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If you’re renting an apartment, condo, or house, tenant insurance can protect you and your belongings. Your rental property houses your most valuable items and it’s important to have some legal liability. Youngs Insurance Brokers Inc. can work with you to determine if this coverage is right for you.
Tenant insurance, also called renters’ insurance, protects your personal property and personal liability when renting a property. It provides some of the benefits of homeowners’ insurance, but does not include coverage for the dwelling, or structure, except for minor alterations that a tenant makes.
This type of insurance protects what your landlord’s insurance doesn’t, including coverage for the contents in your unit, liability coverage for any damage to another unit resulting from an incident that started in your unit, and if someone is ever injured in your unit.
Protects you financially against insured damage or loss to furniture, clothing, and other personal property inside your rental home.
Help financially protect you if you accidentally damage someone’s property or cause bodily injury and have to pay.
Help cover expenses like moving costs, or temporary living expenses if you can’t live in your rental while repairs are being made after a claim has been made.
Tenant insurance does not cover:
Keep in mind, you will need to consider a separate policy for these coverages. It is important to note that tenant insurance only protects your stuff. If you have a roommate, they will not be protected under your policy and vice versa.
If you're looking for the right tenant insurance, our brokers can help you find suitable coverage options at a great price.
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No, tenant insurance isn’t mandatory by law in Ontario, but a landlord can ask for proof of renters insurance in your lease agreement.
Anyone in Ontario, no matter where you're living, can benefit from having tenant insurance. Getting condo insurance is crucial to protect yourself against any damage or repair costs that the owners or tenants might have to incur.
There are various factors that determine the cost of your tenant insurance such as coverage, location, type of building, and claims history.