According to the Insurance Bureau of Canada, half of all renter’s don’t have tenant’s insurance.
This is especially true for Indigenous communities.
Of those who do have insurance, many undervalue their clothing and personal belongings.
Tenant’s insurance will not only replace your belongings in cases of damage like fire or flood, or if you have a break-in, it will also protect you from liability (being responsible for something by law) if something should happen in your unit. For example, if a cooking fire were to cause a fire that in the end effects other units in the building, or if you leave a tap on that causes water damage, then the building owner could charge you for the cost of the damage. If a person were to slip and fall while in your apartment, you could be held financially responsible for their medical bills as well as compensation for their pain and suffering.
Without insurance, the money will come out of your pocket.
Tenants insurance can also provide for additional living expenses. If there was a fire and you had to leave the building while repairs were completed, where would you go? Could you afford to eat out every night? Tenants insurance covers the necessary expenses while your unit is being repaired like hotel bills, restaurant meals, and the cost of moving and storage.
Tenants insurance doesn’t just cover the big things like your clothes, furniture, and technology. It also covers the little things you need and use every day, like dishes, children’s toys, and household items. Compared to the costs of what you could lose financially if you don’t have tenant’s insurance, the premium price for the coverage is minimal.
The Cost of Tenant’s Insurance
The premium price of tenant’s insurance depends on many things, including the value of your contents, the amount of coverage you choose, the location of your unit, and the type of construction materials used in the building. But most importantly, the price of the premium depends on the insurance company you choose.
What is liability insurance?
A typical insurance policy provides coverage, up to a specified limit, for the amount of money you would have to pay someone who successfully sues you. This is known as “Liability Coverage” or “Liability Insurance”. Liability policies will also cover the legal costs of defending the lawsuit. Some leases may require that you keep up-to-date liability insurance.
Living in remote northern communities
Because of the remote location of many Indigenous communities, most insurance companies fail to provide proper coverage, or they price the premiums so high that tenant’s coverage is impossible for residents to afford. Insurers also fail to see the proper value in culturally sensitive items by undervaluing them, or not covering them at all.
At AIS, our coverage is not only unique to your culture and community, it is priced affordably to provide you with the best possible coverage options for all your belongings.
We also offer bundled coverage discounts if you have a vehicle or other insurable item, and our coverage includes all of Canada, including remote northern locations.