Ready To Move In? Your Brief Guide to Your Tenant Insurance
Click ici pour lire la version française !
You got the perks of renting and now you’re thinking :
“Do I need tenant insurance?
What does tenant insurance cover?”
Here you can find a brief guide for your tenant insurance:
1) What is covered
2) What is a deductible and why you need it
3) What to do in the event of loss or damage
1) What is covered
- Your contents
Most importantly, your belongings, such as your bike and laptop, are covered whether you’re at home, away or you’re moving to another home.
Are you a student?
Don’t worry! Your stuff is covered even at your student’s residence.
Renter insurance can cover all your things !
In case of claims, your insurer can pay in two different ways:
– repair or replacement cost that is the cost to repair or replace your stuff
– actual cash value
Renter insurance can cover all your things !
- Civil Liability Coverage
Also, this coverage combines personal and property liability with legal liability.
Did someone slip on a banana peel at your house?
Did you cause a fire and damaged your neighbour’s apartment?
You’re responsible for body injury and property damages. That’s why you need personal and property liability.
So if you’re sued for damages you provoked, you can count on legal assistance.
- Additional living expense (ALE)
Does your apartment is unlivable as a result of loss or damage?
Don’t worry!
ALE covers the cost of alternate accommodations and living expenses.
Of course, you can have more protection!
- You can also be covered by these events:
Lock Repair, Rekeying or Replacement, in the case of theft or loss of keys, this coverage will pay, to repair, rekey or replace the locks.
Moving and Storage Expenses, should you move and store your contents because of damages in your apartment? This will cover your costs.
Credit or Debit Cards, if an unauthorised use of a credit or debit card issued in your name, you’re covered.
2) What is a deductible and why you need it
The deductible is the amount of loss that you must assume.
In fact, the more your deductible is high, the less you pay for your tenant insurance.
Also when the same incident applies to both tenant and auto insurance contracts, the highest deductible is the only one applicable.
3) What to do in the event of loss or damage
Don’t panicking! Follow these simple steps.
- Contact us or your insurer immediately
- Protect your belongings against further losses or damage, if it’s possible
- Advice the police of any theft or vandalism
- Take a deep breath. You’re not alone. We understand your situation and we’re here to help you.
Also, did you know that the cost for a tenant insurance is only between 15$ and 30$ ?!