Are you a tenant? It pays to have insurance.
Imagine for a moment that you lost all your belongings in a fire. Could you afford to start over from scratch?
Although your building’s exterior is insured by the owner, everything inside—ALL your belongings—isn’t.
You may even think your belongings aren’t worth being insured.
But… are you sure?
Memories are priceless and special items are irreplaceable. Plus, there’s your laptop, sofa, game console, clothes, and sports equipment. Suddenly your list of insurable items isn’t so short after all!
Make an inventory! You own more than you think.
One of the most common insurance errors is underestimating the cost associated with replacing your belongings.
To ensure you don’t miss anything, make an inventory of all your belongings. This will give you a better idea of the amount you need to insure for. It’s probably more than you’d imagined!
Fortunately for you (and your wallet), when you have insurance coverage, it’s your insurer who will reimburse you for any damage or loss resulting from a theft, fire, or any other claim covered by your contract.
What’s more, your insurance also covers any items you’ve been lugging around in your car, have left temporarily at a friend’s house, or brought with you on vacation. We’re talking important items like your smartphone, tablet, and wireless earbuds, among other things.
Make sure you have civil liability coverage
We can’t anticipate everything in life. But for peace of mind, nothing beats civil liability coverage—which is included in all our tenant insurance contracts.
This incredibly important coverage protects you against property damage or bodily injury that you may unintentionally cause to others.
Whether it’s a fire you accidentally started in your building when you forgot to turn off the oven, or the flood caused by your overflowing bathtub, you are at risk of being sued for any damage you’ve caused.
No one wants to be surprised with a bill for hundreds of thousands of dollars!
Without insurance, you will be responsible for the entire cost. But when you have coverage, your insurer will foot the bill. Talk about taking a load off! ?
What factors affect insurance rate?
Tenant’s insurance is not offered on a fixed-rate basis. Premiums vary from one person to the next based on such factors as:
- The amount of coverage you need for your belongings.
- Where you’re located.
- Your claims history.
Am I covered by my parents' insurance?
Not necessarily! For example, if you are living temporarily somewhere else, your parents’ insurance will only cover you if you are a dependant and a full-time student. In that case, civil liability will cover you for the amount of the belongings stipulated in the insurance contract.
Otherwise, you will need to get insurance protection for yourself!
Rest assured: This means adding a small supplemental cost to your monthly expenses—which will help you avoid any potential future catastrophes.
Insurance just makes sense! It’s a small price to pay for big peace of mind.