Clearing Up the Confusion About Tenant Insurance
Posted by on Jul 04, 2014 in
For many people who live in apartment buildings throughout Ottawa, the idea of renter’s insurance or tenant’s insurance is often overlooked. While nearly 97% of homeowners in Canada carry home insurance, less than half of all renters carry tenant’s insurance.
- Tenants are confused about what’s insured, and/or mistakenly believe that they’re covered by their landlord;
- Tenants drastically underestimate the value of the possessions in their unit;
- People who rent believe that insurance is another cost that they can’t afford.
“I’m sure my landlord has insurance.”Yes, they do, but in all likelihood that only covers the building itself. So that means all of your personal belongings wouldn’t be covered in case of a catastrophic event. Tenant’s insurance can also cover you against liability. Say, for example, you leave a tap running or a pot on the stove and there is damage to your unit and/or the damage spreads to other units. You can be held liable for that, so it’s best to be covered.
“I don’t have much worth keeping.”Many people tend to underestimate the value of their possessions. Think about a fairly-typical, middle-class household in 2014:
- Furniture: bed, dressers, nightstands, couches, chairs, dining table, coffee table, bookshelves, lamps, etc.
- Electronics: television, cable box, video games, computer & accessories, monitor, networking equipment, phone, tablet, etc.
- Kitchen appliances
- Personal: clothes, jewelry, rings, timeless keepsakes, etc.
- Misc.: books, movies, games, musical instruments, etc.