Do I Need To Insure My Apartment?

Houses are expensive. The value of home insurance is obvious—you’re protecting what is, for most people, the most valuable asset they’ll ever own. Fire, water damage, and other types of property damage are all covered by homeowner’s insurance—damage that can add up to hundreds of thousands of dollars.

When it comes to apartment insurance—known in the industry as tenant insurance—many Canadians are a little more hesitant. You don’t own the apartment you live in, so what’s the point of insurance?

We’re here to dispel some myths and help you understand the value of tenant insurance. With tenant insurance, insuring your belongings is affordable—and it can protect you from property damage, liability, and more.

What Is Tenant Insurance?

Tenant insurance is a type of insurance that covers people who rent the property they live in—in this way, it’s different from both homeowner’s insurance and condo insurance. 

Everyone who rents the place they live in can benefit from tenant insurance, no matter how much their personal belongings are worth. Tenant insurance provides a wide range of different coverages. Best of all, tenant insurance is extremely affordable—most Canadians can benefit from coverage for less than $25 a month.

Do I Need Tenant Insurance? 

Tenant insurance offers peace of mind. We’re going to go over coverage in the next section—you’ll find that tenant insurance covers far more than just personal property. 

Imagine a scenario in which your apartment—or another property you’re renting—takes on serious damage. This could be a catastrophe like a fire or a burst pipe—it could also be a burglary or vandalization. You might need to buy new clothes, new furniture, a new computer, food, cooking equipment, makeup, toiletries, medication, cleaning supplies—the list goes on and on. 

That’s all without even talking about jewellery, collectibles, instruments,  and other valuables.

Most of us have tens of thousands of dollars worth of personal property without even realizing it. Few of us have a nest egg large enough to cover these costs. To protect yourself in the case of a catastrophic event, you need tenant insurance.

What Does Tenant Insurance Cover?

Tenant insurance offers broad coverages—you might be surprised at how much you can get, considering it’s relatively low cost. Some of these coverages include:

• Personal property—both in and outside of your home
• Additional living expenses if you need to leave the place you’re renting due to a hazard that’s covered by the insurance. These additional expenses may include hotel fees, food, transportation, and more.
• Personal liability, which we’ll discuss in the next section. This grants you some protection from lawsuits.

Limits vary depending on the level of coverage you purchase. With more comprehensive coverage and higher limits, you’ll generally see a higher premium. These higher premiums can be well worth the cost, depending on the value of your personal property.

You should know that some items, like jewellery and collectibles, often have their own special coverage limits. Don’t worry, though—you can always purchase additional coverage for these items. 

Like all insurance, you can make claims when a risk that’s covered by your tenant insurance policy damages your property. There will be a deductible on your tenant insurance policy—often, you can lower your deductible by paying higher premiums. 

Does Tenant Insurance Include Personal Liability Coverage?

Yes, tenant insurance includes personal liability coverage. This coverage protects you when property damage or unintentional bodily injury is caused to a third party by you or a member of your family. Here are some situations where personal liability coverage may apply:

• When a person is injured by something in the premises you are renting—for example, if they were to slip on a banana peel in your home and hurt themselves
• When a person’s property is damaged by you or a member of your household—for example, if your child were to run into an expensive vase while visiting your neighbour’s home

Legal fees and court fees may also be covered by your personal liability coverage. You may also be covered for injuries caused by pets, but not every tenant insurance policy offers coverage for pet-related incidents as part of its liability coverage. Reviewing your policy in detail with an insurance broker is always a good idea. 

Visit Nation West Insurance for Comprehensive Tenant Insurance Coverage

Tenant insurance is well worth the cost. As you’ve learned, it can cover:

• All of your belongings for damage, theft, and more
• Additional costs if you’re forced to leave your rental unit
• Personal liability

Your tenant insurance policy may cover even more—you may, for example, be entitled to coverage for modern threats like identity theft. There are a number of different hazards, from fires to vandalism, that are covered by tenant insurance. You can purchase coverage for tens of thousands (or even hundreds of thousands) of dollars worth of personal items.

Want to protect yourself and your family from worst-case scenarios? You need tenant insurance. The coverage is highly customizable and offers you peace of mind.
We believe all renters can benefit from tenant insurance. Looking for tenant insurance in Winnipeg? Call Nation West today.