What to Know about Renters Insurance in Ontario
While unlike owning a home, if you rent a home your landlord’s policy will protect the physical aspects of the building if damage occurs. However, the landlord’s insurance policy will not protect you from anything further which is why renters insurance is needed. Renters Insurance will cover your personal belongings in the building, liability lawsuits and additional living expenses in the case your home is uninhabitable. For very little cost a renters insurance policy can save you major headaches and is always recommended by us at McDougall Insurance.
It doesn’t matter whether you are renting a home in the suburbs, a fancy condo deep downtown, or even just a small flat near work – you probably need renters insurance. Ontario renters may automatically assume that their landlord’s insurance will protect them if something goes awry, but that isn’t always the case. Take, for instance, a scenario where you were cooking alone in your apartment late one night, and a fire broke out that ended up damaging not only your unit but the one beside you as well. You might be held liable for any damages caused.
Furthermore, if you were to have guests over and someone was to be injured on your property, you would be deemed the one financially responsible. What if internal issues in your building caused damages to your contents – including high-value contents, like your personal electronics? What then?
These costs can add up tremendously. It doesn’t matter whether the damage you cause or the injuries you are held responsible for are intentional or not – you will have to foot these kinds of bills on your own. When you have renters insurance in Ontario you may receive some of the following benefits:
- Assistance in covering both you and your family in the event that a third-party should take legal action against you. You may receive help for any costs relating to legal defenses, compensation fees, etc.
- Assistance in repairing or replacing your personal belongings following an event where your things were damaged or completely destroyed. You may be covered if the event was listed in your policy, including such things as fire, water damage or theft.
- Assistance if you were forced to temporarily evacuate from your apartment, home or condo due to a covered loss or event. This help might be in the form of help covering additional living expenses, food and bills.
Every policy for renters insurance in Ontario is different, so be mindful of what you are covered for or consult with one of McDougall’s tenant insurance brokers in Ontario for more assistance. They can sit down with you to go over your policy’s fine print and lay out for you what is covered. They can also provide advice as to what coverage you may want to include and what may not be necessary for your particular circumstances.