Renters Insurance – Why should you purchase it?

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With the price of owned homes in Canada on a steady increase, staying in the rental market long term is becoming an increasingly common reality for Canadians. A common misconception when renting, is that your landlord’s insurance covers not only the building but also your belongings. While, yes the landlord’s insurance does cover the building, it does not extend to your belongings or protect you if someone injures themselves while visiting you. For these types of coverage, you need a tenant insurance, also referred to as renters insurance or contents insurance.

Here are some common claims situations that a renter’s insurance policy would help cover:

Mysterious Disappearance

Did you know that renter’s insurance policies usually cover mysterious disappearance of items? When many think of mysterious disappearance they think of missing jewellery or a missing tech item. But, what about hearing aids? A pair of good quality hearing aids can cost a few thousand dollars. If you wear hearing aids, took them out and set them on your coffee table and then later they were nowhere to be found, this would fall under your renter’s insurance policy, subject to your policy deductible. Many times these tiny devises are gobbled up unintentionally by family pets, but having a renter’s insurance policy will provide you peace of mind if Fido decides to take a bite!

Theft from a vehicle

Read our latest blog post about how renters insurance can protect you against theft of belongings from your vehicle.

Additional Living Expenses

Many renters, particularly when starting out, aren’t as concerned with their belongings as they’re often hand-me-downs. As a result many often don’t purchase a renters insurance policy. But what happens if you’re forced out of your unit due to something outside of your control, such as a water leak from upstairs or smoke damage due to a fire in a neighboring unit. Your landlord’s policy will not cover you should you be required to leave the unit due to a claim; however renters insurance would under Additional Living Expenses. This coverage offers you peace of mind that should you need to be temporarily in a hotel or another rental unit while your home is being repaired.

Theft of Personal Property

A key benefit of a Renters Insurance policy is replacement of your items with new ones should they be stolen. An area of the home often overlooked by renters and homeowners alike are items left on balconies, which become easy targets for thieves. A common claim, particularly in the spring and summer months, is theft of items from balconies such as patio furniture, small barbeques, exotic plants, expensive planters, ladders or tools. Minimize this risk by keeping valuable items indoors when not in use, or locking up expensive items that sit outdoors. If you are caught in a situation where you have items from your patio stolen, you’ll be glad to have a contents insurance policy.

These are just a few of the many benefits offered by a Renters Insurance policy. To find out more, call or visit a Westland Insurance Broker near you.