Why You Need Renter’s Insurance

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Each year, there are over 254,000 incidents of theft of apartment property and 235,000 incidents of apartment vandalism across Canada. It’s important to select an apartment building with good security, but even the safest of buildings are at risk. That’s why we strongly recommend getting renter’s insurance.

32% of Canadians think that because their landlord has coverage, they will be compensated if there are any losses. However, in the event of an accident, theft, or damage to your apartment, your landlord’s insurance won’t cover:

1.       Your belongings
Your landlord’s insurance only covers loss to the building, not replacement of your personal property. Insurance companies estimate the cost for replacing the contents of an average 1-bedroom apartment is over $15,000.

2.       Accident claims
You are liable for any harm you or your guests cause to the building or others. For example, if a fire or flood in your home causes damage to another unit, you can be liable for that damage. Don’t think that’s likely? 69% of apartment fires cause damage outside the unit.

3.       Extra costs
If you are forced out of your home during an insurance claim, insurance may cover your expenses. The average cost to cover food and accommodations for a family evacuated from their home is $1,500 per week.

Think insurance is too expensive? Renter’s insurance is actually very reasonable. The average renter can be covered for less than the price of a daily coffee. Considering the consequences of not having renter’s insurance, it is a small price to pay!

Sources:

  •          Statistics Canada, 2009-2015
  •          The Insurance Bureau of Canada
  •          Canadian Mortgage & Housing Corporation
  •          MoneySense.ca
  •          Intact Insurance
  •          National Fire Protection Association