Are you a student heading off to post-secondary? Or are you a parent sending your student away to school? Or maybe you are renting for the very first time? Whatever your situation, there are exciting days ahead!
There is so much to think about and plan for such as where to live and what to bring. One thing that many new renters don’t think about is insurance… but that’s where we can help.
If you are renting, with or without roommates, have you considered tenant insurance?
Tenant insurance exists to protect your belongings if they are damaged. If the space you are living in is damaged by fire, water, vandalism or theft, your belongings should be covered by tenant insurance.
It is important to contact your insurance broker and ask for the particulars on your tenant insurance policy to understand exactly what your belongings are protected against.
Tenant insurance does more than protect your belongings. Tenant insurance comes with a coverage called civil liability coverage.
Here is an example from our friends at Intact Insurance.
Picture this: You forget to turn off the faucet, and the sink overflows, damaging the floor of your apartment and the ceiling of the apartment below. Depending on the circumstances, you may be liable for the repair costs, which can run quite high.
Civil liability coverage protects you if you are held responsible for damages involuntarily caused to a building or another person.
It is a common myth that your belongings are covered under your landlord’s insurance policy or even your roommate’s insurance policy. This is not the case – it is best practice for each roommate to have their own tenant insurance policy. Do not make the costly mistake in thinking that your landlord’s insurance policy will cover any of your belongings.
Every insuring company’s tenant insurance policy differs. As your insurance broker, we can find you the right coverage at the right price for your needs.
Tenant insurance provides you coverage for the unexpected and is a must if you are renting.
If you are renting a space on campus, please check with your institution to see if they have tenant insurance coverage included in your fees.
Roughley’s team of insurance professionals is standing by to answer your call. If you have questions about your insurance, we invite you to call us and speak to one of our team members.
We are available Monday to Friday, 9am until 4:30pm.
Phone: 905.576.7770 • Toll Free: 1.888.558.0883
Phone: 905.697.4257 • Toll Free: 1.888.558.0883