The Importance Of Tenant Contents Insurance

Jul 05, 2017
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Tenant contents insurance is an often overlooked necessity. The Toronto Star claims “contents insurance is something most renters don’t put too high on their list of priorities.” The Insurance Bureau of Canada says that as of 2011 only half of all renters had it. Many renters don’t bother to get it because it amounts to an extra bill. Timbercreek understands the importance of tenant contents insurance, and hopes you’ll take these factors into consideration when it comes to protecting yourself and your belongings.

It Protects Your Stuff

One of the main reasons to get tenant contents insurance is it helps you to replace your things if they are damaged or destroyed in your home. While mementos and collectible items may be irreplaceable, most other things we have are. Most people think that their belongings aren’t worth insuring but that’s usually not the case. Imagine coming home after work or a party to find all your clothes gone, bed and sheets no longer there, even dishes, cutlery, spare towels, shoes, gym stuff, laptop, the works?  That’s a big bill to cover. While the likelihood that it would all disappear or be destroyed at once is small, that’s exactly what fires and floods do, robberies too.

Landlords Have A Right To Ask For It

Barrie-based paralegal April Stewart says contents insurance isn’t required under Ontario’s Residential Tenancies Act. However, landlords do have the right to insist on seeing proof of insurance prior to accepting a tenant or a sublet. This law is almost motivation enough to get it.  Having insurance works in your favour when you are looking for a new place in a competitive market like Toronto or Vancouver. Learn more here.

You Could Be Liable

If a fire starts in your apartment through a fault of your own, you could be liable for damage to your apartment, and any others that might be affected.  While it’s the law for landlords to provide smoke alarms for tenants, and have varying levels of general house insurance, that doesn’t mean it’ll cover you if something happens. Consider too that if a fire starts in your apartment that isn’t your fault, but you don’t have your smoke alarm on, active, powered up, etc., then you might be held responsible even though the fire was caused by a purely mechanical or age related problem in your home.

You probably didn’t know that if someone hurts themselves inside your home, there’s a chance you could be held responsible. While friends wouldn’t (likely) sue for tripping on the carpet, some random person at a party, the internet guy, a neighbour who needs something, a student, or a friend of a friend might. While chances are slim, depending on your lifestyle and frequency of entertaining, being covered for this eventuality is a plus.

Living Expenses Coverage

Many contents insurance plans have a provision for extra living expenses (like hotels, rent, food, etc.) in the event of a fire or accident that forces you out of your home. Typically you will get up to 20 percent of the contents amount if there is a fire and if you have to leave the building. Having to find a place to stay in the aftermath is not fun -- another reason to consider contents insurance.  Read more here.

Timbercreek hopes this article gives you some valuable insight into tenant contents insurance for renters. For a generally small fee you can protect yourself and your belongings, and have some piece of mind. For more information about Timbercreek Communities in your city, please visit our website.

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