Moving into a new apartment?

Renting a new home or condo unit?

Having tenant insurance may be a requirement for most landlords as part of your lease agreement. From protecting your personal contents, to covering yourself from liability exposures, this page will help you understand the basics of tenant insurance.

Why Should I Buy Tenant Insurance?

While your landlord’s policy may cover the physical building, structures, pipes and other structural parts of the dwelling, it does not cover your contents. In order to protect your personal belongings - like electronics, furniture, or jewelry - from common causes like water damage, fire, and theft, it is important to purchase tenant insurance.

Liability is another important component of tenant insurance. Here are some common occurrences where your liability coverage would protect you against incurred costs for unintentional harm or damage:

  • Your family member is visiting and slips in the bathroom because of some water that is spilled on the floor. You may be held financially responsible for the injured person’s damages.
  • You are baking some cookies and forget them in the oven. Suddenly a kitchen fire forms and extends to damage some neighboring units! You may be held responsible to pay for the damages to your unit along with the other damaged ones.

Needless to say, liability coverage is an essential part of your tenant policy that keeps you covered in the case of unexpected occurrences where you may be held legally and financially responsible for damages.

How Much Insurance Do I Need?

Your coverage limits can be set based on your requirements. While liability coverage has two options - $1 million or $2 million - your contents limit is based entirely on your discretion. As a general practice, you should take an inventory of your valuables and advise your broker / insurance company of any changes so your tenant policy provisions for the right amount.

How Much Does Tenant Insurance Cost?

Tenant insurance premiums are relatively inexpensive, but based on various factors including:

  • The age of the dwelling and its construction details
  • The coverage limits you decide on
  • The location of your dwelling (postal code)
  • Your insurance and claims history

One of the ways to save on tenant insurance is to combine it with your auto insurance. This would provide a 10%-15% on both policies annually.

Whether it’s choosing the right amount of coverage, or shopping around for various pricing options, our licensed brokers at Insurepedia can help you through your tenant insurance purchase. We work with leading insurance companies and guarantee best in-class service to guide you through your insurance needs so you get the coverage you deserve.

If you have any questions about Tenant Insurance or Insurance in general, please feel free to reach out to us.

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