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Your guide to tenant insurance essentials.
Gain homeowner-level coverage as a tenant, with personal liability, accidental damage, bodily injury and more. The simplest, most affordable coverage on the market, in just a few clicks.
Rent with confidence, and pay as little as $10/ month.
With the right coverage, you can enjoy peace of mind knowing that your personal property is protected, making renters insurance the right fit for your peace of mind and financial security.
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Do more, spend less with our bundle & save options. Combine a tenant policy with your auto insurance to earn up to 30% in savings and manage both policies with one easy payment.
Coverages
Get to know what’s covered with your auto insurance in Ontario.
Your Belongings
Protection for the contents in your rental, such as electronics, furniture, clothing, artwork, jewelry and other personal items.
Cost of Living Expenses
Should anything happen to your rental, such as fire or flood, this covers expenses including hotel rooms, restaurant meals, storage and other costs associated with being displaced from your residence.
Liability
This will protect you financially, in the event of injury or damage at the property during your lease.
Optional Coverages
If you’re seeking enhanced protection for yourself and your belongings, consider these optional add-ons to be included with your policy.
Scheduled Personal Property
If you have valuable items like jewelry, art, electronics, or collectibles, you can schedule them separately on your policy to ensure they are adequately covered. This allows you to have specific coverage limits for high-value items.
Additional Liability
You can increase your liability coverage limits beyond the standard amount provided by your policy. This is useful if you want extra protection in case you are found liable for injuries or property damage to others.
Identity Theft Protection
This coverage helps you recover from the financial losses and hassle associated with identity theft, including legal fees, credit monitoring, and identity restoration services.
Water Damage
Some tenant insurance policies may not cover certain types of water damage, such as sewer backups or flooding. You can add water damage coverage as an optional endorsement.
Replacement Cost
Standard tenant insurance may reimburse you for the actual cash value of your belongings (the depreciated value). You can opt for replacement cost coverage, which provides compensation to replace your items with new ones of similar kind and quality.
Loss Of Use
While this coverage is often included in standard policies, you can increase the coverage limit if you want more financial assistance for temporary living expenses while your rented property is uninhabitable due to a covered loss.
Home Business
If you run a small business from your rented property, you may need to add coverage for your business equipment and liability related to your business activities.
Extended Replacement Cost
This coverage goes beyond replacement cost coverage, allowing for additional coverage above the policy limits to rebuild your rental unit if it's destroyed. It's helpful in cases where rebuilding costs exceed the policy limit.
Frequently asked questions
It’s never too late to learn more about your eligible coverage as a tenant.
This commonly includes coverage for personal property, liability protection, additional living expenses, and sometimes medical payments to others. Personal property coverage can help replace or repair your belongings in the event of theft, fire, vandalism, or other covered perils. Liability coverage can protect you if someone is injured on your rented property, and medical payments coverage can assist with medical expenses for guests injured on your property.
The cost of tenant insurance can vary based on several factors, including the location of your rental property, the amount of coverage you need, your deductible, and any additional endorsements you may choose. On average, tenant insurance is relatively affordable, often costing less than $20 to $30 per month. To get an accurate quote, it’s best to contact insurance providers and provide them with the specific details of your situation.
Tenant insurance is generally not legally required in most places, it is highly recommended for all renters. Without tenant insurance, you could be financially vulnerable to the loss of personal property due to unforeseen events like theft, fire, or natural disasters. Additionally, liability protection can be crucial in case someone is injured on your rented premises, potentially saving you from expensive legal fees and settlements. Many landlords also require tenants to have renters insurance as a condition of the lease, so it’s essential to check your lease agreement to understand any specific requirements your landlord may have. Ultimately, having tenant insurance offers peace of mind and financial protection in various situations.
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