Clearing Up the Confusion About Tenant Insurance

Posted by on Jul 04, 2014 in Insurance Advice

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.


So why is insurance for tenants so uncommon compared to insurance for homeowners? Well, there are likely a number of factors at work:
  • 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.
Tenant Insurance is cost-effective, in that it’s not likely to break your bank, but will cover you for many things in the event of fire, theft, water damage and more. It can also protect you against liability, should there be an injury to a person in your unit, or you’re responsible for damage to your unit or someone else’s unit in your building. With that in mind, let’s take a look at some of the most common types of confusion and objections that tenants have about insurance.

“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.
When you start to think about it and tally these things up, it’s quite possible that you have more items around your place than you could afford to replace, particularly after a traumatic event like water damage, or a fire.

“I can’t afford it.”

Unless your budget is already stretched really thin, you probably can. You’ll likely be surprised at how affordable renter’s insurance is: to give a large range, most people could expect to pay somewhere between $12 and $30 per month. In any case, it’s likely less than a dollar a day — and having the peace of mind knowing that your valuables are protected is, for many people, priceless. Speak to Oegema, Nicholson & Associates today about your options for renter’s insurance. We’ll work hand-in-hand with you to craft a policy that fits your needs and ensures that you’re protected against a worst case scenario situation. Or, get a no-obligation quote by submitting your information online. Thanks for reading, The ONA Team  

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