Ontario Renters Insurance

What do you think your belongings are worth? Conducting a thorough home inventory might be an eye-opening experience since the value of your furniture, video game collection, clothing, books and movable appliances can really add up. Without coverage, replacing these items could be a real financial hardship. With an Ontario renters insurance broker, you are covered.

Plus, if you have valuables such as expensive jewellery or collectibles, an endorsement to a tenants insurance policy can add to the policy’s provisions. This means that in the event of a covered loss, the amount of insurance is enough to cover the repair, replacement or cash reimbursement of the item. That also means that your expensive camera equipment or wedding ring can be covered too.

Ontario Renters Insurance Considerations

Ontario renters insurance provides protection against both property loss and liability (in the event that you cause injury or property damage) Students of Carleton University, University of Ottawa, and Algonquin College (or any student residence) should consider purchasing tenants insurance to protect their belongings while living in residence.

READ: Insurance for Rookies: Building an Insurance Score

Property Protection for Renters

Ontario renters insurance covers your possessions against damage for things such as fire, smoke, lightning, vandalism, theft and water damage—but not flooding—to name a few.

It also extends beyond on-premise theft and hazards, covering property that is stolen from your car, or lost or damaged anywhere you happen to be.

Liability Protection for Renters

In addition to protecting your personal property, renters insurance also protects you in the event that you are responsible for injury or property damage to others. That means you’ll likely be protected if someone slips and sprains their ankle at your annual birthday bash.

Liability also provides coverage for legal defence costs and judgments in a lawsuit, whether the incident occurred within your rented residence, or elsewhere.

Ontario Renters Insurance Coverage Options

There are two personal property coverage options to choose from: replacement cost value or actual cash value. We recommend insuring your personal property for its replacement cost value. Here’s an example to illustrate the difference:

The furniture you bought a few years ago for $650 is now worth only $100, but today costs $900 to replace. With an actual cash value policy, you would get reimbursed the current depreciated cost minus your deductible. However, if you have replacement cost for your personal property, you would collect the full cost to replace the furniture, less your deductible.

The longer you own your belongings, the less value they hold. Replacement cost value ensures that you can replace yesterday’s purchases at today’s prices.

Why Do I Need Renters Insurance

Just because your landlord has coverage doesn’t mean that you do too. In most cases, your landlord's insurance policy covers only structural damage to the building itself. Renters insurance in Ontario protects your possessions in case of a covered loss from fire, smoke, lightning, vandalism and theft. It also extends beyond on premise theft and hazards, covering property that is stolen from your car, or is lost or damaged anywhere you happen to be.

Is Coverage Affordable?

Because renters insurance covers only the value of your belongings, not the building, the premium is relatively inexpensive. For about the same cost as going to the movies once a month, you can gain peace of mind, regardless of life’s unexpected mishaps.

Get a renters insurance quote online and find out for yourself!

Frequently Asked Questions

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1. What does renters insurance cover?

Renters insurance covers your personal contents as well as personal liability at the premises from which you are renting. 

Personal liability also provides coverage for your personal actions, for example, if you were to be found negligent in some way.

2. Is renters insurance worth it?

Definitely. You never know when a situation may arise where you might need this type of coverage. Your landlord can sue you due to negligence. An example of negligence is if there was a fire in your unit and you had caused it.

Renters insurance also protects your personal contents if there is ever a fire, theft, water damage, etc.

3. How does renters insurance work?

Renters insurance provides the renter with the coverage for their personal contents while in the unit they rent. This is worldwide and would include lost luggage while travelling. 

Most importantly, renters insurance provides the policyholder with liability that protects them in the event of a loss whereby they are responsible for damages to the rental unit or damages to other units within the building.

4. When is renters insurance required?

Renters insurance is required the effective date you sign a lease. Once you have signed your lease, your tenant insurance should come into effect.

5. Where to get renters insurance?

You can contact the Scrivens personal lines insurance and we can provide you with a quote for renters insurance.

6. Which renters insurance is best?

There is no set company who provides renters insurance but a Tenants Comprehensive Insurance Policy is an All-Risk insurance policy. This is what you should be looking for when purchasing tenant insurance.

7. Why renters insurance is important

Renters insurance is important because it protects your personal contents and protects your liability if you were to get sued. Renters insurance is also your beginning of your insurance history. Having renters insurance in place for a number of years before you decide to purchase a condo or home can be beneficial as you can likely get a better home or condo insurance rate.

8. Can renters insurance cover rent?

 Renters insurance does not cover rent. It will cover additional living expenses if you're forced to temporarily vacate your rented space due to an insured problem.

9. Will renters insurance cover stolen items?

Yes, on a Tenants Comprehensive Form Insurance Policy, you will have coverage for theft, subject to your deductible.

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