5 Reasons Why You Need Tenant Insurance In Ottawa
If you’re renting an apartment, townhouse, or condo unit in Ottawa, tenant insurance protects what’s important to you. The cost of replacing your personal belongings is greater than you may think.
How much is tenant insurance? Every tenant has different belongings of different values so there isn’t a standard price for tenant insurance in Ottawa. Even though you are a renter at this time, you should have insurance to protect what’s important to you.
Here are 5 reasons why you need tenant insurance.
1. Protect what is yours
You may think that your possessions would be covered as a renter under your landlord’s Ottawa home insurance, but it does not cover your belongings as a tenant.
What does tenant insurance cover? The three things tenant insurance covers are personal liability such as someone getting injured in your apartment, contents, and additional living expenses if you need to leave your apartment due to an insured loss like a fire. If you're wondering whether there's a difference between renters and tenant insurance, there's enough of one to worry about it.
Possessions like your clothing, TV, computer, electronics, jewelry, kitchen equipment, and furniture may need to be replaced in the event of theft, fire damage, water damage, and so on. Replacing these items adds up quickly and without tenant insurance you would have to pay out of your own pocket to replace them. Can you afford to take that risk?
Whether you work on Parliament Hill, attend school at Carleton or the University of Ottawa, or Algonquin College, tenant insurance protects you.
Renter’s insurance will also cover your personal belongings wherever you go. If you’re temporarily renting a location while on vacation, your renter’s insurance policy applies.
2. You are responsible for damages and liability in your Ottawa rental
As a tenant, you are legally responsible for damages you might cause to the rest of the building or common areas, or in your apartment. You also will be held legally responsible if people injure themselves in your rental unit. If your unattended candle, for example, causes fire damage to your apartment and the neighbour’s apartment, the damages that others can claim from you in court can be awfully expensive.
A basic liability policy will cover you for $1 million, and you can also increase your liability limit to $2 million if you wish.
3. What if you have irresponsible roommates?
If you co-rent with others, only those listed on the tenant insurance policy would be covered in the event of a claim. If you co-rent with smokers, partiers or people who may be irresponsible, you need to insure your belongings against the damages they may cause.
Did you know that when making a claim, you should have receipts and photos of your belongings to show that you own them.
4. Crime and severe weather in Ottawa
If you happen to rent a property in an area in Ottawa where there’s crime, tenant insurance will protect you. For example, if you were a victim of theft, your possessions would not be covered unless you had tenant insurance.
Ottawa also can be known for severe weather and you should not leave your belongings uninsured.
Tenants should have sewer backup insurance added to their renter’s insurance. Your building’s insurance may cover some of the damage, but if any of your personal items are damaged, you’ll need your own sewer backup coverage to repair or replace them.
5. Your Ottawa landlord may require tenant insurance
Tenant insurance is not mandatory in Ontario, but it in addition to protecting you and your belongings it has advantages.
You’ve got your heart set on this apartment, but your landlord has asked you to get tenant insurance as a condition of your lease. It’s becoming increasingly common that landlords ask for this as a rental condition even though you aren’t legally obligated to get it.
The dollar amount you regularly spend on food in a month could surge if you find yourself in a hotel without a kitchen after an insured loss. Extra fees, including meals out, could be covered as part of the renter’s insurance policy’s additional living expense coverage.
