Your Tenant Insurance policy has three options for the form of coverage to protect your Personal Belongings; Basic, Enhanced and Extended Water. The Basic is the least expensive and Enhanced with Extended Water is the most expensive. The following is a brief overview of the three forms of coverage. For all three forms of coverage, there are some types of property which are not insured such as business property, and all three include the same Personal Liability protection.
Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.
According to the Insurance Bureau of Canada, about half of Canadian renters don't have renter's insurance. Many people believe that their landlord's insurance will cover any losses from a disaster, from storm damage to fire.
Major fires like the August 2018 blaze at 650 Parliament St. in Toronto, which left about 1,500 people without homes, highlight the importance of renter's insurance. An electrical fire displaced the residents, who have been told they won't be able to return until June 2019 at the earliest.
Renter's insurance can help after a fire damaged a rented apartment. It can also provide coverage in case visitors are injured while in your apartment, or you've suffered a break-in and theft.
Basic: As its name implies, this is a very basic form of coverage. Your personal belongings will be insured against a variety of events that can happen, but only if they are directly caused by one of the 15 'named perils' listed in the policy wording. Examples of events that would be covered by the Basic form are: Fire, Windstorm, Theft and Vandalism.
Enhanced: The Enhanced form is far superior to the Basic form because instead of listing specific events or 'named perils' that are covered, the Enhanced form covers every event that is not excluded. There are 23 exclusions.
Extended Water: You have basic water damage coverage on your policy that will protect you in case water escapes from a water main or plumbing system, or if another insured peril (fire, lightning etc) creates a hole in your home and causes water to enter through the new hole.
By adding Extended Water Coverage to your policy you will also be covered in the event that your sewer, storm drain or septic tank backs up and causes water to escape into your home.
Tenant insurance can be very affordable a basic policy can be purchased for as little as $14/month. Get peace of mind and confidence knowing your property and accidents you cause are covered by the best policy in Canada.
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Many people don't think about personal liability insurance until a visitor is injured. If someone is visiting your apartment and slips and falls, you may be liable for medical costs or replacement of lost wages. Renter's insurance can include personal liability coverage that will cover accidents, unintentional injuries, and mishaps like accidentally leaving the water running and flooding the unit below.
When considering renter's or tenant's insurance, it's wise to consider your personal situation and what kind of coverage you need. Renter's insurance can be very affordable.
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