Tenant Insurance Myths

Tenant Insurance Myths

You’ve finally found the perfect apartment and have moved in all of your furniture. You’ve started decorating and you think you’re all set up. But there is one thing you may be missing – tenant insurance.

Tenant Insurance is often misunderstood by renters all across the country and most assume that they don’t need it. To properly understand tenant insurance, it is important to separate myth from fact. Below we’ve listed 5 common myths and the truth behind each of them.

1. I don’t need tenant insurance – my landlord’s policy will cover me!

Unfortunately – this is not true. Many renters assume that their possessions are covered by their landlord’s insurance but this is not the case. Your landlord’s policy does cover the building in which you live, but the coverage does not extend to your personal belongings inside of the apartment or rental unit. 

Purchasing tenant insurance will give you the peace of mind that the contents inside of your home will be replaced or repaired in the case of a fire, vandalism or theft and certain types of water damage. 

2. I don’t actually have that many possessions, so I don’t need to insure them.

Every one of your belongings adds up to something. Many people underestimate the cost of replacing their possessions. Think of your TV, laptop, furniture, appliances, clothes and even your fridge with food inside - It adds up! 

Always remember that before you purchase tenant insurance, it is important to make an up-to-date list of inventory of the contents inside of your home so that you can be compensated properly.

3. Tenant Insurance is too expensive – I simply can’t afford it.

If you can afford buying lunch or going to the movies a couple of times a month, you can afford to protect your belongings with tenant insurance. 

Adding another item to your list of monthly expenses is always discouraging. However, tenant insurance can help save you from a future headache of having to replace all of your belongings.

4. Since my roommate has insurance, I should be covered as well – after all, we live together.

In most cases, tenant insurance only covers the policyholder’s personal belongings – not those of his or her roommate therefore you shouldn’t assume that your belongings will be covered as well. 

If you do however decide to purchase tenant insurance with your roommate, there are several things to consider before making this decision:

• Do you have an inventory of your belongings? Do you know how much they are worth?

• Does your roommate have a clear understanding of what his or her valuables are worth?

• If one of you has belongings of more value, how will you split your contribution to the policy?

• Who will take main responsibility for the policy, including submitting claims and making changes?

5. Tenant Insurance only protects my belongings, and nothing else. 

This is false. Tenant insurance not only protects your possessions, but it can also protect you in the case of accidental damage to other tenant’s property. For example, you accidently leave the kitchen tap running and the sink overflows and seeps into the apartment below yours. You would be liable for that damage.

However with tenant insurance, your policy will cover the damage to your neighbour’s property so that you don’t have to pay the bill. Tenant insurance can also cover you in the event that someone is injured in your own home – such as slipping on a rug. Your policy will help cover his or her medical expenses.

Tenant Insurance should be a must when you’re renting an apartment or home. It protects you and saves you the trouble of having to replace or repair your belongings in the case of damage. For more information or to get a quote, call us today at 905-696-9090 or This email address is being protected from spambots. You need JavaScript enabled to view it. 

Source: Desjardins


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