Get a Tenant Insurance Quote
First Foundation makes it easy to get a quote for your tenant insurance and our friendly brokers can get you the policy you need.
What is Tenant Insurance?
As a tenant, you have personal belongings to protect just like your landlord does. However, your landlord’s property insurance does not protect any of your possessions. That’s why it’s important to purchase tenant insurance (also known as renter’s insurance), if you want to ensure your home and contents are fully protected.
In addition, you also have rights and responsibilities just like your landlord does. While it’s your landlord’s responsibility to provide you with a safe place to live, it is your responsibility to pay for any damage you cause to the property and to make sure guests are not physically harmed while on the property. Tenant insurance not only provides coverage for your personal belongings, it also helps you fulfill your responsibilities as a tenant and protects you from situations beyond your control.
What Does Tenant Insurance Cover?
Tenant insurance can provide protection for renters in several areas:
- Tenants content insurance protects the contents of the dwelling (your possessions) in case of an event like a fire, flood, or robbery.
- Tenants liability coverage also provides personal liability coverage for tenants in the event that someone is injured on the property. This will cover the renter’s legal fees if they are sued as a result of an incident that occurs in their rental unit. In addition, some renter’s insurance policies include additional living expense coverage. This provision can help you pay for any unexpected living expenses you incur if you are forced to move out of your rental unit while it is being repaired or replaced.
Do I Need Tenant Insurance?
Many landlords require that their renters purchase tenant insurance before signing a lease. Even if it’s not a requirement, tenant insurance is a good idea for renters as it can provide protection in a variety of circumstances including:
- Damage to your personal belongings caused by fire, flood, or other extreme weather conditions
- Loss of your personal belonging due to theft
- Personal injury lawsuits
- Accidental damage to the rental property
- Extra living costs incurred if you are forced to leave your home
In addition to providing a broad range of coverage, tenant insurance is also very affordable compared to other types of insurance. If you’re a renter and you want to maintain peace of mind, tenant insurance is both a wise and an affordable investment.
Tips from First Foundation
A number of Canadian companies offer tenants liability and content insurance, and not all tenants insurance policies are the same. Some policies, for example, will provide coverage for all of your possessions, while others are designed to protect only certain possessions that are named on the policy. In addition, some policies will cover the actual cash value of your possessions, while others will cover the replacement cost. By knowing the difference between the types of coverage offered, you can ensure that there will be no surprises if you end up making a claim.
That’s why it’s a good idea to talk to an insurance broker to compare renters insurance quotes and make sure the policy you choose is right for you.