Why Tenant Insurance is Important

Why Tenant Insurance is Important

Did you know that there are over 300,000 apartment theft and vandalism cases each year in Canada, 81% of fire and water damage claims are caused by tenants (not the landlord), 24% of residential fires are apartment fires in Canada, the average apartment fire in Canada costs $100,000, 25% of tenant related fires start in the kitchen and the average repairs in Ontario for cooking fires cost over $70,000?

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It is important to educate ourselves on the importance of tenant insurance. Keep reading for commonly asked questions and answers and feel free to download and print our Tenant Insurance document.

Q: WHAT IF MY LANDLORD HAS INSURANCE?

A: While your landlord’s policy does provide insurance coverage on the building, that insurance is in place to protect the structure and the landlord’s own personal liability in case someone is injured on the property – not your possessions.

 

Q: WHAT IF I DON’T OWN THAT MUCH?

A: Though you may not think your possessions would present a significant loss to you, take an inventory and you’ll see how quickly the value adds up. You don’t need to have big screen televisions or expensive art and jewelry – books, electronic media, and small kitchen appliances add up quickly!

 

Q: WHAT IF I AM REALLY CAREFUL?

A: Accidents happen. That’s why we need insurance. Though you may not intentionally injure someone in your home, or you don’t plan on causing damage to a neighbour’s property, there is always a possibility that you could. For instance, if you accidentally leave the kitchen tap on and it overflows into your neighbors’ apartment, you could be found liable for that damage and required to pay for repairs, medical bills related to the accident, as well as defense costs if they bring a suit against you. Having third party liability insurance will protect you from accidents which could cause damage or injury to another’s property and end your relationship with them if you can’t afford to rectify the damage out of pocket, and also protect you in case of injuries to, or claims by guests and invitees.

 

Q: WHAT HAPPENS IF I CANNOT TEMPORARILY LIVE IN MY HOME?

A: Your landlord isn’t responsible for paying your living expenses if you can’t continue to live in your home while an insurance claim is being settled or repairs are being made. This includes cases of fire, theft, vandalism, etc. A commonly missed advantage of tenants insurance is that, like home insurance, your insurance provider will help to cover your living expenses while repairs are being made in the case of an accident, (i.e. fire). This will ease the financial burden to you while the claims process progresses and repairs are being made.

 

Q: WHERE CAN I GET TENANT INSURANCE?

A: If you do not already have insurance or would like a quote, you may want to contact StoneRidge Insurance Brokers. They already have the information needed for insurance purposes about our various properties and as such they are able to provide you with a quick and convenient quote. Stoneridge can be reached by phone at 1-844-434-4625 or by email at CLV@stoneridgeinsurance.ca.

 

Sources: Insurance Bureau of Canada and Ontario Fire Marshal

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