Unlike home insurance or auto insurance, individuals that rent out properties don’t necessarily feel need the purchase renter’s insurance. In fact, many Canadians consider renter’s insurance redundant. The Insurance Bureau Of Canada reported that only 50% of Ontarian renters do not have renter insurance. Living in a rented property with no protection can leave the renter vulnerable to liability and covering any damages of their belongings. Despite the fact that the coverage is not mandatory, it is increasingly being recognized as important, especially by homeowners and landlords. Many landlords will require the tenant purchase renter’s insurance before moving in.

1. Protect Your Belongings

Home insurance for the rented property does not cover damage to any of your belongings. This leaves renters susceptible to paying for any damages or loss to their belongings should a disaster occur such as fire or theft. If you have items of high value, it is worth investing in renter’s insurance to protect your belongings.

2. Offers Liability Coverage

If an individual sustains an injury on rented property and threatens a lawsuit against the tenant, those that are uninsured face the issue of paying for their own legal fees. The added financial strain of dealing with a lawsuit can be very tricky for tenants. Renter’s insurance can cover all fees associated with the claim, including court and legal fees.

3. Requirement By Landlord

As renter’s insurance begins to take more precedent amongst landlords, it is now becoming more and more common for landlords to request the renter purchase an insurance policy before moving in.

4. Living Expenses Coverage

If sudden damage were to occur to the rented property, uninsured tenants take full financial responsibility when finding a temporary home to live in while the property is getting repaired. With renter’s insurance, a tenant is protected and covered at all times. The policy can cover the expenses for a temporary place of residence until the rented property has been restored and repaired.

How We Can Help

Let us help you get the peace of mind you need to protect yourself and your belongings. Our team can help you find the right policy for your financial needs. Visit our website to discover more about our renter’s insurance policy or contact us today to get a quote!