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Why get insurance as a tenant?

By Emma Leclerc|0 min|August 2021

Less than two out of three tenants are covered by tenant insurance in Quebec. It provides protection in the event of a disaster or incident. Although it is not mandatory, here are some reasons why it could save you trouble.

Tenant's insurance can cover the purchase of your belongings as new

The building owner's homeowner's insurance does not cover the belongings of all the occupants. So, if you want to be covered for lost or damaged property due to a disaster or theft, you should consider renters insurance. Also, if you choose the "replacement cost" option, the insurance will cover the replacement cost of your items.

Insurance can protect you from lawsuits

In the event that you are held responsible for unintentional damage (e.g., forgetting a stovetop or hair iron), by including liability coverage, renter's insurance will cover your costs if you need to make a reimbursement to the landlord.

Insurance helps you get by in the event of an accident

If a disaster occurs in your building that renders your home uninhabitable, you will need to be housed and fed while the repairs are being done. Tenant insurance can cover your additional living expenses during this time.

Tenant insurance is cheaper than you might think

The annual premium for renter's insurance is about a dollar a day, which is a reasonable amount considering that it can protect everything you own.

A disaster can be expensive for a tenant

The average cost of a disaster for a tenant is around $7,000, and this price only increases year after year with inflation.

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