Are You Sure You Don’t Need Tenant Insurance?
We hear a lot of misconceptions when it comes to tenant insurance. Unfortunately, we also hear about those people who lose everything in an apartment building fire and have no insurance. We wanted to address the most common myths we have come across with tenant insurance.
My Landlord’s Insurance Covers Me.
That is not true with the possible exception that your landlord is an immediate family member and you are listed on their policy as the occupant. Your landlord will carry insurance for the building but it will not cover your belongings or provide you with liability coverage. In order to have coverage for your belongings and liability you will need to carry your own tenant policy.
I Don’t Have Much. I Don’t Need Insurance.
For some people that may be true. However, for most people if they truly took stock of their belongings and determined the value of their contents they would be a little concerned about the potential of it all going up in flames. Your belongings include everything that you own and that you would be able to take with you if you were moving out. Your furniture, your clothing, your jewellery, your kitchen supplies, your bike, etc. The value of all of your belongings can be quite surprising once you create an inventory. This is especially true if you have children. You may not even realize how much is there until you make that list and add up the values. All of that stuff would be difficult to replace with new items at today’s prices. Realistically, most people could not afford to replace their belongings without insurance.
I Can’t Afford Insurance.
Tenant insurance is affordable and, depending on your coverage selections and postal code, can be under $200 for the year. Monthly payment plans are also available.
I Live With My Boyfriend. His Insurance Covers Me.
If you are living with your significant other it is important to confirm coverage before assuming you have protection for your belongings. Insurance companies each have their own rules for when they consider a common-law spouse an insured. Many companies require you to be continuously living together for at least 2 years (or more depending on the company) before they consider you a spouse and cover your belongings and extend liability coverage to you. This length of time can shorten to be 1 year if you have a child together. Talk to your broker. You may both need to be listed on the policy or you may both require separate policies depending on the situation.
A Few More Things To Keep In Mind.
-If you cause property damage to your apartment, the building, or your neighbour’s contents, you could be held legally liable for that damage. (Example: you leave a pot on the stove and it starts a fire.) This is a big part of the reason many landlords require you to have this coverage. You could also be held liable if someone injures themselves on your property. Liability insurance is included in all tenant policies.
-Your tenant policy does not provide coverage for unlicensed vehicles. You will need an auto policy to cover your vehicles while they are unlicensed.
-You may already have coverage. If you are a student living away from home for school and you are still a dependent you may have coverage through your parent’s home policy. Many home polices allow a limited amount of belongings and liability extended to students away from home for school. A similar coverage is extended to spouses, parents, grandparents, and children while away living in an approved nursing home. Please contact your broker to confirm you have this coverage and that the amount of belongings covered is sufficient.
If you have any questions or if you would like a free quote please contact our office. We are here to help!
In Regina In Saskatoon
(306) 525-0888 (Broad) (306) 244-7000 (3rd Avenue)
(306) 525-0777 (Quance) (306) 244-3000 (51st Street)
(306) 525-0113 (Albert)