What is Tenant Insurance?
Tenant (or Renter) insurance provides protection for your
personal property in case of many events
including fire, water damage, theft and vandalism. In the case of condominiums, damages can be extensive and leave the Tenant
liable for potentially hundreds of thousands of dollars. For instance, water
leaking into neighbouring units below or a fire from a defective computer damaging your unit and the building itself.
My Landlord already has insurance though so why do I need coverage?
Your Landlord's insurance policy will not cover your personal belongings or personal liability. Personal liability covers
damages to a neighbour's property or should a visitor/guest ("third parties") be injured while visiting your home
(including common elements for condos). Let's assume for some reason that your Landlord did have personal liability coverage for you. If an accident
where to happen to your guest, the Landlord's insurance company would seek subrogation (reimbursement) from you.
Where can I obtain Tenant Insurance?
Tenant insurance is generally available from any agent who writes homeowners insurance. Here are a few providers to start you off:
Often times you can save some money by purchasing Tenant insurance with your home or car insurance provider.
What can I expect to pay?
A typical policy that would insure personal property of $25,000-$35,000 and liability of $1,000,000 will cost around $15-$20 per month.
Not a bad price for a peace of mind. However, be aware that if you need to cover specific items such as an oriental rug or jewelry then it can get expensive.