Team at InsureBC. Writing things about insurance tips and tricks.
Most of us, especially if we have never experienced a loss in the home, have never seen the need to purchase renters insurance and keep ourselves safe as a tenant.
According to Statistics Canada, less than half of renters in Canada have purchased renters insurance. I mean I get it when we think about insurance we often think about it protecting the major things like the physical structure or the pipes, and as a renter, we know this isn’t our responsibility. It also sounds super overwhelming and makes us want to dismiss the idea altogether, but once we do the research we realize that it is sensible to protect our contents and cover our butts, should the worst happen in the place we are living in B.C.
Okay, Lets recap!
Whenever you decide to purchase renters insurance (hopefully sooner rather than later), the first thing you need to do is to understand what the insurance you will be purchasing as a tenant, will actually cover you for.
Here are the top coverage renters insurance provides:
- All-Risk insures your building and contents for losses due to the widest range of perils (or risks) unless specifically excluded from your policy.
- Personal Liability coverage protects you for unintentionally injuring someone or damaging their property and you have to pay damages, for example, someone has a slip and fall on your walkway, breaks his/her leg and now cannot work for a period of time.
- Contents coverage protects your belongings, including when you travel, for losses resulting from the most common types of perils (or risks) up to a specified amount.
- Replacement Cost Coverage means that the contents of your home are insured for the amount it costs to replace them without depreciation.
- Additional Living Expenses Coverage will help you pay for reasonable and necessary expenses, like hotel and food costs, in the situation you are forced to leave your home following an insured peril (or risk) for a period of time.
To read more about coverage types and what renters and tenants insurance covers you for check out here.
Maybe you’re completely new to living independently, you’ve sold a home and are transitioning into another or you’re new to British Columbia and want to make sure you’re covered. Whatever your circumstance, here’s what it means when someone reminds you to purchase renters insurance and why you really need it.
”OK – I understood what’s covered by renters insurance: What else do I need to be aware of?
Once you are aware of what a B.C renters insurance policy is likely to cover you for, you can begin to think about the things you own and what limits you may want to be covered for. The best time to evaluate the things you own, for example, appliances, furniture, sports equipment, electronics, entertainment systems, is usually when you’re about to make a move or when you are beginning to unpack.
Take note of all your items and estimate how much each individual item would cost to replace. Once you have evaluated this, you will now have a limit in which you would like to insure. With this figure in mind, you will probably be more excited about purchasing insurance for your B.C accommodation, because the figure is usually fairly significant and would be extremely costly to replace all at once.
Even though it can be difficult and extremely boring, researching about what renters insurance actually covers and protects you from is probably the easiest part of the process.
”The daunting part comes when choosing who you want to trust to help you out financially should you experience a loss or disaster at home."
There are many insurance companies in British Columbia that attempt to offer you coverage. Unfortunately, they inundate you with information and technical insurance jargon that totally throws you off. It’s scary and I feel your pain, but the right people are actually out there to help you when you need it.
The team at InsureBC have sat down and ironed out all the creases and made it easy for you to get insurance on the go. All you really need to do is understand the need for tenants insurance then InsureBC will help you do the rest. Answering a few simple questions about your things and how you want to be kept safe, and you will have a quote instantly.
You can even have your policy emailed straight to your inbox. Not only does InsureBC allow you to purchase your renters insurance online but they are friendly and understanding agents, available on the phone should you have any questions.
For more information on renters and tenants insurance, you can read more here. Stay safe people, it’s cold out there!
Originally published Jan 22, 2018, updated March 9, 2020