Tenant insurance – or renters insurance – is important insurance coverage for Ontario residents living in apartments or condos, and is different from building insurance.
Tenant Insurance Offers Both Contents & Liability Coverage
Tenant insurance (often referred to as renters insurance) protects the things that you own, not the physical building you live in.
Tenant insurance can also offers you a liability coverage for the contents of your unit, which means you are protected from being sued for damanges in the case that someone slips or falls in our around your unit.
The liability portion of your policy helps cover any payments you may have to make to the injured party, as well as the lawyer and court costs. It is recommended that you have at least $2 million in liability to be fully protected. It is a very small increase in your premium that could save you a lot of money later.
What Does Your Tenant Insurance Protect You From?
Tenant insurance helps protect you against identity fraud, fires, sewage backups, overland water (flooding water), or situations where your space becomes inhabitable.
If there was a break in, fire, or flood (even if it does not originate in your unit), your tenants insurance will help pay for replacement items and somewhere to stay until you can return.
Tenant insurance tends to be a very low monthly cost, which means that you can feel protected.
TENANTS TIP: Make a Record Of Your Belongings
The best way to speed up the process if you do have a claim is to have a record of your belongings. Keeping receipts and having photos of your space will never hurt!
Talking to a broker about your specific needs is the best way to understand your coverage, as well as insure your contents for the right amount.
Is Your Tenant Insurance Right?
It won't take long to find out! Talk to a McConville Omni for a no-obligation review of your policy and determine if you're covered the way you want to be.