Team at InsureBC. Writing things about insurance tips and tricks.
If you’re anything like I was when I first moved out of the family home, the terms “renters insurance” and “personal liability insurance” will be an absolute mystery to you. I left home at the age of 22 and I’d pretty much had everything done for me.
My parents had always helped me with my car insurance policies, including renewals, I’d never had to buy my own groceries or pay the electrical bill, and I barely even knew how to use the washing machine.
But just like you, I did what anyone would probably do when I moved out, I opened up my laptop and I asked Google to give me the answers I needed.
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.
Tenants insurance or renters insurance, however you wish to refer to it, is insurance that covers the risks you might face when renting a property such as a house, condo or apartment.
Renters insurance doesn’t just cover your stuff such as your possessions, for example, jewelry, golf clubs, computers, TV’s, and furniture, it also protects you in ways you might not have thought about. You can learn more about what is covered specifically with InsureBC here, or keep reading below for more ideas.
Covering my contents and things I own
When purchasing insurance coverage as a renter, one of the things you will want to make sure is safe and protected are the things that you own. You may have your favourite set of hockey jerseys you like to alternate between for games or have on display, or maybe your snowboard you use for the winter is important to you.
Either way, the contents of your home are a collection of your favourite things, and whether you realize it or not, the cost to replace these should they be stolen or damaged can really become expensive.
Most people don’t realize how much stuff they actually have until they have to move it, and if you’ve just recently moved or are moving soon, you will soon get to know how many things you own, and the cost of replacing it, possibly all at once, can be very daunting.
The great thing about having insurance as a renter is you are covered whether a disaster strikes while your belongings are in or outside of your home.
Yes, that’s right, you read that correctly, your content is covered should you suffer a loss while on the go too! I’ve known friends have backpacks were stolen that have been carrying their laptop, camera, gym clothing and also their prized possession which is their phone, while on the move, and luckily for them they had purchased renters insurance which covered them in this kind of situation.
Fires and water damage can easily happen in the home and you’d want to make sure the things you need, and especially those sentimental irreplaceable items, are properly accounted for right?
Keeping everyone personally safe – Personal Liability Coverage
So you’re living in a rented property and you’ve got a busy schedule. Hey, you might even have kids, a dog, or like to host a party or two. One thing you do need to make sure you are covered for is a personal liability and this means being protected should someone have an accident whilst visiting your home.
Sometimes accidents happen whether we like it or not, and sometimes telling your boyfriend to dry the bathroom floor after he has taken yet another longer than a required shower is simply not enough. A slip and fall by a visitor could be very dangerous and the cost of resolving any damage or injuries caused could be expensive. Liability insurance will keep you covered should you cause damage to other people or their property through your own negligence.
Cooking your partner a nice meal on a Friday night is a lovely act of kindness, but forgetting to turn off the stove when you go and watch your favorite TV show on Netflix can sometimes not turn out so great. Should you have an accident in your kitchen or damage anything that you do not own, personal liability insurance can certainly be a lifesaver.
Renting a property for whatever your reasoning is more often or not a pleasant experience but you should never rule out the worst happening. Accidents are called accidents for a reason and as suggested above, paying any damages or losses from your own pocket can be devastating to your bank account.
Renters insurance also covers you in the event that you have to temporarily move and will provide help with any additional living expenses. Should you go away and experience a loss such as a freezer meltdown (no pun intended), replacement cost can help you replace the dinners you had planned for the next month. To find out more about renters insurance and get a more detailed explanation of what you will be covered for, check out the “Tenant and Renters insurance” information.
Don’t fall victim to the negativity and advice of others and find yourself in the middle of a disaster that is going to put you in financial difficulty. Insurance as a renter can be purchased super quick and easy and for a very affordable price. Your landlord’s insurance won’t cover you for your own items and anything you are responsible for, so make sure you and your family are covered. Let InsureBC carry out all the hard work and provide you with all the answers, that’s what we’re here for and that’s what we have been doing for years.
Originally published Feb 22, 2018, updated March 11, 2020