Tenant Insurance: A Detailed Guide

As more and more city dwellers eye open and spacious areas of suburban and rural regions for residence, many young working professionals, students, and couples have had the chance to findapartments at incredibly affordable rates. Considering the enormous strain that the Coronavirus has placed on everyone’s wallets, lower rents are a blessing in disguise. 

2020 is a year for the history books. Not only did many Canadians learn how to live with the Coronavirus, but they also had to re-look at their choice of where to live. This, in a time when Canadian real estate has been rocked to its foundations.

However, these dark clouds do come with a silver lining.

As more and more city dwellers eye open and spacious areas of suburban and rural regions for residence, many young working professionals, students, and couples have had the chance to findapartments at incredibly affordable rates. Considering the enormous strain that the Coronavirus has placed on everyone’s wallets, lower rents are a blessing in disguise.

So now that you have access to an incredible home, apartment, or room to rent, it’s time to protect it with insurance – specifically, tenant insurance.

What is tenant insurance, though?

If you are residing in a leased or rented accommodation, it is important to understand tenant insurance. Tenant insurance (also known as content insurance or renter’s insurance) is designed specifically for tenants of the property, not homeowners. It’s a common mistake to assume that your landlord’s insurance policy will protect your personal property or offer you liability coverage. It won’t. Tenant Insurance covers you and your belongings, specifically, while your landlord’s insurance covers the building.

Let us paint you a picture of a typical day gone awry. You’re filling the bathtub when you get a call from a friend. As you chat, the bathtub fills, overflows, and soaks its way to the home under yours. Suddenly you’re ankle-deep in bathwater, your laptop floats by forlornly, and you can hear your neighbor scream. Instead of panicking, you can mop up the water and look over your insurance to see what can be fixed. Tenant insurance will cover a lot of these damages, as it features three distinct parts:

(Photo/Tierra Mallorca, Unsplash)