insurance broker discussing tenant insurance with couple

Why You Need Tenant Insurance If You're Renting

Did you know that nearly 50% of renters in Canada don't have tenant's insurance? If you are renting, you may think that your landlord's insurance covers your apartment, condo, or home. While this is true, your landlord's insurance only covers the structure, not your belongings. 

If there is a fire, flood, leak, or another disaster that ruins your things, your landlord's insurance is not going to cover any of your possessions. You may be out thousands of dollars or more depending on the value of your belongings. One way to avoid this from happening is to properly insure your possessions with tenant insurance.

Still not convinced? Read on to learn more about what tenant insurance covers and why you definitely need it.


Do You Need Tenant Insurance?

You might think that you don't need tenant insurance because your landlord's insurance will cover you or because you don't have anything worth a lot of money. Both of these thoughts are wrong.

Your landlord insures the structures, not the contents. Their insurance will not cover your belongings, only the costs to repair the actual structure. If you lose everything due to a fire, flood, water leak, or other covered event, you are out of luck if you don't have insurance.

You may also think that your belongings aren't worth much, but think about the cost to replace everything. If there is a fire, for example, and you lose everything, think about how much it would be to replace your furniture, all of your clothing, your household items, and anything else that may have been in the home.

Tenant insurance is very affordable and for a small premium each month, you can rest easy knowing you are covered should anything happen.

What Does Tenant Insurance Cover?

Tenant insurance will cover the contents of the home that you are renting, including:

  • Clothing
  • Household items
  • Computers and electronics
  • Instruments
  • Sports equipment
  • Any other contents of your home

Not only does tenant insurance cover the cost to replace these items in the event of a natural or another disaster, but it will also cover the cost to replace them if they are stolen, lost, or damaged.

In addition to the contents of your home, your tenant insurance will also pay for additional living expenses if your home becomes uninhabitable. If you need to move out because the location is unsafe or you must move out while repairs are being made, tenant insurance will pay for moving and housing costs until you can move back in or find a new place to live.

Tenant insurance also provides liability coverage to you. If someone who does not live with you gets hurt on your property, your tenant insurance will cover any medical expenses if you are at fault for the injury or accident.

Don't Delay On Tenant Insurance

Don't put off getting tenant insurance until it is too late. Simply filling out some paperwork and paying a modest premium can put you on the road to adequately insuring your belongings. Hopefully, you will never need to use it, but knowing that it is available should anything happen is well worth the cost.

If you are ready to take out a tenant insurance policy in Sherwood Park, St. Albert or surrounding areas, contact us at Tailor Made Insurance to get a policy that is right for you and your situation.