Why Tenant Insurance Is a Must

Why Tenant Insurance Is a Must

Why Tenant Insurance Is a Must

Usually when you think of home insurance, you associate it only when purchasing or owning a home – it’s not often connected with renting an apartment, townhouse, single family home, or even student housing. No matter what kind of home you are renting, tenant insurance is a must-have, and we have all the scoop to keep you in-the-know.

Why do I need Renter’s Insurance?

While the landlord or owner of the building is responsible for making sure the building itself is covered (including fixtures, plumbing and floor coverings), they are not responsible for insuring the contents of your dwelling. You may not think that your possessions may be significant in a small place, but when you take inventory of your items – things like electronics, clothing, books, and small kitchen appliances can add up quickly. Tenant insurance can be a relatively low cost and can provide coverage to protect your belongings in the event something should happen.

How Does Renter’s Insurance Work for Students?

Insurance when you’re a college or university student works a little differently. If you’re living in residence (on or off campus), renting a room or location with other students, or are in school full time out of province, you are actually covered under your parents’ homeowners’ policy. This is included as part of the comprehensive coverage, but you can always contact your broker to clarify what you or your child is covered for when they are away at school.

How Much Will It Cost?

Most insurance companies will give you great discounts if you bundle a tenant package with your auto policy. Make sure to contact your broker about combining your policies together. Prices vary by location, liability limits, and the personal property values you want covered, but a basic policy on average can cost as little as $300 for the year – that’s only $25 monthly. A small price to pay (less than a large pizza!) for the peace of mind it can provide you to make sure you have your belongings covered in a disaster or unfortunate incident.

Looking for more information on tenant insurance? Make sure you contact our brokers here at The BIG to answer all your questions. www.thebig.ca

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