Accidents happen. If water comes in from the apartment above, someone breaks in and steals your computer or there is a fire in the building and smoke damages everything you own, tenant insurance has you covered.
Whether it's damaged or stolen items, the cost of a place to live while your apartment gets repaired, or even injuries to another person in your home, having tenant insurance will give you the peace of mind to know you won't have to pay out of pocket.
Why should I have Tenant Insurance?
There are so many reasons tenant insurance is a good idea.
Most landlords require you to have it and even the government is encouraging all tenant's to be protected. Having insurance protects you and prevents ugly fights with your landlord by making sure that no matter what happens, tenant insurance has you covered.
Even if you don't realize it, you do have thousands of dollars worth of stuff; clothes, a tv, your phone and computer, jewelry and furniture. Tenant insurance protects you in case anything gets damaged, lost or stolen.
If something happens to your building and the landlord needs you to moveout to do repairs, you have to pay for a new place to live – unless you have tenant insurance. In that case, insurance pays for you to stay in a hotel or new apartment until you're ready to move back in.
Your landlord's insurance only protects your landlord. Tenant insurance protects you.
What is a deductible?
The deductible is the small amount you pay upfront before the insurance company covers the rest of the cost. For example, if you get robbed and they take your tv, computer and phone - worth $2,000 - and your deductible is $500, then you pay $500 you'd get $1,500 from the insurance company to buy brand new electronics.
You choose how much you want the deductible to be when you buy the insurance policy.
If my roommate has insurance, am I covered?
No. Unless your roommate specifically lists you in their policy, you are not covered.
How much coverage do I need?
Most renters need at least $25,000 worth of coverage. The coverage you should get depends on what you own though. Think about having to go out and buy all new clothing, furniture, electronics, food, jewellery and personal items. The cost to replace everything you own can add up quickly. Insurance would replace your lost or damaged items with new items, so most apartments have a minimum of $25,000 worth of personal property that would need to be insured.
What kind of things am I covered for?
Tenant insurance covers you in the case of fire, burst pipes, water left running, theft, vandalism, wind, hail, and more. This policy also covers you for additional costs if you have to move while your apartment is under repair. You are also protected for personal liability coverage, so if someone else gets hurt in your home you are fully protected.
If you want to add specific things like jewellery items, your new bike or any other valuable items to your plan you should speak to the broker who contacts you once you purchase the base policy.
What if I already have insurance but I want to buy this policy?
We are happy to help you get out of your current contract and purchase a policy through us. Please send an email to online@insurancehero.ca and we will get back to you right away with a plan to get out of your current contract.
Still have questions? Fill in your phone number to be contacted by a member of our team.
Rent Panda Tenant Insurance products are provided by Insurance Hero
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