Tenant insurance protects you from loss or damage to your personal belongings, any valuables, personal injury and the cost of repairs and living expenses if you require temporary move to another location while the repairs are being carried at your building due to an insured loss.
Do I need tenant insurance?
While your landlord’s building insurance policy protects the building and common grounds, it doesn’t cover your personal property and liability. Insuring your personal belongings and personal liability exposures that you face is your responsibility and this protection can be provided under a Tenants Package policy.
Additionally, a tenant insurance policy may be required by your landlord as a condition of the lease. Having the right plan designed for your needs and lifestyle shows that you’re a good tenant — it also ensures comprehensive protection for you.
What does tenant insurance cover?
Tenant insurance splits between two major types of coverages: personal property damage and liability.
Personal property damage covers losses concerning personal belongings and temporary living expenses.
Liability provides coverage for property damage or injury caused to others due to your negligence.
- “All-Risks” or “Named Perils” coverage: protects you from multiple perils, such as fires, water damage and weather-related damage that extends to your unit.
- Replacement cost: this coverage is designed to provide financial assistance for replacing insured items without factoring in the cost of depreciation. Compensation at current market prices enables the replacement of your essentials without additional out-of-pocket costs.
- Living expenses: in case of severe damage that renders your rental unit unliveable and you need to vacate the premises and/or find temporary shelter. Whether it’s a short-term rental or a hotel room, receive financial aid for temporary living expense, eliminating the burden of increased rent payments.
- Liability: protects you if you are held responsible for causing damage to property of others or causing injury due to your negligence.
Ask Our Brokers
Our brokers at BrokerLink understand renting, whether it’s for the short-term as you save up for your own space or a long-term, hassle-free living solution.
- Tell us about your personal belongings
- Compare quotes: compare policies for tenant insurance from leading Canadian providers. Our insurance brokers tailor the best plans for your needs and budget. We’ll advise on how you can maximize your savings for your insurance premiums. Whether it’s through security upgrades or multi-policy bundles.
- Enjoy peace of mind: sit back and relax, knowing that your personal belongings will be protected by tenant insurance, with a reliable claims service if you ever need it.
BrokerLink’s team of trained experts will help you find the renter’s insurance you need to give you peace of mind as you save money.
We find and compare insurance products from trusted providers so that you get the insurance you need at the right price. No bells and whistles. No hidden fees.
Submitting for an online quote is quick and easy, plus ;you’ll have the help of our support team with a simple phone call. Get a quote online today and protect your personal property.
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