What is tenant insurance?

Home insurance isn’t just for homeowners. It’s a savvy way for renters to protect their investment as well.

Tenant insurance explained

We often think of home insurance as protecting against the loss or damage of the big stuff—like pipes, appliances, and the physical structure of a home or building. If you’re renting, your landlord may have their own insurance policy to cover these kinds of items, but their insurance won’t cover your personal belongings, like furniture, entertainment equipment, or jewellery - like that expensive watch you got for your birthday.

Depending on the circumstances, the landlord’s insurance may not protect you if someone is injured in your home. Also, if you were found to liable for damages to the building the landlord’s insurance company could sue you to recover the cost of repairing or rebuilding the structure. Tenants insurance can offer you financial protection in these cases and more.

Tenants insurance covers your belongings against common risks such as theft, fire, loss and much more. It's an easy and affordable way to protect your investment in your personal property. Coverage applies to your belongings that are both in your home and temporarily away, such as when you go on vacation. If your home becomes unlivable due to a covered loss, tenants insurance will cover any necessary and reasonable additional living expenses until you can move back in or find another place to live.

The coverage for civil liability will provide financial protection should you be sued for accidently injuring someone or damaging someone else's property. Liability protection is often your best line of defense if you’re in named in a lawsuit or considered personally responsible for unintentional bodily injury or property damage.

Here are some frequently used tenant insurance terms worth knowing.

  •   All-risk: Insurance that covers your belongings for losses caused by a wide range of risks (or perils) aside from some explicitly mentioned exclusions.
  •   Personal Liability insurance coverage protects you for unintentionally injuring someone or damaging their property and having to pay damages. For example, if someone has a slip-and-fall in your unit, breaks their leg and now cannot work for a period of time
  •   Replacement Cost means that in the event of a covered claim, items will be repaired to their original condition or replaced with new items of like kind and quality with no deduction for depreciation
  •   Additional Living Expenses Coverage will help you pay for additional costs that are both necessary and reasonable (like hotel and food costs) in a situation where you are forced to leave your home following a covered loss.

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What to know about tenant insurance