So you don’t own your home, your landlord does. That means they’re responsible for insuring the dwelling itself. But does that insurance policy protect you and your personal property? What happens when an accident strikes? This is exactly where a tenant policy can provide you with peace of mind.
Your standard coverage includes:
- Protection of Personal Property
Your policy will provide coverage to replace your personal items and belongings (i.e. furniture, clothes) in case they are lost, damaged, or stolen.
- Personal Liability
Protects you against financial loss if you are sued and found legally responsible for someone else's injury or property damage.
- Voluntary Medical Expense
Covers reasonable medical expenses for people hurt on your property. This coverage is special as it can provide coverage even though you may not be legally liable.
- Voluntary Property Damage
Covers property damage that you are responsible for to others’ property, even though may not be legally liable.
- Loss of Use
Pays for additional living expenses if your rental unit is too damaged to live in during repairs.
- Property in a Storage Facility
On your property, this coverage will protect contents that are stored in a secure storage facility. It can be extended up to 12 months.
Extra coverages you can add on:
- Disappearing Deductible
You can save hundreds of dollars with the Disappearing Deductible added to your policy before you suffer a claim. This endorsement reduces your deductible by 20% for every year you go without a claim. After 5 years without a claim, you’ll pay no deductible. It’s included as part of the Worry Free Bundle.
- Sewer Back-up Protection
An important coverage option protecting against sewer back-up water damage. Water damage is now the most likely claim you’re to encounter even as a tenant, if a pipe bursts you need to ensure you have the proper coverage to protect your assets.
- Overland Water Protection
An important coverage protecting against fresh-water flood. This coverage can be added to policies where sewer-backup coverage is already in place.
- Personal Property Claims Protector
Keep your claims-free discount even after your first insurance claim when you have this endorsement already added to your policy. This is part of the Worry-free Bundle.
- Identity Theft Insurance
Nobody is prepared for their identity to be stolen, but this endorsement can help you get back to normal as quickly as possible. This endorsement will enhance your credit and debit card coverage, provide lost income protection, and even cover some legal expenses tied to your stolen identity.
- Inflation Guard
Keeping your limits of insurance adjusted by inflation. This endorsement automatically tailors your home insurance limits at renewal to keep pace with the rising costs of materials and labour to rebuild your home.
- Scheduled Personal Property
Also called a personal article floater. With this coverage, possessions, including jewelry, furs, stamps, coins, guns, computers, antiques, business tools, etc., are covered. Each article is itemized and detailed in the floater, and excluded perils also are outlined. Personal article floaters often do not have deductibles.
- Worry Free Bundle
Get the best value from your home insurance by adding this endorsement which combines the Disappearing Deductible and Personal Property Claims Protector.
Ways you can save on your tenant insurance:
We offer multiple discounts and endorsements that make our otherwise competitive insurance rates even more affordable.
- Claims free discount
- Non-smokers discount
- Combined policy discount
- Monitored fire & burglary alarm discount
Do you have any questions? Give us a call at 1.844.929.4768 and we’ll help answer them.
Note: Coverage and discounts may vary by insurance provider and are subject to change. Optional coverage and discounts have special eligibility criteria to qualify. Talk to a broker to confirm coverage options and discounts that are right for your policy. Available only in Ontario.