Everyone should have tenant insurance, not only your favorite celebrities. Celebrities are targets for burglars because of the obvious reason, they have many expensive items and it is not unusual for them to be long term renters. They never forget to get tenant’s insurance!
But burglars target ordinary people as well. Your possessions have potential value to criminals… even if you don’t think they do. Not only will tenant’s insurance protect you from theft but also from damage or liability.
Think about everything you own. Now imagine having to replace all those items at once, out of your own pocket. Even if you think you don’t have much personal property, it is likely worth more than you think. Your clothing alone could run you thousands of dollars. Although subject to some exclusions or limits, tenant’s insurance will help you recover your losses.
Unforeseen events occur when you least expect them – that’s why they are called unforeseen. Renters insurance protects you. Last year my upstairs neighbor’s bathtub was leaking into my apartment while I was away on vacation. When I got back my ceiling had a hole in it and all my belongings in the bathroom were ruined or damaged. My landlord’s insurance covered the damage to my ceiling and walls but not my personal items. Luckily I had renters’ insurance which covered the replacement of my personal items.
It helps you cope after a loss – In the event you’re forced to leave your apartment while it’s being repaired, insurance pays for necessary expenses such as hotel stays, restaurant meals and moving costs, subject to some limits.
If someone happens to trip over something or fall in your apartment you could be held financially responsible for the cost of the injured person’s pain, suffering and medical bills. Renter’s insurance protects you in the event of a lawsuit.
You might think renter’s insurance is expensive but you would be wrong – it is extremely affordable and in the case of unlucky events you’ll be glad you made the investment. For the cost of a few coffees a month, you’ll have not only the protection you need, but also peace of mind. And that’s more than worth it.
Statistics Canada says tenant households that bought insurance spent an average of $309 on it last year — less than half the amount spent by those who owned their homes.
These are just a few reasons why I am happy I have tenant’s insurance. If you want to find out more about tenant’s insurance I suggest checking out the IBC website to learn more.
Disclosure: Although this post has been generously been sponsored by IBC, the opinions and language are all my own, and in no way do they reflect Insurance Bureau of Canada.
