It may have just dawned on you now that if your possessions at your rented apartment were stolen, you’d have to replace them. At today’s prices, those items may be many thousands of dollars.
If you damaged something in your rented place, such as the windows, furnace or refrigerator, you might have to fix it using your own funds. That’s very pricey.
Often, renters with expensive items and those living in upscale condos will be concerned with renter’s insurance, or tenants insurance as some call it. You landlord should discuss property liability because all too often there are huge gaps in the landlord’s property or home insurance policy. The tenant is often unaware they are legally liable for repairs or replacement of items. Such repairs are often very expensive and could be ruinous to your financial health.
Another element to consider is that the renters above you may not have insurance nor the means to repair all of your items after they cause a flood that rains down on your possessions. In this case, you need to have your own insurance coverage.
So now you’re looking into the matter and wondering what is covered under renter’s insurance policies and what benefits you should look for. You need basic liability coverage and content coverage.
Each insurance company provides different coverages. Here’s a laundry list of coverage including:
- Vandalism and malicious damage by others
- Theft of jewelry, electronics, bicycles, sports gear, boats, and clothing
- Damage to range, fridge, A/C, heating or other mechanical systems
- Problems with plumbing and frozen pipes
- Fire and smoke
- Lightning and hail storms
- Broken windows or expensive mirrors
- Damage to other tenant’s property
- Injury to your visitors
- Temporary lodgings during unit repairs
There are other perils or hazards that you may be able to get coverage for such as:
- Sewer backup
Some perils or threats will generally not be covered such as power surges/failures, your neglect of the property, and acts of war,
It’s recommended now that you carry $1 million in liability coverage. When you request a quote from us, we can search for the best rates for premiums and lower deductibles. A higher deductible (portion you have to pay when you make a claim) will result in lower premiums.
2013 was a year of flooding for many people in Ontario and if your residence is a basement apartment or is in a low lying geographical area, flood damage coverage is a wise choice. It is a major threat in such a circumstance.
The presence of a security system in your apartment may help to bring your assessed risk down and result in lower rates.
You can choose between full all-risk coverage or named perils. If you have actual cash value coverage, you are entitled to the actual price you paid for it, minus depreciation. In this case, you would want replacement value coverage.
One more type of coverage you’d be wise to have is additional living expenses. If your accommodation isn’t habitable, you would need to find somewhere else to live. That might difficult, so the additional living expense coverage will pay for accommodations, meals and other expenses (up to a daily limit).
Actual coverage provided by insurers will vary as will your premiums. The best advice here is to speak to one of our agents about the best renters insurance policy items for you.
Whether no fault insurance in Ontario has worked is still up for debate, you still have to work with an insurance broker to find the best policy for you. We may think we have high insurance rates, but a look at what drivers are paying in the US, and you get a more balanced perspective.