Renter’s Insurance, also known as Tenant’s Insurance, covers your personal items, lost or stolen, including liability for injuries or property damage, on or off your premise, including worldwide. Even though Tenant insurance isn’t legally required like car insurance, you could be taking a big risk by not choosing to get it. Not every landlord will require Tenant’s Insurance, so it may be up to you to decide if it’s right for you! Here are some of the most frequently asked questions, to give you more information on Tenant’s Insurance.
1. Am I covered by my landlord’s policy?
It is a common misconception that in the case of an emergency and damage to your suite, your landlord will have your unit and belongings covered under their insurance. Realistically this isn’t quite the case. Your landlord’s policy will likely cover the repair of damage to your unit, but not the loss of your furniture, appliances and personal items. When the unexpected happens you could be out of luck and could lose thousands of dollars of personal property without Renter’s Insurance.
2. What will Renter’s Insurance cover?
Tenant Insurance in BC covers three main elements:
- Contents – This covers all your contents in your rental. It will help you avoid paying out of pocket to replace the costs of your personal belongings, which can become quite expensive. (Your insurance provider may need you to provide receipts or photos to prove you owned these items)
- Personal Liability – If you are sued by a neighbour (because of damage incurred to other suites (from water damage or fire for example), the liability will help cover this. It will also come in handy if someone injures themself in your rental and are looking for compensation.
- Additional Living Expenses – If you need to rent another space or live in a hotel while your place is being repaired, tenant’s insurance will help cover these costs.
Learn more about claims for damage or loss in BC here.
3. What about pets?
Are pets covered under general Renter’s Insurance? The short answer is, no they are not. Your furry friend is not considered personal property under Renter’s Insurance. It also won’t cover the expenses of your pet doing damage to your rental or furniture. So, if your new puppy tears up the new couch, unfortunately you’re on your own. However, if your pet harms someone else, this type of liability coverage can potentially be added to your insurance. It is important to discuss the options with your Insurance agent because the agent needs to be informed of your pet for the liability to be covered.
4. What isn’t covered that I might not have thought of?
Surprisingly, Tenant’s Insurance may cover your belongings when they are outside of the home. For example, if your phone is damaged while out for lunch or your bike is stolen from a storage unit outside of your house, the cost of replacing it could potentially be included in your policy. Ask your insurance agent for more info.
5. What does the liability cover?
Accidents happen… but sometimes they are inside your home and may be covered by your Tenant’s Insurance! If your guest takes a fall down the stairs and wants you to pay up, this is an example of where liability coverage can really come in handy. Or, you may be surprised to learn that if your child throws a baseball into a neighbour’s window, your liability insurance may cover that as well. The policy is meant to cover any accidental and unintentional injuries to people or damage to their property.
6. How can I best prepare for the unexpected?
Life is unpredictable. When fire, flood or natural disaster strikes, you will want to be prepared. Many people don’t realize how much their stuff is worth and the high costs of replacing everything from electronics to bedsheets and kitchen utensils. You likely won’t ever regret getting Renter’s Insurance but in the event of an emergency, you will regret not getting it.
Speak to your JMI Insurance agent about your options and rates for renter’s insurance.