Tenant Insurance In Mississauga
With a growing economy, over a dozen waterfront parks, and excellent educational institutes, Mississauga is the perfect city for a young adult—it has so much to offer!
If you’re moving into your own place, you’ll need to budget for all types of things, from power bills to tenant insurance. Just because your landlord has building insurance, that doesn’t mean that you’re protected; you’ll need renter’s insurance.
Your landlord’s property insurance protects the building—the light fixtures, physical structure, and some appliances. But it does not apply to any of your personal belongings. For that, you’ll need tenant insurance in Mississauga.
At Westland Insurance, we make getting insurance easy. From customizing your coverage to finding affordable rates, our insurance advisors are here to help you every step of the way.
What Does Tenant Insurance Cover?
How does tenant insurance protect you? It’s designed to cover you for a range of common perils, from theft to fire damage. You’ll also be protected in case you cause damage to the building or if someone is accidentally injured in your apartment.
So, what exactly will your tenant insurance cover? Take a look:
It’s easy to get attached to your personal belongings. We take them with us through the years, from the acoustic guitar your dad gave you to that holiday sweater from your aunt.
You may not be invested in the property itself, but all your belongings are an investment, and with tenant insurance, you can make sure that your assets are protected.
Any belongings that are damaged by an insured loss will be covered by your policy. You can get coverage for your sporting equipment, home computer, and other valuables.
To make your apartment feel like home, you might want to add a few upgrades. If your landlord allows it, you’re free to install new speakers or shelving units. Since your tenant insurance applies to anything within your unit, these permanent upgrades will be included. Keep them in mind when you’re selecting a policy limit; you’ll want to make sure you have enough coverage to include them, too.
Accidents happen. Despite how careful we are, sometimes things go wrong. A guest may slip on your floor and break their leg while visiting your home. You might forget to turn the oven off and start a fire. You may break an expensive vase while visiting a friend’s home.
In these situations, you may be responsible for paying medical expenses, or if a third party decides to sue you, you’ll also need to pay legal fees.
Third-party liability coverage steps in to help cover these costs. With personal liability insurance, you’ll be protected if you accidentally cause property damage at someone else’s home.
If you need a place to stay while your apartment is being repaired, you might be stressed about how you’ll cover the costs. Living expenses (including hotel room costs and meals) will be covered by your tenant insurance policy. This will take the financial stress out of an already stressful time.
What Does It Not Cover?
Naturally, your next question is: Which claims won’t be covered by insurance?
Your tenant insurance policy has coverage limits. That means you’ll only be reimbursed up to a certain amount. For example, you may have $1,000,000 in liability protection or $30,000 in personal property coverage. Any expenses that exceed these amounts will not be covered. If you want to increase these limits, contact us.
But how much coverage do you need? To find out, you’ll have to add up the replacement cost for all your belongings. If your policy offers less than that amount, you know you’ll need more insurance. When you need content coverage for high-value items, give Westland Insurance a call!
Coverage Options for Renters
Renter’s insurance can be customized as you need. Whenever you want to add to your policy or increase your limits, just contact us! We’ll be happy to help.
Interested in additional coverage? Check out the following optional insurance policies:
In an increasingly digital world, identity theft is becoming more common. Protect yourself with identity theft insurance, which you can add to your tenant policy.
Running a business out of your apartment? If you have clients visiting your home, make sure to get home-based business insurance. This offers additional liability and content coverage.
If you store a boat near your rental unit to sail across Lake Aquitaine, make sure to insure it!
Perils coverage for overland water may be available to you. This covers water damage from snowmelt, excessive rainfall, or overflow from nearby bodies of water.
Do you live in a basement? If so, sewer backup coverage is essential! This policy covers the replacement cost of belongings damaged by sewage.
Need to make your first insurance claim? You might worry about how it will affect your rates. Purchase claims protection insurance to shield yourself from any cost increases. You can keep your claims-free discount after your first claim; it’s like accident forgiveness, but for tenant insurance instead of auto insurance.
