Tenant Insurance In Barrie

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.

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.