Do You Really Need Renters / Tenant Insurance


If you are like many of us who rent apartments, you probably don’t think about renters / tenant insurance. After all, you don’t own the apartment – why would you need insurance for it? It’s important to remember that you are not insuring the apartment itself; rather, you are insuring your possessions that are inside of the apartment. Renters Insurance

There are many factors that are beyond your control when you live in a rental apartment building. Chief among them is that you cannot predict or plan for what your neighbours will do. A good example is a kitchen fire in your neighbour’s suite that may spread to yours. If you’re not insured, you’ve lost possibly irreplaceable items despite your best efforts.

According to the Insurance Bureau of Canada, about half of all renters in this country don’t have insurance of any kind. In some cases, having tenant insurance is even written into your lease as a requirement for tenancy. In the 2005 case of Stanbar v. Joseph Rooke, the Ontario Superior Court of Justice upheld that tenant insurance coverage, if required in the lease, is enforceable and can be grounds for eviction.

Even if the requirement for tenant insurance is not written into your lease, it is a very good idea to invest in it. In addition to protecting your own belongings, if anything happens in your apartment that causes damage to the building you may be asked to pay for it by your landlord. What if you leave a faucet running that causes water damage to your suite or other suites? This is considered damage that is preventable and you may need to hand over the cash to pay for the repairs. Your tenant insurance will cover you!

Looking at the big picture, many of us think that we simply do not want to spend money to insure our old couch. However, it’s important to remember that we have smaller items that would benefit from being covered under a tenant’s insurance plan (such as jewelry). You may not think it possible, but you can be burglarized while living in an apartment building. Most of us feel safe that your apartment will not be broken into, but if it is you will want the peace of mind that comes with having tenant insurance to cover your valuables.

As a general rule, most tenant insurance premiums will run you approximately $100 – $500 per year. They are based on the value of contents you claim, so more expensive items on the list may make the final amount run a little higher. In the end, it’s a small amount to pay for the knowledge that you and your belongings are protected in the event of life’s unpredictable moments. After all, who wants to spend thousands to replace their entire wardrobe? Feel safe and secure and research your tenant insurance options today!

The Team
Apartments for Rent Made Easy