Tenant Insurance: Five Reasons You Need It

If you’re in a rental – be it a home, apartment, condo, basement/upstairs suite or mobile home – your landlord’s insurance policy will not extend to cover your personal possessions. Here are five ways a tenant’s (also known as renter’s) insurance policy will benefit you, while living in a temporary space.

Protection for Personal Items

A tenant’s insurance policy can cover your personal items from being lost, damaged or stolen. You can get coverage for electronics/computers, sports memorabilia, jewelery, designer clothes and other devices, objects and specialty products.

Jewelry box opened with gold and pearl necklaces inside

One thing to consider is the size of your renter’s insurance deductible. A common deductible is $1000. This means you would need to pay $1000 out of pocket in order for your insurance policy to kick in and cover the remainder of the recuperation cost.

It is best to speak to a broker about your possessions and tailor a policy to match your exact needs.

Personal Liability Coverage

Did you know if someone were to get injured while at your rental, you could be held liable for it? If you had a dumbbell on the couch, for instance, and it rolled off and broke the foot of a guest, that guest could sue you for the damages they incurred while visiting you.

2 dumbells with 1.13 and 2.27 KG weights on ends

Getting liability coverage, through your renter’s insurance, can cover you in the case of a freak/unfortunate accident.

Additional Living Expenses

If you are forced to temporarily relocate due to damage or loss, you can have coverage included for your additional living expenses while out of your dwelling.

trunk of silver van packed with boxes, bags, and storage containers

In Alberta, residents of Fort McMurray had to relocate for quite a few weeks, in the spring of 2016, due to wildfires. In an unfortunate and unforeseen situation like this, your additional living expenses can help cover the costs of food, shelter and transportation, while you’re away from your residence.

Bundling Discount with Auto Insurance

Surex offers discounts to those who bundle (get two or more) policies. Getting a tenant’s policy will lower the premium amount on your auto insurance plan.

While you’re at it, see what other auto insurance discounts you're eligible for. Other discounts include:

Group discount
Credit discount
Experienced driver discount
Short commute discount
Mature citizen discount
Hybrid vehicle discount
Anti-theft discount
Loyalty discount
Renewal discount
Claims-free discount
New business discount
Flex discount
Student discount
Occupation discount
Multi-vehicle discount

young women with brown hair white t-shirt driving red car in fall

When you bundle your auto insurance with your renter’s insurance, the discount often covers the majority of your tenant’s insurance plan (depending on volume/value of possessions).

Peace of Mind

This is the culmination of all of the previous points. Knowing that the possessions that are yours permanently - while living in a dwelling temporarily - are protected provides peace of mind to you, the insured.

married couple with yellow shirts laughing on couch holding pillow

Again, if there are any specialty or extremely valuable possessions you own and want coverage for, a renter’s policy is required to have insurance on those items in the home.

Find the best insurance rates today.

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