Tenant Coverage
If you live in a rented home, tenant coverage will keep your personal belongings protected.
What is tenant insurance?
A tenant is anyone who rents a house, apartment or condominium from a landlord. In most cases, the tenant furnishes the space with their own personal belongings to make it their home. What many people may not consider is how those personal items will be replaced in the event of a fire, flood or theft.
Although your landlord is responsible for insuring the building structure, the contents – that is, your belongings – are your own responsibility. This refers to furniture, electronics, clothing, towels, bedding, dishes… anything you bring into your rented home.
Loss of Use
Also commonly referred to as Additional Living Expenses, this coverage is part of your policy. It pays for the potential increase in your living expenses if you are temporarily unable to live in your home.
Example
If you have to continue to pay rent after a fire and must also pay to live elsewhere while the repairs are being completed, your insurance plan will cover the increased costs of living.
This coverage will also respond if your home is evacuated when there is damage to a neighbouring premises or if there is a major event in your area that prevents you from returning to your home until the area is safe again.
Additional coverages
Most insurance policies allow you to customize coverage for additional items such as jewellery, cottages, boats and motors, or extend certain coverages to a home-based business.
Things to consider:
- Do you operate a business out of your home or garage?
- Do you own a cottage?
- Does the value of your jewellery exceed the limit offered by your policy?
Your broker is the best resource to assess your unique needs and determine which additional coverages may help protect you and your home.
When to talk to your insurance broker
The insurance policy you purchase when you first move into your home will reflect your needs at that exact time in your life. Over time, our needs change — and you should alert your broker of important updates so they can make sure you're always fully covered.