Most renters today need to consider purchasing renters’ insurance- also known as tenants’ insurance.
Most tenants do not give insurance a thought. However, those who think of it often wonder, “Why do I need it?”
With as many people moving to Alberta and British Columbia as there have been in the past few years, more and more people will ask that question. This blog can help you decide if tenant insurance is for you.
1. Your Landlords Insurance Does NOT Cover You
Many renters assume they will not need insurance because their landlord has a policy.
Your landlord’s home insurance will likely only protect their assets, including the house itself, appliances, or any other items the landlord owns – which means that none of the things that belong to you (as the renter) are covered or insured.
Most people have many personal belongings in their homes, such as TVs, sound systems, computers, and other valuable items, and it’s vital to get these covered!
2. Tenant Insurance is Affordable
Tenant insurance is less expensive than many people think. When most people think of insurance, they think of auto or home insurance and assume that the price will be well over $100 a month.
However, tenant insurance is much more affordable than what most people think. The average price of tenant insurance in Canada is $23. As we will discuss later, once you add up the cost of personal items, paying the $23 per month is well worth it.
3. Protect Your Belongings
As with any insurance, the main reason to get coverage is to insure your belongings. Many people think they need more belongings to make it worth paying for tenant insurance.
However, personal items can add up more quickly than you think. Even if you only own a computer, TV, and everyday home items such as a bed and some extra furniture- you can be looking at over $3000. With the average price of renters insurance in Canada being $23, once you add up the cost of all your items, it provides more incentive to be covered with a tenants’ insurance policy.
4. Damage and Repairs
Only some landlords keep up with repairs. Specific home damage may not require you to vacate the house—however, maintenance may cause the unit to become uninhabitable for a few months. Many tenants’ insurance policies will cover rent, the cost of alternative living arrangements, meals, and other living expenses accrued over the time of repairs and maintenance.
The cost of living has risen quite a bit over the last decade; the pandemic also increased prices over the past few years. If you can pay $20-30 per month, you can save thousands if an issue arises. With today’s technology, checking how much you would pay for tenant insurance is easy. Luckily for those reading, our specialty at Harbord – The Home Insurance People™ is finding you the best quotes on your insurance.