When you rent a house, condo or apartment, you have special insurance needs. While your landlord likely has an insurance policy on the dwelling or apartment building, you'll need to purchase your own insurance to protect your personal belongings and liabilities.
A Tenant Policy is often referred to as "Renter's Insurance". You will need to determine an approximate replacement value of your belongings. This value should reflect the cost of replacing your belongings "new" including taxes, set-up and delivery at today's prices - with no deduction for depreciation. Don't underestimate the value of your personal effects - what would it cost to replace everything from your toothbrush to your leather couch? To get started, you can develop an inventory of your possessions room by room; we have inventory charts available in our office which may be helpful.
All insurance policies have "special limits" on certain types of property and you should talk to us about items that you may have that are limited within your policy. Examples of items with specific limits are bikes, jewellery, musical instruments, professional/business property. These items can be scheduled on your policy for an additional premium. Some of your belongings such as motor vehicles, boats, ATV's and seasonal homes will probably need to be insured separately, so be sure to ask us about insuring them.
Most policies have a $500 deductible that would be applicable in the event of a claim. For example, if you had a loss to your property, you would be responsible for the first $500 of that loss.
Your tenant policy includes personal liability in case you are found legally responsible for bodily injury or property damage to someone else. This coverage applies to you, personally, worldwide. It also includes Tenant’s Legal Liability. For example, your landlord or the insurer of the building could sue you if a candle you left unattended caused a fire that damaged your apartment.
You may be able to reduce your premium with claims-free, age, security system, 3rd floor, sprinklers, fire resistive, Loyalty or deductible discounts.