Tenant Insurance In Toronto

Over the years, we accumulate a lot of stuff. If you had to guess, how much would you say the total value of all your belongings is?

Once you add up the numbers, you realize that replacing all of your items would cost a lot.

That’s where personal belongings coverage comes in handy. It will cover the replacement cost of your items if they’re damaged or stolen. This policy applies to your electronics, jewellery, clothing, and other valuables.

If you have a lot of high-value items, make sure to choose a policy with a high coverage limit. We recommend adding up the cost of all your belongings before shopping for a policy; that way, you won’t risk being underinsured.

Once you move in, you decide you want to add your personal flair to the suite. Once your landlord gives you the thumbs up, you have permission to customize your rental unit and improve its value.

A surround sound system. An artsy shelving system in the closet. Maybe even a hot tub! These permanent upgrades add value to your apartment, and you need a policy that covers them accordingly. Any “home” improvements you make to the unit will be covered through this insurance.

This is possibly the most important part of any tenant insurance policy.

To illustrate how this coverage works, imagine if you accidentally left your oven on. It started a fire which caused damage to most of the building. You’d be responsible to pay for property damage to not only your unit but the entire apartment complex.

Personal liability coverage will reimburse you for these costs—the damages, the lawsuit, and settlement expenses.

This coverage kicks in if you’re away from home and accidentally cause property damage to someone else’s home. It also covers unintentional bodily injury; for example, if someone slips on a wet floor and is injured in your rental unit.

Is your rental unit temporarily unavailable? This may be due to fire or water damage. If so, your life may feel like it’s in total upheaval.

Don’t worry: With renter’s insurance, your alternate living expenses will be taken care of. This policy will cover the cost of a hotel or Airbnb. You’ll also be reimbursed for the cost of meals you purchase.

That depends—do you want to stay with the same provider?

If so, simply let your insurance company know that you’re changing addresses. They can change your policy accordingly.

But if you’re moving out of the province, you’ll probably need to cancel your policy and set up a new one at your next address.

If you have any questions about how moving affects your tenant insurance, give us a call! We’ll be happy to help you out.

Before you can start getting online tenant insurance quotes, you’ll need to provide the following:

• The address of your rental unit
• The names of those who will be occupying the property
• The estimated value of your personal belongings

Absolutely! By raising your deductible, you can decrease the cost of your monthly premiums. Keep in mind that with a higher deductible, you’ll need to pay more before you’re reimbursed for an insurance claim.

You can pay for your tenant insurance monthly in smaller installments. But if you prefer to pay upfront, you can pay annually and cover the cost of the policy for one year. Your insurance provider may offer you a discount if you pay annually.

Any measure that lowers the likelihood or the cost of a claim can definitely lower your rates. A few examples include:

• Customers 50 years of age or older. If you’re above a certain age, your tenant insurance rates may be lower. Be sure to tell your provider when it’s your birthday!
• Claims-Free. Whenever you make a claim, your insurance premiums will increase. Try to only make a claim when necessary to keep your costs low.
• Local Alarm. By adding a security system, you lower the likelihood of a break-in.
• Monitored Alarm. A monitored alarm is the next step up; it alerts you and the proper authorities if there is an emergency.
• Sprinkler System. A sprinkler can reduce the damage caused by a fire.
• Water Leak Detection Device. Find water leaks before they cause major issues with a detection device.
• Multipolicy. Bundle your tenant insurance with your car insurance to save on your monthly premiums!
• Increase in Deductible. Raise your deductible to make your monthly costs lower.

Most tenant insurance providers only offer 12-month policies. However, you may have the option to cancel your policy before the year is up. Set up a call with a licenced insurance advisor at Westland, and we can walk you through it.

Is tenant insurance mandatory?

Not necessarily; some landlords will still rent to you without it.

However, it’s highly recommended! You never know what the future holds. Protect yourself against unexpected expenses (damage to your belongings, theft, or liability issues) with tenant insurance.

Your monthly premiums are affected by a handful of factors, including:

• Credit score. Those with a lower credit score may be considered high risk to an insurance provider.
• Location of your rental unit. If you live in an area with higher rates of crime or vandalism, this will factor into your costs.
• Your deductible. If you choose to raise your deductible, you can bring down your premium costs.
• Claims history. Insurance claims will make your costs go up.
• Coverage limits. By extending your personal contents coverage, you’ll need to pay more for your policy.
• Policy add-ons. Any optional coverages that you add to your policy will make it more expensive.