If you rent an apartment or house,
tenant’s insurance makes good sense.
Too often, renters think they don’t need insurance, or that they cannot afford it.
According to the Insurance Bureau of Canada, about 50% of all renters don’t take out any kind of tenant’s insurance. Unfortunately, these type of misconceptions have landed a lot of renters in hot water. Tenant’s insurance is available to help you replace your belongings after a loss due to theft, fire, or water damage. Equally important, it protects you in the event that you cause damage to your building or fellow tenants’ belongings.
DID YOU KNOW?
Many large realty companies are now making it mandatory for tenants to have tenant’s insurance to protect themselves, their neighbours, and their building from damages and loss.
Though you may not think you own many valuable items, the fact is, your belongings add up! Think about all of your electronics; your collection of DVD’s, books, and video games; your decorative items and furniture; and all of your clothes. Now think about having to replace all of those items at once.
Even if you’re not worried about your own belongings, you should be worried about your fellow tenants’ belongings, because if you are found responsible for even unintentional damage, you could still be held liable.