Tenant Insurance In Kenora
Moving out is always exciting. You get to live in a new place, decorate it how you wish, and check out all the awesome Kenora restaurants and shops nearby. It’s the ultimate freedom!
When you live in Kenora, you can enjoy the gorgeous views that the city is known for—the Lake of the Woods, the dense forests, and the iconic Canadian Shield.
But moving out comes with a host of other responsibilities. Like, how do you find the right tenant insurance? You’re looking for a policy that fits your budget and your lifestyle.
At Westland Insurance, we know that every tenant needs insurance that meets their individual needs. It’s our goal to find you the coverage you require at the right price, and we aim to make that process as simple as possible.
What Does Tenant Insurance Cover?
Your tenant insurance protects your personal belongings, covers liability issues, and helps you pay for repairs if you cause damage to the building. Here’s what your coverage includes:
You’ve finished moving the last box into your apartment, and you’re exhausted. As you look at the cardboard towers piled around you, you realize that you have a lot of stuff. Protect your personal belongings with tenant insurance.
This coverage will pay for repair or replacement costs if your belongings are damaged by a fire or stolen. Get reimbursed for the full value of your electronics, clothing, artwork, jewellery, and more.
Once you move into your apartment, you’re free to make it your own. Want to upgrade the unit to suit your needs? Once you have your landlord’s permission, you can add a new stereo system, cabinets, or a shelving unit for your closet.
Each of these upgrades adds value to your space. These improvements will be covered by your insurance up to the limit specified on your policy.
Did you know that if someone is injured while visiting your apartment, you may be liable for their medical expenses? That guest may decide to sue you for damages.
Personal liability coverage is a crucial aspect of your tenant insurance. It covers any medical expenses or legal fees that may be involved with these incidents. Liability insurance also applies if you’re visiting another property and accidentally cause damage to it.
After a fire, your apartment will be unavailable as it’s being repaired. Need a place to live in the meantime? Tenant insurance will cover your alternate living expenses and meals while your apartment is being repaired due to an insurance claim. This will help take the financial stress off you during a tumultuous time!
What Does It Not Cover?
You know that tenant insurance won’t cover every type of claim. So, what falls outside of your coverage?
The first limit is an uninsured peril. Events like overland flooding, sewage backup, and earthquake damage are not covered by a standard renter’s insurance policy. To get covered for these perils, ask your insurance provider about optional coverage.
Next, your policy has coverage limits. Your liability protection and contents insurance will only cover you to the amount stated in your policy. Any damages exceeding that amount will not be covered. For more protection, contact your insurance company to ask about increasing your limits.
Coverage Options for Renters
Additional coverage may be available depending on your lifestyle and location. Extend your coverage with the following endorsements:
- Identity Theft
- Home-Based Business
- Overland Water
- Sewer Backup
- Service Line Coverage
- Claim Protector
Do All Renters Need Tenant Insurance?
Even if tenant insurance isn’t required by your landlord, we still recommend it. Otherwise, you may be facing financial trouble if you cause damage to the building, lose your belongings in a fire, or someone is injured by accident in your apartment. Protect yourself and enjoy peace of mind with tenant insurance in Kenora.
Renter’s Insurance FAQ
Want to know more about tenant insurance policies? Check out this FAQ, and you’ll find the answers you’re looking for:
If you’re moving to a different apartment, you may be able to simply change the address on your policy and a few other details. But in some cases, you’ll need a new policy altogether; for example, if you’re moving from Ontario to Alberta. Contact your insurance provider to ask how moving affects your renter’s insurance.
Absolutely. By raising your deductible, you’ll lower the cost of your insurance premiums; however, you’ll need to pay a larger sum before you receive the payout for an insurance claim. Keep this in mind if you choose to increase your deductible.
Most insurance companies allow you to make monthly or annual payments. You can choose whichever one fits your budget and your lifestyle.
Most insurance providers offer 1-year policies. However, you may be able to cancel your policy early without penalty.
When you receive an insurance quote, you might wonder what factors into that cost. Your policy rates will be affected by your exposure to risk, claims history, and experience ratings.
The average cost of tenant insurance in Kenora is $46/month.
At Westland, we’re passionate about helping our clients save money on insurance. We want to get you the best coverage at the lowest price. Here’s a list of ways you can reduce the cost of your renter’s insurance:
- Monitored or local alarm. Improve the security of your rental unit, and it will pay off in terms of your insurance. Better security means you’ll be less likely to make a claim due to a break-in, which means your insurance provider may offer a discount.
- Sprinkler system. Stop fires in their tracks with a sprinkler system! This minimizes the property damage caused by fires.
Customers 50 years of age or older. Mature customers may be eligible for a discount.
- Claims free. With a claims-free history, insurance companies will offer you lower rates.
- Water leak detection device. Water leaks are notoriously difficult to detect until water damage has already spread. Prevent it with a leak detection device.
- Multipolicy. Bundle your tenant insurance with other policies (such as auto or home insurance) to save money.
Increase in deductible. Raise your deductible to lower the cost of your monthly or annual payments.
- Work with an insurance broker. At Westland, we work with insurance providers across Kenora to find you the lowest rates. We do the heavy lifting so that you don’t have to.
There’s a lot of confusion about what a landlord’s insurance covers and what a tenant’s insurance covers. We’re going to set the record straight:
Your landlord has property insurance that protects the building itself. This applies to the heating system, the roof, and the foundation of that property. On the other hand, renter’s insurance is for your personal belongings or any contents within your rental unit.
Without tenant insurance, you won’t have protection for any of your furniture, electronics, or clothing. That’s why insurance is so essential, even if your landlord doesn’t require it.
Get an Online Tenant Insurance Quote Today With Westland
At Westland, we make insurance simple, whether you’re renting an apartment, buying a home, or driving a car.
Our insurance experts are here to help. Whenever you want to discuss your insurance needs, change your coverage, or make a claim, we’ll be here to assist you. To get a quote for renter’s insurance, contact us today!
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