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The Value of Renters Insurance

April 5th, 2012  |  Home Insurance

While most of the attention is placed on homeowners and auto insurance, renters insurance is a very important form of coverage that should not be overlooked by people who rent in Ontario. Whether you are renting a condo, apartment unit, house, or basement bedroom, renters insurance will provide you with the protection you need in case of unforeseen circumstances.

The truth is that many landlords, especially in high end rental units, require that renters have proof of renters insurance prior to them being accepted as tenants. And, the truth is that it is well worth the small monthly fee.

A secondary benefit to renters insurance is that it can be bundled with your automobile insurance and actually provide you with a discounted rate.

What is renters insurance?

  • Renters insurance is very similar to home owners insurance, except it is catered specifically to the needs of people who rent as opposed to own. Policies typically protect them against things like:
  • Fires and floods
  • Burglary and home invasion
  • Damage caused by natural disasters
  • While it is optional, it makes sense for renters to have the protection. Renters with this form of insurance can take piece of mind in knowing that they are protected if something goes wrong.

Why renters should have insurance too

  • Many renters make the incorrect assumption that if something were to occur to their home while renting, it will be covered by the owner of the home or apartment. The truth is that in most cases, the owners insurance will only cover damage or loss to their physical home. This does not include your personal belongings.
  • Here are some additional reasons why renters should have insurance:
  • It protects your personal belongings in case of theft or fire
  • It will help cover the cost of living arrangements if your home becomes unlivable
  • The insurance covers the cost of accidents that occur on your rental property
  • Renters insurance is very affordable and only a small portion of the cost of home owners insurance
  • Many companies offer insurance rate discounts for their employees. Take advantage of the already reasons rates

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