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The benefits of PC tenant insurance

Whether you’re renting a house, apartment, or condo, having coverage for your belongings is important. Yet, many renters in Canada choose not to buy tenant insurance. The reality is that theft and property damage do happen. And when they do, you’ll be glad that your property is covered by a tenant insurance policy that works for you.

As an insurance broker, we shop around for the best rates and plans that we can find, so you can relax knowing your house, condo, or apartment will be insured when you need it most.

Plus, we reward you for every dollar you spend with a PC Financial Mastercard®.

When you pay your PC insurance premium with your PC Financial Mastercard®, you earn 2X the regular PC Optimum points – redeemable for free groceries, fashion and more at participating stores. Minimum redemption is 10,000 PC Optimum points (worth $10 in free rewards).

Visit pcoptimum.ca for details and full store list.

What is tenant insurance and why do I need it?

Tenant insurance (also commonly known as renter’s insurance) is an insurance policy that covers the contents of a rental unit (house, apartment, condo, etc.) and also covers the tenant for some liability. Unfortunately, while your landlord’s insurance policy covers the building itself, it doesn’t cover the contents.

Beyond covering your possessions in the event of fire, theft, vandalism, or water damage, tenant insurance also covers you if someone is injured in your home, personal property is stolen from your car, or if you cause accidental damage to a neighbour’s property.

Is renter’s insurance mandatory?

No. The law does not require a tenant to have tenant insurance and your landlord cannot force you to get it. However, some landlords may include tenant insurance as a requirement in a rental agreement. If you agree to get tenant insurance as part of rental conditions and fail to follow through, your landlord could give you notice to terminate the tenancy and file an application to evict you.

Does renter’s insurance cover…

Water damage

Yes, but not all water damage. You’ll be covered for damage caused by sudden and accidental escape of water from an indoor plumbing, heating, sprinkler or air conditioning system; or from an indoor or outdoor “domestic appliance” on your premises; or from a water main

Pet damage

It depends. Generally if your dog were to bite a visitor the insured would be covered under personal liability protection, same as any other family member would be. Which is good, because most of us consider our dogs to be part of the family anyway. Some breeds of dogs, though, such as Pit Bulls, German Shepherds, and Rottweilers, may be excluded from coverage. However tenant insurance does not cover property damage caused by pets, so unfortunately, you would be on the hook for the couch that your new puppy chewed up.

Hotel costs

In the event that you should have to move out of your home while damage to your property is being repaired, most tenant insurance policies will cover the cost of additional living expenses, including hotel costs, meals, and moving costs.

Bed bugs

No, landlords are responsible for dealing with any sort of infestation, including cockroaches, silverfish, and rodents. Renter’s insurance also does not cover damage related to an infestation.

Fire damage

In the event that a fire breaks out in your rental unit, tenant insurance is there to provide coverage for you. Most policies will not only cover the cost of fixing the damage caused by a fire, but will also cover the cost of replacing any of the contents of your rental unit damaged by fire.

Leverage PC insurance Brokers to make sure you understand any exclusions that may apply.

Stolen goods

Yes. In addition to covering the cost of goods stolen from your house, tenant insurance also covers any items stolen from your car.

PC insurance Brokers are an excellent resource to speak to about the limits of this coverage as there are certain exclusions and special limits that may apply.

How much does renter’s insurance cost?

The cost of tenant insurance in Canada is typically lower than the cost of home insurance. Tenant insurance primarily covers contents and liability, while home insurance covers the building itself. The cost of renter’s insurance in Canada can vary, as it is determined based on where you live as well as other individual factors. To get a better idea of what you would pay, try our free, no-obligation tool and get a renter’s insurance quote today.

What factors affect the cost of tenant insurance?

• Location
• Age & size of the dwelling
• Building Type (fully detached, semi, high-rise)
• Building construction (brick, stucco, wood, etc.)
• How the building is heated
• Proximity to a fire hydrant or fire station

What is the difference between actual cash value and replacement cost?

When signing up for a tenant insurance policy, you’ll likely have the option to either insure your property at actual cash value or replacement cost. If you select actual cash value, depreciation is factored into the amount that you are paid for your claim. For example, if you have a five-year-old computer that is stolen, the payment of your claim would be based on the cost of purchasing another computer of the same age. Replacement cost, on the other hand, does not factor in depreciation – your claim will be paid out based on the cost of buying a new version of the same brand of computer of a similar quality.

What is an all perils plan and how is it different from a named perils plan?

In an insurance policy, a peril (otherwise known as a risk) is a cause of a loss or damage, with the most common examples being theft, fire, and water damage. A named perils plan specifically sets out the perils that are covered; any perils not mentioned explicitly are not covered. Conversely, with an all perils plan (also known as an all risks plan) everything is assumed to be covered. Typically, an all perils policy is more expensive than a named perils plan as it provides more comprehensive coverage.

How can I help to reduce the cost of tenant insurance?

Though renter’s insurance is generally less expensive than a standard home insurance policy, it’s always wise to explore ways to save money on insurance costs. Here are some ways you can help keep down the cost of tenant insurance:

Install an alarm system

Installing an alarm system or any other type of home security system can help you qualify for a lower tenant insurance rate. And with the falling cost and ease of installation of modern security systems its easier than ever to take this step.

Bundle insurance policies

Most insurance providers will offer some sort of discount to customers who hold more than one policy. When speaking to your PC insurance broker, ask about discounts that may be available for bundling tenant insurance with auto insurance.

Consult with an insurance broker

The best way to save money on tenant insurance is to compare quotes from multiple providers, which is exactly why you should speak to an insurance broker. At PC insurance, we collect quotes from multiple insurance companies on your behalf and present you with the best available rates we can find for your situation.

Can roommates share renter’s insurance?

A single tenant insurance policy can cover multiple tenants in a rental unit, provided that each is named as insured on the policy. Otherwise, each roommate can choose to take out his or her own insurance policy. Before taking out a tenant insurance policy with your roommate, be sure to have a thorough understanding of the value of your own property, the value of your roommate’s property, and who will manage the policy.