. Your policy will specify how much money you’ll be reimbursed. Any costs that exceed this amount will not be covered.
How do you determine the amount of contents coverage you need? Take inventory of all your belongings. Estimate the value of each one—especially the high-value items. This can seem like a hassle, but it’s worth it; it’s essential to make sure you’re covered!
And if you buy an expensive item, let your insurance provider know; they can adjust your policy limit to reflect its value.
Certain events won’t be covered by your tenant insurance (for example, if your belongings are damaged by a sewer backup or overland flooding). To get these incidents covered, you’ll need to look at adding on to your policy.
Coverage Options for Renters
Your lifestyle is unique; that’s why you need tenant insurance tailored to your needs.
Need some extra insurance coverage? We’ve got you. At Westland, we can help you find the right optional add-ons to your policy. Depending on where you live, these add-ons may be available.
Check out these optional policies, which will ensure your renter’s insurance offers the protection you need:
- Identity Theft
- Home-Based Business
- Watercraft
- Overland Water
- Sewer Backup
- Service Line Coverage
- Claim Protector
Do All Renters Need Tenant Insurance?
Is tenant insurance mandatory?
Most landlords require you to have it before you move in, but some do not. And if that’s the case, you might be wondering if you really need it.
The answer is yes. Here’s why:
Many tenants think that because their landlord has insurance, they don’t need it. But this isn’t true. Your landlord’s property insurance is to protect the building itself; the foundation, the roof, the heating system, etc. But your landlord’s policy does not extend to the contents of your unit.
That’s where a tenant insurance policy comes in. It will cover the replacement costs of items damaged by a break-in or fire, including your electronics, clothing, and artwork. Tenant insurance also offers liability coverage in case you accidentally cause harm to another person or their property.
See why you need your own policy? Otherwise, none of your belongings will be protected!
Renter’s Insurance FAQ
Have a few questions about tenant insurance policies? We’ve answered the most common ones down below:
It depends—are you moving outside of Ontario? If you’re just moving to a new apartment in Thunder Bay, you might be able to simply update your address.
But if you’re moving outside the province or country, you may need to take out a new tenant insurance policy.
Yes! You can change your deductible amount at any time. If you increase it, your premiums will decrease; however, you’ll need to pay that higher deductible if you need to make a claim.
You can pay your policy on a monthly or annual basis. Depending on your insurance company, you might save money by paying annually; be sure to ask about it!
Most insurance companies only offer 1-year policies. Give us a call, and we’ll do our best to find a solution that works for you.
Why would I need tenant insurance if my landlord does not require me to have it?
Your tenant’s insurance coverage gives you financial security and peace of mind. With insurance, you can:
- Protect your belongings with contents coverage
- Cover unexpected living expenses while your apartment is being repaired
- Pay for medical or legal fees if an accident occurs in your rental unit
Get an Online Tenant Insurance Quote Today!
Find the perfect coverage at the right price with Westland Insurance.
Whether you’re looking for home insurance, auto insurance, or renter’s insurance, we’ve got you covered. We’ll compare rates offered by different insurance companies to find you the best price. To get an online quote, contact us today!
We’re Here to Help
Whether you’re looking for insurance for your first home or wanting to discuss your existing policy, our team is ready to help. Connect with us today.
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