Tenant insurance is all about the basics
Calling all millenials and Gen Z who don’t own a property yet and are renting away, this blog’s just for you.
When it comes to tenant insurance, the easiest way to understand why it’s important is to understand the situations that are most relevant to you and how it can make a difference.
No, it is absolutely untrue that your landlord having their own insurance for the property you’re occupying is all you need. In most cases, the landlord’s insurance will only cover structural damage to the unit or damage caused by neighbouring homes (ex. Leaks, fires).
Planning a party and have someone get seriously hurt or cause damage to the property? It’s on you if you don’t have liability tenant insurance. With the lifestyle changes we’ve all made over the past year-and-a-half, maybe you’ve set up more gym equipment at home. If you happen to drop it by accident or somehow hurt someone with it, you could be liable.
Even when you’re blameless for damage to the property so bad you have no choice but to leave and you know the landlord’s insurance is there to handle it, tenant insurance can cover your moving costs as well provide reimbursement for a reasonable amount of meals you would have normally cooked at home.
Have a roommate who has coverage? Don’t assume you're safe. Tenant insurance is designed to cover the policyholder’s valuables and so unless they’ve been kind enough to include you specifically, you’re on your own. If you’re a student studying away from home reading this, get help from your parents in sorting this out if you can. They may very well have your personal belongings protected in their own home insurance policy and so that may be one less thing for you to worry about. The other possibilities are still worth considering.
Taking the time to calculate an accurate estimate of how much your electronics, furniture, clothing, jewelry, and appliances are worth is crucial in figuring out just how much protection you need.
While it’s not mandatory in Canada, it’s cheaper (most policies are around $25 per month) than home insurance when you own a property, it protects your most valued personal belongings, and as always, provides you with that all-important peace of mind. Oh, don’t forget to bundle it with your car insurance if you have one to get a discount!
*The New Client 2.10% Interest Rate and $150 Cash Bonus Bundle Offer (the "Offer") is available to new Tangerine Clients who: (a) have a Client Number created between November 24, 2020 and July 31, 2021, (b) become a Tangerine Client using the Promo Code “EARNMORE”, (c) open an Applicable Savings Account within 30 days of the date their Client Number was created, and (d) open a Tangerine Chequing Account within 30 days of the date their Client Number was created (collectively the “Offer Qualifying Conditions”). The 2.10% Promotional Rate will apply to deposits made to an Eligible Client’s Applicable Savings Account(s) for 153 days (5 months) beginning on the date all Offer Qualifying Conditions have been met, to a maximum of $1,000,000 (in the currency of the Applicable Account) per Applicable Savings Account Type (for deposits to registered Applicable Savings Accounts made through a T2033 form, please see the full Offer Terms and Conditions). The Promotional Rate is an annualized rate, calculated daily and paid monthly. To be eligible for the $150 Cash Bonus, in addition to meeting all Offer Qualifying Conditions, an Eligible Client must switch their eligible payroll direct deposit for at least 3 consecutive months and must have the first payroll direct deposit received in their Tangerine Chequing Account within 60 days of Chequing Account opening. Limit of one (1) Cash Bonus per Primary Account Holder. The Offer is only applicable to Accounts where the Eligible Client is the Primary Account Holder. Offer is not transferable and can’t be combined with other promotional savings rate offers or chequing cash bonus offers. Full Offer Terms and Conditions, including definitions of any capitalized terms and a list of eligible payroll direct deposits, are available here. Offer may be changed, extended or cancelled without notice.