Protecting yourself and the belongings in your property is the name of the game with renters insurance. Many people choose to disregard paying for renters insurance because of the ‘slim’ chance that anything serious will happen, or because their rental agreement does not have renters insurance as a requirement. Don’t be fooled though, the average policy in Ontario costs just $450 per year. For this price, which is a smaller monthly fee than most household bills, renters can cover their possessions, the cost of accommodations elsewhere if their property becomes uninhabitable, and liability for accidents on the premises. They just need to consider what kind of policy is best.
It is no secret that insurance is vitally important. Car, life, home or medical insurance coverage is necessary to protect you in the case of emergency or an accident. Yet, many renters fail to purchase tenants insurance. Similar to home insurance quotes, the quotes for tenants insurance depends on many variables. However, the good news is that tenants insurance tends to be far less expensive than many other types of home insurance policies, because it doesn’t include coverage on the actual building.
Here are a few misconceptions people have about renters insurance:
People think their landlord’s policy will cover them:
While your landlord may have insurance coverage on the building where you are renting, that insurance is in place to protect the structure and the landlord’s own personal liability in case someone is injured on the property and not your possessions.
People think that any upgrades they make are covered by their landlord’s policy:
While your landlord’s insurance policy protects improvements that they’ve made, it doesn’t cover the improvements you’ve made.
People think that if they don’t own much, they don’t need to have renters insurance:
Though you may not think your possessions would present a significant loss to you, take an inventory and you’ll see how quickly the value adds up.
People think that if they are careful, they don’t need to have liability insurance:
Accidents happen. That’s why we need insurance. Though you may not intentionally injure someone in your home, or you don’t plan on causing damage to a friend’s or neighbour’s property, there is always a possibility that you could.
These are just a few of the misconceptions that people have about renters insurance. If you are wanting more information about renters insurance, please feel free to continue browsing through our Schwegel Insurance website. We can also be reached by phone at (519) 576-2020 or by filling out our contact form.