Tenant Insurance In Barrie
Located just north of Toronto, Barrie is nestled by Kempenfelt Bay. It’s become a hot spot for people moving to Ontario for the first time, and it’s easy to see why.
Barrie is known for its stunning waterfront, a marvelous sight that spans 6 kilometres. Whether you’re here to attend Georgian College or enjoy the views of Lake Simcoe, Barrie has so much to offer.
Decided to make Barrie your home? You’re busy packing boxes and hunting for apartments. But there’s still one more item on your to-do list: Finding the right tenant insurance policy.
With Westland Insurance, finding the right tenant insurance coverage doesn’t have to be complicated. We make it easy to find affordable rates on tenant insurance that suits your lifestyle.
What Does Tenant Insurance Cover?
When you move out, you’re juggling a lot of expenses. It can be overwhelming at times, especially if it’s your first time living on your own.
Tenant insurance coverage gives you peace of mind. You’ll know that if an accident happens, you’ll be protected.
But just how much protection do you get from your insurance? Your tenant insurance policy covers the following:
It’s hard to imagine your life without your possessions. We get attached to our personal belongings and rely on them to carry out daily tasks. Whether you need a sofa for hosting a movie night or a suit to wear to work, you need your things.
If you were to lose them in a fire or from a break-in, the replacement cost would be steep. But you can cover those costs with tenant insurance. With protection for your personal belongings, you’ll be reimbursed for any insured perils that damage your items.
Even though you’re renting your space, you may feel inspired to make it your own. Want to paint the walls? Add new kitchen cabinets? Change the shelving system in your closet? As long as your landlord gives it the OK, you’re free to upgrade your suite as you wish.
Each renovation will add value to your place. And your insurance policy should reflect that—otherwise, you may be underinsured and won’t get fully reimbursed for a claim. Make sure to factor in the added value of any upgrades when choosing your insurance limit.
You know that insurance protects your belongings. But with tenant liability insurance, you’ll also be protected if you’re responsible for property damage or bodily injury to others. This coverage applies if:
- Someone visits your property and is unintentionally injured inside your home
- You accidentally damage the rental building by causing a fire
- You visit someone else’s home and cause property damage or bodily injury
The minimum personal liability coverage starts at $1,000,000. This helps cover lawsuit costs and medical expenses.
Is your apartment unavailable due to an ongoing repair? Alternate living expenses are included in your renter’s insurance.
Tenant insurance policies cover additional expenses (meaning costs that are added to your regular expenses). That includes hotel bills and meals.
For example, if you regularly pay $2000 a month for rent, but your hotel costs $2500 a month, your insurance would pay the additional $500.
What Does It Not Cover?
As far as the limits of your policy go, there are a few important things to note:
- Uninsured perils. Sewer backups, overland flooding, and earthquake damage—a standard policy won’t cover these perils. If you want to be covered for these, you’ll need to purchase additional protection.
- Coverage limits. If the total replacement cost of your belongings is ~$50,000, but you only have $30,000 contents coverage, then you won’t have enough insurance to cover the costs of replacing your losses. The same is true if you need to make an insurance claim for lawsuit costs that exceed your liability insurance limits. To avoid this dilemma, estimate the total value of your belongings before you choose your content insurance limit.
And don’t worry: You can increase your renter’s insurance coverage at any time! Customizing your coverage is easy with Westland Insurance.
Coverage Options for Renters
Tenant insurance protects you when you need it most. Looking to enhance your coverage? You can choose from the following endorsements:
- Watercraft. Cruise along Lake Simcoe without a care in the world when you’re protected with watercraft coverage.
- Overland Water Coverage. Barrie is known for its lakeside views. But as a tenant, all that freshwater might make you worry. Concerned about water damage? This policy will ease your mind.
- Claim Protector. On your auto insurance policy, you might have added the Accident Forgiveness endorsement; this protects your insurance rates after your first at-fault accident. Claim Protector coverage is like the same thing, but for tenant insurance claims.
- Identity Theft. Cyber attacks are becoming more common each year. Protect yourself with ID theft insurance.
- Sewer Backup. Don’t let sewage backup ruin your day! With this endorsement, you’ll be covered for claims caused by sewage issues.
- Home-Based Business. Since 2020, more and more people have been launching their own businesses and running them from their homes. If you’re one of them, make sure to get the right insurance. Home-based business insurance offers additional liability and contents coverage.
Do All Renters Need Tenant Insurance?
If you ask our insurance experts, you’ll always get the same answer: Yes. Tenant insurance is like an emergency fund. It has your back when you’re facing fallout from a fire, lawsuit, or break-in.
Renter’s Insurance FAQ
What type of tenant policy do you need? Can you cancel your policy early? And how can you make your renter’s insurance more affordable? We’ve covered all that and more in this FAQ:
Not necessarily! If you’re just moving from one apartment in Barrie to another, you can probably stay with the same insurance company; all you need to do is update your address. But if you’re moving provinces or cities, you may need to cancel your current policy.
Absolutely. If you ever want to increase or decrease your policy deductible, give us a call, and we’ll help you through the whole process.
Your renter’s insurance policy is pretty flexible when it comes to payments. Prefer to pay a little each month? Choose the monthly installments option. Would you rather pay it all at once? Pay annually, and you might be eligible for a discount.
The cost of tenant insurance varies, even within the same building. All sorts of factors affect your rates, including your experience rating, exposure to risk, claims data, property type, and more.
If you’re not signing a 1-year lease, you might be looking for a short-term policy. However, it’s tough to find an insurance provider that offers shorter policies. Still, you may be able to cancel your policy early without penalty; give us a call, and we’ll be happy to help you out.
We’re going to clear up a common misconception about renting. Here’s the scoop: If your landlord has insurance, it does not cover your personal belongings. The contents of your unit and any personal liability issues you encounter will not be covered by your landlord’s insurance.
Insurance providers usually give discounts whenever you lower the likelihood of a claim. Here’s a short list of tips you can use to save on insurance:
- Increase your deductible. A deductible is the amount of money you need to pay when you make a claim. If you increase your deductible, you’ll decrease the cost of your insurance premium.
- Local alarm or a monitored alarm. Installing security cameras and an alarm system in your suite will deter thieves. Since you’re reducing the risk of a break-in, your insurance company will give you a discount.
- Claims -free discount. Whenever you make an insurance claim, your rates will increase. Try to make claims only when necessary.
- Sprinkler system. Not only will a sprinkler system reduce property damage, but it can potentially save a life.
- Water leak detection device. If you install one of these devices in your suite, you’ll lower the risk of water damage and get a discount on your insurance.
- Multipolicy. Get your auto insurance from the same provider, and you may get a lower rate for bundling your policies.
- Customers 50 years of age or older. Who says there are no perks to getting older? Let your insurance provider know if you’re over a certain age, you might qualify for a discount.
Get Affordable Tenant Insurance Coverage in Barrie Today
Renting without insurance is like driving without a seatbelt. It’s a risk you shouldn’t take.
At Westland Insurance, we’ll help you find the right protection for your lifestyle. Our insurance advisors are always available when you want to discuss your coverage, make changes to your policy, or make a claim.
Ready to talk about insurance? To get a renter’s insurance quote, contact us today!