Do I need renters insurance?

Published: May 29, 2024

Do I Need Renters Insurance to Rent in Canada?

In the bustling world of renting, there's a crucial aspect often overlooked by many: renters insurance, also called tenant insurance. Whether you're a student in Toronto, a young professional in Vancouver, or a family in Montreal, having renters insurance in Canada is not just an option; it's a smart move that offers protection and peace of mind. Let's delve into why renters insurance is a must-have for tenants across the Great White North.

What is renters insurance?

Renters insurance is a policy that protects tenants by covering their personal belongings, providing liability protection, and assisting with additional living expenses in certain situations. It ensures financial security and peace of mind for renters in case of theft, damage, or liability claims. 

What does renters insurance cover?

Renters insurance typically covers:

  • Coverage for your possessions against risks like theft, fire, vandalism, or water damage.
  • Financial coverage if you're found responsible for injuring someone or damaging their property.
  • Assistance with temporary accommodations if your rental unit becomes uninhabitable due to a covered event.

Why do I need renters insurance?

Renters insurance in Canada is a crucial safeguard for tenants against unforeseen events and potential financial liabilities. Below, we dive into all the ways the renters insurance can save the day.

Protecting Your Belongings: Imagine coming home to find your apartment flooded due to a burst pipe or returning from work to discover that your belongings have been stolen. Without renters insurance, you could be left shouldering the financial burden of replacing your possessions.

Renters insurance provides coverage for your personal belongings, including furniture, electronics, clothing, and more, in the event of damage from covered perils such as fire, theft, vandalism, or water damage.

Liability Coverage: Accidents happen, and if someone is injured while on your rented property, you could be held legally responsible. Renters insurance typically includes liability coverage, which helps protect you financially in case you're found liable for bodily injury or property damage to others. 

Whether it's a slip-and-fall accident or accidental damage caused by your pet, liability coverage can help cover legal expenses, medical bills, and potential court judgments.

Temporary Housing Assistance: Disasters such as fires or severe water damage can render your rental unit uninhabitable. In such situations, renters insurance often includes coverage for additional living expenses (ALE). ALE coverage helps reimburse you for the cost of temporary accommodation, meals, and other essential expenses while your rental home is being repaired or rebuilt. 

This can be a lifesaver, especially if you don't have friends or family nearby to stay with during such challenging times.

Affordable Protection: One common misconception about renters insurance is that it's expensive. However, compared to other types of insurance policies like homeowners insurance, renters insurance is typically quite affordable. 

For just a few dollars a month, you can secure valuable protection for your belongings and liability coverage, making it a wise investment for renters of all budgets.

Mandatory Requirements: While renters insurance is not legally required by the Canadian government, some landlords may include it as a mandatory provision in the lease agreement. 

Even if it's not mandated by your landlord, having renters insurance is still highly advisable. It's a small price to pay for the financial security and peace of mind it provides, especially considering the potential costs of replacing your belongings or facing liability claims without insurance coverage.

Overall, renters insurance offers affordable protection and peace of mind, making it an essential investment for renters across Canada.

How much is renters insurance?

The cost of renters insurance each month is often around $20-$50. The price of someone's tenant's insurance can be determined based on the location of the property as well as how much stuff you want to insure. So the amount for things you have, and the cost of those things, might affect the price of your coverage. 

Tenants can also determine the amount of liability coverage they want to be covered for in case claims are made against them. This could potentially happen if you own pets, throw a lot of parties, or often have non-residents visit the home (etc. cleaners, house-sitters, etc).

Discounted renters insurance with Boardwalk

Do you have tenant insurance? For your protection, Boardwalk requires that all of our residents purchase an insurance policy that covers their personal belongings against loss from water, fire, and theft and includes insurance for third-party liability. 

Do you need to sign up for tenant insurance? Here at Boardwalk, we offer our residents the convenience of purchasing an insurance policy online with at a discounted price!

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