Do All Renters Need Tenant Insurance?
Is tenant insurance mandatory at your apartment building? While most landlords require it (for your protection and theirs), some will rent to you without it.
Still, we highly recommend that you invest in renter’s insurance. Contents coverage is a cost-effective way to protect yourself from unexpected expenses. And with liability coverage, you’ll have financial aid when you need it the most. You never know what the future will hold, but with tenant insurance, you can rest assured that you’ll be ready to handle it without a financial burden.
Renter’s Insurance FAQ
If you have questions about your insurance coverage, you’re in the right place. Below, we’ve answered the most commonly asked questions about tenant insurance policies, from what it costs to how it works:
In some cases, you can move without cancelling your policy; you will only need to change your address. But if you’re moving to or from Mississauga from another city or province, you may need to find a new insurance provider. At Westland Insurance, we’re always happy to help; give us a call if you’re planning to move.
The cost of tenant insurance is affected by:
- Claims history. If you’ve never made a claim before, then you’re in luck. A claims-free history means that insurance providers will offer you lower rates for tenant insurance.
- Risk exposure. Your insurance company will factor in how likely it is that you’ll make a claim. They’ll look at the rates of flooding, vandalism, and fires in your area.
- Building. What materials were used to build your unit? The sturdiness of your building will also affect your insurance costs.
You may know that increasing your deductible will lower your premium payments. However, there’s a caveat: If you need to file an insurance claim, you’ll need to pay that higher deductible before you’re reimbursed.
No matter what you decide, you’re free to change your deductible whenever you want to at Westland Insurance.
Moving out isn’t inexpensive! Even though Mississauga has an affordable cost of living compared to most major Canadian cities, you still need to be budget-conscious. We’ve put together a few ways you can save on your renter’s insurance policy:
- Sprinkler system. Is your building equipped with a sprinkler system? This is a great way to reduce fire damage. Be sure to let your insurance company know.
- Water leak detection device. Stop water leaks in their tracks and minimize water damage with a detection device.
- Multipolicy. Bundle your tenant insurance with your car insurance, and you can save on your premium payments.
- Customers 50 years of age or older. Mature customers may be eligible for a discount on their insurance.
- Claims free. Make fewer claims, and your insurance company will reward you.
- Monitored or local alarm. Increase the security of your apartment to reduce the likelihood of theft.
- Increase in deductible. Raise your deductible to lower your monthly or annual payments.
- Contact an insurance broker. Don’t have time to shop around for insurance? When you work with a broker, you can save time and money. At Westland, we’ll compare rates offered by different providers across Mississauga. Then, we’ll find you the most affordable tenant insurance that will include all the coverage you’ll need.
Renter’s insurance providers offer flexible payment options. You can choose to pay in monthly installments or pay upfront in one annual installment. It’s up to you!
Most tenant insurance providers offer 1-year policies. That being said, you may be able to cancel your renter’s insurance policy early without a charge. Give us a call, and we can help you out.
Think of tenant insurance as a type of emergency expense coverage. Rather than coming home one day to find out you need to spend your own money to buy a new computer after yours is stolen, you can make an insurance claim.
Remember: Your landlord’s insurance does not protect your personal belongings. For that, you need tenant insurance.
Contact Westland for Renter’s Insurance Quotes Today!
When you work with Westland, finding the perfect renter’s insurance policy is easier than you think. We’ll put you in touch with an experienced insurance agent who will compare quotes to find you the best tenant insurance rates. It’s our goal to help you pay less for more coverage.
Getting a renter’s insurance quote is easy; we’ll just need a few details about your location and your contact information.
With Westland Insurance, protecting your belongings is simple and transparent. We’ll find you affordable coverage that offers everything you need. You can save money and enjoy peace of mind knowing you’re protected. Contact us today for a tenant insurance quote!