Tenant’s Insurance
Your landlord’s insurance doesn’t cover your personal things, like clothes and furniture.
You can buy tenant insurance that covers your personal property for losses from theft and damages from accidents.
It also pays for losses if you are legally responsible for damage to the building or someone else getting hurt.
For example, your bathtub overflows and the water goes into the apartment below yours. Your policy would pay, not the landlord’s policy or the policy of the tenant in the apartment below.
If you are on social assistance, you can ask Social Services to include the cost of insurance in your shelter allowance.
Basic liability coverage pays for losses if you or your guests cause damage to the building.
Contents coverage replaces your personal things if they are lost or damaged. You can get contents coverage on named perils or all risks.
Add up the cost of buying everything you own now to decide how much insurance you need.
With tenant insurance, your personal property is usually insured while it is temporarily away from your home, anywhere in the world.
So if something is stolen out of your car or while you are travelling, you can claim it on your tenant insurance, up to a limit.
Questions to ask:
· What is covered by this insurance policy? What is not covered?
· Will I get replacement cost on my property?
· What are the limits on valuables?
· What is my deductible? How much money can I save on my premium with a higher deductible?
What a mess!
Katarina took good care of her apartment.
She kept it neat and clean.
But one day, she started a bath for her child.
Then she heard him crying.
She ran to the living room to see what was wrong.
He had bumped his head on the corner of a table.
She checked his head to see if he was OK.
Then she heard a pot on the stove.
It was boiling over.
She ran to the kitchen to turn back the heat.
When she came out of the kitchen, she heard a strange noise.
It sounded like a waterfall.
She said, “Oh, no! The bathtub!”
She ran down the hall to turn off the bath, but it was too late.
There was water everywhere.
· Katarina’s tenant insurance will pay to fix the bathroom in her apartment and the damage in the apartment underneath hers.
· The insurance will pay for Katarina’s things that were damaged by water.
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