03 November 2011 ~ 0 Comments

Renting in Toronto: Home Insurance and How You Can Benefit from It

None of us likes to have to pay out for insurance but if something unfortunate happens then we are very glad that we did. Many people who are in rentals in Toronto and elsewhere wrongly believe that they will be covered by the landlord’s insurance in the event of a disaster. But it is important to realise that the landlord’s insurance only covers the property and the items that belong to him or her. To protect your personal belongings, you need your own renter’s insurance.

Some landlords actually require their tenants to have home insurance. This is to protect the landlord in the event of the tenant suffering a severe loss that may interfere with their ability to pay the rent.

Renters’ insurance is generally affordable, a few hundred dollars a year, well worth it for the peace of mind it will give you. As well as protecting your property it can have a number of benefits that not everyone is aware of.

You should talk to your insurance broker about the exact details of each policy but generally it will give you compensation for damage to your belongings from fire, flood, theft or vandalism. Plus it can help defend you in case your Toronto landlord holds you responsible for any accidents such as a kitchen fire.

In addition, it can protect you in cases where someone tries to sue you for personal injury; for example if one of your guests fall down stairs and hurts themselves or your dog bites a neighbour. And it may also be able to provide assistance should you become involved in a civil suit. It could, for example, save you from being evicted.

Do remember that if your room-mate in the Toronto rental has insurance it will not cover you. You need to get your own policy to cover your personal property.

 

Image By: dbking

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