WHY YOU NEED TENANT INSURANCE IN ONTARIO
Renters insurance offers many benefits but most importantly helping you to avoid loss of property and major bills if disaster strikes.
Tenant insurance offers three forms of coverage which will help you to recover from any major damage without it overly affecting your life or wallet. Renters insurance is generally cheap, and it is easy to understand the benefit of renters insurance when comparing the cost of insurance with the level of coverage you can receive.
Property
Your tenant insurance will cover your personal property such as furniture, electronics, books, and clothing. These items can quickly add up and end up being worth a lot of money with personal property being something that most people are closely attached to. Your renters insurance allows you to replace your belongings if they are destroyed, stolen or damaged.
Liability
Liability coverage will protect you from being financially responsible if someone is hurt inside of your apartment, if you damage someone else’s apartment, or if you damage your own apartment. The risk of being sued for damages is a major concern with it potentially being for a significant amount of money. Liability coverage will protect you from being responsible for damages in these instances.
Living Expense
Your renters insurance will cover the cost of living if you cannot live in your apartment. The cost of finding a temporary place to live can be expensive during a stressful time when you may have major bills to pay. Living expense coverage can allow you to avoid these expenses and offer a solution when having to find a place to live when your current abode is unlivable.
WILL YOUR LANDLORD’S INSURANCE POLICY COVER YOU?
Your landlord’s policy is designed to protect the building and themselves from liability. It will not cover your personal belongings, liability, or cost of living. You should have your own policy in order to protect yourself.
WHAT RISKS DOES RENTERS INSURANCE TYPICALLY COVER
You have the option to purchase a wide selection of insurance policies each of them offering different levels of protection. A basic renters insurance in Ontario policy will protect you from common risks such as:
• Fire
• Theft
• Certain Kinds of Water Damage
Optional Risk Coverage
It is simple to purchase additional coverage for risks not covered by your standard insurance policy. Some common forms of optional coverage include such things as:
• Different Forms Of Flooding (Overland, Seepage, Sewer Line Back-Up)
• Earthquakes
• Identity Theft
• Falling Objects
HOW TO DETERMINE HOW MUCH COVERAGE YOU NEED
Many renters have questions about how much coverage they need. By not knowing your needed coverage limits can either result in you not having enough coverage or paying too much for your insurance.
You can make a start by going through your personal property in order to determine the value which will help determine an estimate for your coverage amount. The value of your belongings should be the amount of personal property coverage you have.
How much liability coverage you need can be difficult to determine. We offer an insurance calculator that can help you determine your needed coverage. In general, a safe estimation is that most renters will need a hundred thousand dollars of liability coverage.
HOW TO GET A DISCOUNT ON YOUR TENANT INSURANCE IN ONTARIO
Renters insurance is pretty cheap, but it is always a good idea to try and save money on your insurance. Some common ways to get a discount include:
• Bundling Insurance Policies
• Being Claims Free
• Having Good Credit
• Being A College Graduate
• Increasing Your Deductible
• Lowering Your Coverage Limits
• Installing A Security System
You should also check with your insurance provider to see what discounts they typically offer. You may be able to get a discount for being a graduate from certain universities, being retired or being a member of a particular union.
WILL TENANT INSURANCE PROTECT MY DOG OR CAT?
Your dog or cat is considered personal property, and you can receive compensation if your dog or cat is injured or killed due to a covered risk. Renters insurance offers you liability coverage with it protecting you if your pet injures someone or destroys property. Liability coverage can protect you from major bills if your dog happens to bite a visitor to your home.
DOES TENANT INSURANCE COVER IDENTITY THEFT?
Tenant insurance typically does not cover identity theft as part of a standard policy. However, it is becoming common for insurance providers to provide identity theft protection. You should check to see if your policy offers identity theft protection and if not it may be a good idea to consider optional insurance coverage for identity theft.
ARE THERE ITEMS NOT COVERED BY RENTERS INSURANCE?
Your renters insurance may not cover certain items. Typically, your policy will have limits on coverage for items such as fine jewelry, expensive bicycles, exercise equipment, and musical instruments. You should review your policy to see if it has exemptions or limits for certain kinds of property.
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