Many renters don’t bother with renter’s insurance (aka tenant’s insurance) even though their belongings are at the same risk of loss, theft or damage as someone who owns their own home. Renters may also be held liable in the event they cause inadvertent damage to other tenants’ property, and they may face unexpected costs if their building is evacuated for some reason. Renter’s insurance is designed to handle these types of risks. Accidents and disasters do happen, here are the reasons you should seriously consider getting renter’s insurance.
Is Your Property At Risk?
If you’re a renter and you don’t have proper coverage, you could be putting yourself at risk in the event of property damage or theft. Break-ins have steadily declined in Canada since 1981, but they still accounted for 15 percent of all property-related offenses in 2011, according to Statistics Canada. Renter’s insurance can reduce the negative financial impact that results from a break-in.
The threat of crime and other mishaps can also threaten a renter’s property. This might surprise you but you landlord’s coverage does not extend to the possessions contained within your apartment or condo. As a renter, you’re not just responsible for damage to your own apartment. You could even be held liable for extremely unlikely accidents that end up damaging another person’s property.
Reasons to invest in renter’s insurance
- Protects against personal property loss. Many renters update their homes by upgrading fixtures, painting walls and much more. In the event of a robbery, fire or other property damage, renter’s insurance can help you recover some of your losses.
- Reduces personal liability. Accidents happen, and renter’s insurance can take care of liability expenses and emergency care in case someone slips or falls and an injury or lawsuit arises.
- Covers emergency living expenses. Renters insurance will often take care of the cost of accommodation and restaurant bills if you can’t live in your apartment because of a natural disaster or fire.
Steps to protect your rented home
When looking for apartments, speak with your landlord about whether they offer rental insurance options with the lease. Remember to make a note of any smoke detectors, security systems and other safety items in the unit before calling your insurance company for quotes. These safety features could reduce your policy rate. If you already have a car or another kind of insurance policy with a carrier, you can ask about multi-policy discounts and try to save some money.
Would you risk losing all your valuables? Hub Insurance offers affordable protection for as low as $19/month. For the price of four caramel macchiatos a month, you can protect your apartment and your possessions. Click here for more information.