Why do Renters in BC Need Tenant Insurance?
If you rent, tenant insurance provides important coverage for your contents—such furniture, clothing, books, electronics and more. For example, if your personal belongings are damaged, destroyed or stolen, tenant insurance can help you cover repair and replacement costs.
Tenant insurance also provides personal liability coverage while you rent. This offers protection if you are sued because you accidently damage a neighbour’s property or if a visitor to your rental unit is injured. The liability coverage that is included in a standard tenant insurance policy can help you cover your legal expenses in such events.
Most tenant insurance policies also offer additional living expenses. This can help you cover costs such as hotel accommodation and transportation if you must vacate your rental property due to an approved claim (for example, a fire) or mandatory evacuation order.
Without tenant insurance, you’ll have to cover such expenses—repairs and replacements, additional living costs and legal fees—on your own in the event of a loss or lawsuit.
While standard tenant insurance covers your belongings, liability and additional living expenses, there are also some optional coverages you may want to add to your policy for extra protection. This includes earthquake, sewer backup, overland flooding and more. Talk with one of our expert tenant insurance brokers to discuss your unique needs; they’ll be able to recommend the optional coverages you should consider adding to your policy.