Protecting your apartment with rental insurance
When you lease an
apartment for rent you need to consider
purchasing rental insurance. A common misunderstanding is that tenants are covered under the landlord's insurance policy. This is not true. Most landlord insurance policies only covers the building itself!
What is covered if you're insured?
Renters insurance covers several incidents and will protect you in case you lose some of your valuables. Renters insurance can also cover:
- Your apartment is damaged and you need to temporarily live somewhere else.
- Your belongings are stolen.
- Your belongings are stolen when your somewhere else. Ex. you get your laptop stolen at school.
- If you do damage to the landlords property.
Deciding on the amount of coverage
You should always make a list of all your belongings with an estimate of their replacement cost. This will give you a basic idea of your coverage needs. After you've done this you need to decide on how much of a deductible you can afford to pay. The deductible is the amount you pay on a claim before the insurance company pays you.
Finding an insurer
If you own a car you should always check with your current car insurance company. They might be able to offer you a good deal since you're already insured with them for your car. They often give discounts if you have several policies with them.
You should also
look on the internet. Many of these sites will give you a quick and free quote just by filling out a form. This will give you an idea of the approximate cost you are looking at.
This is not legal advice. Always ensure that you follow applicable Tenancy and Bylaw Regulations.
