Tenant insurance is all about the basics

Written by: Vivek Jacob
July 6, 2021
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!

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