What is Renter’s Insurance?
3 min read.
Renter’s insurance is often overlooked but essential in protecting individuals living in rented homes or apartments. As renting becomes an increasingly popular choice in urban environments, understanding the benefits and intricacies of renter’s insurance is crucial for tenants seeking security in their living space.
What is renters’ insurance?
Renters insurance, also known as tenant insurance, is for individuals renting a building or house. This insurance provides protection for tenants and their belongings. It is similar to home insurance, but since tenants aren’t the property owners, it doesn’t cover the physical building.
Typically, the landlord insurance policy won’t provide coverage for the tenant’s belongings or their liability. Renters insurance provides coverage for their things against common risks such as theft, fire, if the home becomes uninhabitable, damage to a neighbouring property or unit, and so much more.
Although tenant insurance is not mandatory, it can help cover unexpected expenses that arise. Some landlords may require their tenants to purchase insurance as a part of their lease agreement.
When choosing the right tenant insurance option, renters should consider the coverage, deductible, policy exclusions, and additional features or savings options.
References
What is tenant insurance?. TD Insurance. (n.d.). https://www.tdinsurance.com/products-services/home-insurance/tips-advice/renters-insurance-101
BrokerLink. (2021, July 28). Renters and landlord insurance: What’s the difference? BrokerLink. https://www.brokerlink.ca/blog/renters-and-landlord-insurance-whats-the-difference
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