Tenant Insurance – Myths or Facts?
According to the Bureau of Canada, almost half of all tenants do not have tenant insurance! Having content insurance is not mandatory by Canadian law. Your landlord could require it for your lease though. Here are some quick myths and facts about tenant insurance.
Myth: Your Landlord has coverage for you.
- Fact: Your landlord’s insurance would cover damage to their building. It does not cover your personal content or your liability.
Myth: Tenant insurance is expensive.
- Fact: It is between $15 and $30 a month.
If you are looking for ways to save on this type of insurance, you can do so by increasing your deductible. You could also try to bundle it with your auto to get extra savings.
Myth: Everything you own is automatically covered with basic tenant insurance.
- Fact: You may need more coverage for things like high value jewelry, art, or furs etc.
What many people do not realize is how hard it is to rebuild your life after a loss. Tenant insurance is there to help you with your content. This can be a huge financial hit if you don’t have insurance. Take a minute and add up what it would cost to replace your content room by room. If you have insurance, make sure you have enough coverage. If you don’t have insurance, make sure you call us here at Cluett Insurance to get a quote! Also, check out these Ten Tips for Tenants!