Tenant Insurance Protects You !
It's EASY and affordable to protect yourself !!
According to Statistics Canada, less than half of renters in Canada have renter’s insurance (also known as tenant or contents insurance). Tenant insurance policy premiums are not costly.
Yes, the landlord has their own insurance to protect the building elements, but it does not extend to cover your personal belongings, such as furniture, jewellery, or entertainment equipment. Your landlord’s insurance will also not protect you if someone is injured on your property.
Tenant insurance will help you replace these possessions in the event of a loss or damage due to a covered risk.
Let’s start by understanding the importance of liability insurance.
Accidents happen and sometimes those accidents can be quite costly.
A candle in your apartment could cause a fire. If that candle affects other units, you may be deemed responsible to pay for damages to your rental unit.
If a guest trips and falls in your apartment, you could be held financially responsible for the cost of medical expenses and lost wages.
Liability insurance could protect you in the event of a lawsuit, and help you cover the cost of any damages.
Next you need to understand a few basic terms:
All-Risk insures your building and contents for losses due to the widest range of perils (or risks), unless specifically excluded from your policy like intentional damage
Personal Liability insurance protects you for unintentionally injuring someone or damaging their property and have to pay damages (example: someone has a slip and fall on your walkway, breaks his/her leg and now cannot work for a period of time)
Contents Insurance covers your belongings (including when you travel) for losses resulting from the most common types of perils (or risks) up to a specified amount
Replacement Cost Coverage means that the contents of your home are insured for the amount it costs to replace them without depreciation
Additional Living Expenses Coverage will help you pay for reasonable and necessary expenses (like hotel and food costs) in the situation you are forced to leave your home following an insured peril (or risk) for a period of time
Protect yourself and your loved ones and maintain your tenant insurance !
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