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 from scratch?  The building and its exterior are insured by the owner, but everything inside (that means ALL of your stuff), isn’t. ☹

Maybe you think that your belongings aren’t worth enough to be insured. But are you sure? Even if memories are priceless and certain items you own are irreplaceable, there’s still your laptop, that sofa you love so much, the cookware you were gifted as a housewarming present, your clothes and the sports equipment. It doesn’t take long for that list of insurable items to become longer than you originally thought!

Take inventory: It’s worth it!

It’s common to underestimate the real replacement cost of what belongs to us. Need to figure out the cost? Take an inventory of your belongings.  This will give you a ballpark of how much it would take to replace them. Don’t be surprised by the amount – it’s probably a lot higher than you originally thought!

Fortunately for you (and your wallet), when you have coverage, it is up to the insurer to reimburse for the damages suffered following a fire, theft or any other disaster covered by your contract.

And, as a bonus, the insurance also covers the items that you lug around in your car, the pieces you temporarily drop off with friends or even the things you bring on a trip! You know, the important stuff like your cell phone, your tablet or your wireless headphones…

No personal liability insurance: Your worst nightmare

Let’s face it, you can’t predict everything in life. But the personal liability insurance included in all tenant insurance contracts brings peace of mind.

This ultra-important insurance is your best friend when it comes to protecting you against property damage or bodily injury that you may cause to others unintentionally. Whether it’s a fire in your building from that time you forgot to turn off the oven or a friend of yours who slips on your floor and breaks a leg, you always run the risk of being sued for the damages you have caused. And let’s face it, nobody wants to receive a surprise bill for hundreds of thousands of dollars!

Without insurance, you’ll be stuck with the cost (your bank account is not going to be happy). However, if you’ve got a policy, your insurer will take care of the costs and you can breathe easy. ☺

Am I still insured by my parents’ policy?

Not necessarily! For example, if you are temporarily residing away from home, your parents’ insurance will only cover you if you are dependent on them because you’re a full-time student. If that’s the case, you’re then covered for personal liabilities and for the amount of goods stipulated by the contract.

Otherwise, it’s up to you to protect what’s yours by purchasing your own insurance.

Having an insurance policy means adding a small additional amount to your monthly budget, but it covers situations that could turn out to be way more expensive!

Insurance makes sense: It buys you peace of mind…at a low price!