If you’re in a rental – be it a home, apartment, condo, basement/upstairs suite or mobile home – your landlord’s insurance policy will not extend to cover your personal possessions. Here are five ways a tenant’s (also known as renter’s) insurance policy will benefit you, while living in a temporary space.
Protection for Personal Items
A tenant’s insurance policy can cover your personal items from being lost, damaged or stolen. You can get coverage for electronics/computers, sports memorabilia, jewelery, designer clothes and other devices, objects and specialty products.
One thing to consider is the size of your renter’s insurance deductible. A common deductible is $1000. This means you would need to pay $1000 out of pocket in order for your insurance policy to kick in and cover the remainder of the recuperation cost.
It is best to speak to a broker about your possessions and tailor a policy to match your exact needs.
Personal Liability Coverage
Did you know if someone were to get injured while at your rental, you could be held liable for it? If you had a dumbbell on the couch, for instance, and it rolled off and broke the foot of a guest, that guest could sue you for the damages they incurred while visiting you.
Getting liability coverage, through your renter’s insurance, can cover you in the case of a freak/unfortunate accident.
Additional Living Expenses
If you are forced to temporarily relocate due to damage or loss, you can have coverage included for your additional living expenses while out of your dwelling.
In Alberta, residents of Fort McMurray had to relocate for quite a few weeks, in the spring of 2016, due to wildfires. In an unfortunate and unforeseen situation like this, your additional living expenses can help cover the costs of food, shelter and transportation, while you’re away from your residence.
Bundling Discount with Auto Insurance
Surex offers discounts to those who bundle (get two or more) policies. Getting a tenant’s policy will lower the premium amount on your auto insurance plan.
While you’re at it, see what other auto insurance discounts you're eligible for. Other discounts include:
- Group discount
- Credit discount
- Experienced driver discount
- Short commute discount
- Mature citizen discount
- Hybrid vehicle discount
- Anti-theft discount
- Loyalty discount
- Renewal discount
- Claims-free discount
- New business discount
- Flex discount
- Student discount
- Occupation discount
- Multi-vehicle discount
When you bundle your auto insurance with your renter’s insurance, the discount often covers the majority of your tenant’s insurance plan (depending on volume/value of possessions).
Peace of Mind
This is the culmination of all of the previous points. Knowing that the possessions that are yours permanently - while living in a dwelling temporarily - are protected provides peace of mind to you, the insured.
Again, if there are any specialty or extremely valuable possessions you own and want coverage for, a renter’s policy is required to have insurance on those items in the home.
