Tenants Insurance Quotes in Canada
Tenant insurance protects your personal property as well as your personal liability when renting a property. Your landlord will have insurance on their building but it is unlikely that it covers your personal belongings! Plus, if you unintentionally cause damage, your own insurance will be required to cover this.
What Is Tenant Insurance and Why Do I Need It?
There are two basic kinds of coverage in most tenant insurance policies: tenant’s contents insurance & tenant’s liability insurance.
If everything in your rental property was lost today, could you afford to replace everything in there? Even though you may assume that your contents is not worth a lot, many people underestimate the cost to replace it! Your landlord’s insurance will protect the building itself but will unlikely cover your contents. Some landlords may also require you to have contents insurance for renters as part of their own insurance policy.
Personal Liability is also a huge part of tenant’s insurance. If you accidentally damage a neighbouring property (i.e flooding or fire) or if someone is injured while on your property, you may be legally responsible.
Another coverage option is Additional Living Expenses. If you rental home becomes uninhabitable, your renters insurance will provide additional living expenses up to the amount in your policy. This may include hotel costs and in some cases meals.
For students living away from home while at school, you should ask your Broker to see if this can be covered under their parent’s home insurance policy or whether a separate tenant’s insurance policy is required.
How Much Does Tenant Insurance Cost?
Tenant insurance is one of the lower cost insurance coverages. Depending on location and other factors, you can get cheap renters insurance coverage for as low as $20 per month! There are several factors that determine the cost of your tenant insurance:
- Type of building
- Claims history
There are also several benefits to having tenant insurance, did you know by bundling your tenants and car insurance policy you can actually save hundreds of dollars. In fact, sometimes the extra discount you receive on your car insurance can cover the entire cost of your renter’s insurance.
How Do I Get Renters Insurance with Billyard Insurance Group?
Start your tenants insurance quote online on our website or give us a call today. Your BIG Broker will take the time to understand your situation and provide the best options for coverage for your rental property. Get a quote today!