Wednesday , June 23 2021

Tenant insurance more indispensable than …



As the movement moves, the Canadian Insurance Bureau (IBC) remembers that 37% of tenants do not have insurance, while home insurance could be very helpful in case of disaster.

Average renter premium: $ 281 in 2017
According to data collected by the OCA from its members, it costs less than a dollar a day to secure the property when one is a tenant, an average of $ 281 per year. In contrast, the average cost of a claim paid by insurers in 2017 was $ 5,542.

IBC would like to remind you that residential insurance covers both:

  • the personal property of the tenant (furniture, clothing, electronic appliances …), according to a value determined by the insured;
  • the civil liability of the insured for any damage that he may cause to others involuntarily;
  • the additional expenses that a renter must pay as a result of a covered loss for housing and food.

"Every year, sad stories of families who have lost everything are on the news." We want to make tenants aware of the importance of securing their property by insuring it – contrary to popular belief, the homeowner's insurance policy does not cover tenant property. it's worth knowing and buying a renter's insurance policy, says Line Crevier, Technical Affairs Manager, Insurance Canada.

Inventory of goods: an essential step
The Real Estate Inventory is Canada's most popular brochure. Recently updated as a dynamic PDF, the tool is easy to use and helps to list all of our properties. This allows you to sign a contract with an amount of coverage tailored to our needs. In addition, such a step may facilitate the claiming process in the case of a claim.

"We would be amazed to realize that we have more than we think of! That's why we invite everyone to take stock of their belongings. This is an important step in getting insurance that meets your needs," says Crevier.

The goods inventory is available on Infoassurance.ca.

Tips for moving around peacefully
Approaching 1st July, the BAC remembers some good elements to know:

  • Residential insurance covers the tenant's property at both addresses for a period of 30 days;
  • It is necessary to add any roommate or spouse less than a year in the home insurance policy;
  • It is important to inform your new address to your home and car insurer as rates vary from city to city and neighborhood to neighborhood.

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