Canada Renters Insurance

Canada Renters Insurance (also called Tenants Insurance) is coverage for your personal property in the dwelling that you rent. Too many renters do not think about coverage for their personal property until it is too late.

If you rent, what would happen to you if there was a fire that damaged or destroyed your personal property? It could be financially devastating to lose all of your possessions.

What if you could not live in your home and needed extra money for additional expenses?

What is Covered in A Canada Renters Insurance Policy?

Canada Tenants Insurance policies cover your personal property and provide money for additional living expenses that might arise as a result of a fire or other covered loss.

Beyond fire, other risks (normally call perils) covered includes:

Explosion
Smoke
Windstorm
Hail
Water damage
Vandalism and malicious acts; and
Theft

The perils most commonly excluded in Canadian Tenants policies are:

Sewer Back up (coverage is usually available at an extra cost)
Earthquake (coverage may be available)
If your dwelling has been vacant (you must notify your insurer if your home will be vacant)
Business use (*Unless you have a home business rider)

Also included in a Canadian tenants insurance policy is worldwide personal liability insurance. Currently the most common amount is $1,000,000.

Renters Insurance ranges widely in price depending on several factors including:

The type of building you occupy
How much coverage you choose
What company you are insured with
What your deductible is
Where you live
If you have had any claims
Your age

If you rent, and don’t have renters insurance yet, do not hesitate to get this important coverage.

Go to Canada Home Insurance (leave Canada Renters Insurance) for more home insurance information.

Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind. This insurance information is general in nature and the policy wordings always take precedence. Make sure you review the "please read" page.

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