High rents are no excuse for skipping tenants insurance
Rents are astronomically expensive in many parts of the country, and the latest inflation numbers suggest there's no relief in sight. Sorry to pile onto this huge affordability problem, but renters insurance is a must-have purchase.
Renters insurance, also known as tenants insurance, is about covering your possessions against theft or damage, and protecting you against liability from damage you accidentally cause. A recent survey by LowestRates.ca suggests that 35 per cent of Ontario renters don't have this type of insurance. If expensive rent simply doesn't allow for this extra cost, OK. But if there's a way to cover it, do so.
Here are five things you should know about tenants insurance:
Landlords may require it before renting a place to you: 44 per cent of renters in the survey were required by their landlord to have tenants insurance. Call this a win-win.
Your insurer may ask for permission to view your credit score: 'The great thing about a credit check, if you have a good credit score, is that it can oftentimes result in a lower premium,' said Anne Marie Thomas, director of consumer and industry relations at the Insurance Bureau of Canada.
Premiums: $300 to $700 per year in rough terms. Variables include the replacement value of your possessions, the type of rental and the amount of liability you choose. Coverage for $1-million in liability makes sense.
Worthwhile add-on: Sewer back-up coverage if you live in a basement apartment, Ms. Thomas said.
Deductibles typically range from $500 to $1,000: Ms. Thomas said some companies may allow you to choose lower deductibles as you establish a claims-free history.
Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length and clarity.
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