The return of September also means a return to school for students across the province. This also means that a lot of students will be moving into their own apartments and homes. With so many moving into their first apartments away from Mom and Dad, we wanted to stress the importance of tenant’s insurance and what it can protect you from should something go awry.
If your apartment becomes uninhabitable for reasons covered in your tenant insurance policy, the insurance company will reimburse you for your temporary reasonable living expenses until you are able to find a new place to live or your apartment is ready. Tenant insurance is there to protect the belongings in your apartment and so much more.
There are many misconceptions when it comes to what tenant insurance is and what it covers. Some of the most common myths are as follows:
I don’t have enough stuff to need insurance.
- Things add up fast! Your electronics, appliances, clothes and even food are all large expenses that can be protected under your policy.
My landlord’s insurance will cover the damages to my belongings.
- Typically, a landlord’s insurance policy only covers the physical building, not the personal property of the tenant.
Personal belongings are the only things covered under tenant insurance.
- Tenant insurance can also cover damage to someone’s property within your home. And, depending on the limits of your liability coverage, it can cover some or all of the medical expenses if someone happens to get injured on your property if you are deemed negligent.
I can’t afford it!
- Tenant insurance can be incredibly affordable. Although pricing can always vary, some policies can cost +/- around $25 / month.
Don’t wait until it’s too late to start thinking about getting insurance. We spend a lot of time and energy filling our living spaces with items that make it feel like home—it only takes one unexpected event to have it all stripped away. Tenant insurance can give you peace of mind knowing that you and all of your belongings are covered.