Do You Need Renters Insurance?

Were you thinking that your things were covered by your landlord's insurance? Sorry but that's not the way it works. You'll need your own Tenant Insurance to protect your belongings from perils like theft, vandalism, fire, and falling objects the minute you begin renting. Recent estimates say that only about half of the over 4 million Canadians who rent their homes have insurance for their contents or for any liability arising out of their being tenants. Having the right policy in place can swing the odds in your favour!

Tenants Insurance in Guelph and area makes sure that you can replace the personal property in the house or apartment that you rent. The building you live in may have insurance that protects it under your landlord's policy, but this insurance will not cover your personal property. In fact, if you take a look at your lease you will probably see that you are required to buy Renters Insurance before moving in.

If you had to move out of your apartment or house temporarily due to damage to the building or your unit where would you live. Not only will your policy protect your personal items, it will also give you help with temporary housing.

Your policy can also provide you with liability protection if a liability lawsuit is brought against you. This could occur in a situation that you are held responsible for:

  • Injury to another person on or off your property
  • Damage to another person's property(whether the incident occurred within your rented residence or elsewhere)

Once you determine your insurance needs, knowing your options will help you choose the best policy.

What's Covered By Tenant Insurance?

Renters Insurance can provide the money to replace almost all of your personal possessions. Electronic goods and equipment, small appliances, sports equipment, cameras and photography equipment, furniture, clothing, glassware and china, and books can all be covered by your policy. Even things like computers, jewelry, furs, and watercraft can be covered on a limited basis or by adding specific coverage for them to your policy.

Renter's coverage will include:

  • Personal property protection
  • Family liability protection
  • Guest medical protection
  • Additional living expenses
  • Additional protection