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Renter's Insurance

Renter’s insurance customers tend to think that if anything happens in their rental unit, the landlord or superintendent will take care of it. But that’s not always the case, especially when it comes to accidents like fires. And no landlord will cover the loss of personal items. But do you really need renter’s insurance? Is it worth the expense every month?

Why should you get Renter’s Insurance?

Renter’s insurance, sometimes called tenant’s insurance, should cover the stuff that your landlord’s insurance policy doesn’t. That is, everything that belongs to you. Your landlord should be responsible for the building itself — walls, windows, floors — but you’re responsible for everything else. You might even be held responsible if any damage is caused by your negligence, such as smashing a window with a golf club. It’s just an example.

What does Renter’s Insurance Cover?

Any policy you get should cover your belongings, the aforementioned liabilities in case of damage, and “loss of use.”

Loss of use refers to the costs you incur when your apartment is not livable for a time following an accident or disaster. If your house suffers a catastrophic flood, you’re going to have to find somewhere to live for a time, and that might mean finding a hotel. “Loss of use” will reimburse you for the hotel fees, as well as any other charges you may incur.

It can also — but not always — cover any improvements that you have personally made to the unit, like new doors, cupboards, or fixtures.

Your insurance may also be affected if you use your unit as an Airbnb or other short-term rental property.


What are the limits of Tenant Insurance?

Basic tenant’s insurance will not cover any loss incurred from using your rental unit for a home-based business, unless you get a policy that specifically includes that. You’ll also have to get additional coverage for any medical bills resulting from negligence in your home.

How much am I covered for?

Basic renter’s insurance can cover from between $30,000 to $100,000 for your personal belongings, and upwards of $1,000,000 for liability (medical costs, etc).

How much should I expect to pay?

Renter’s insurance can range in costs from $20-50 per month on average. It depends on the value of your belongings, age of the rental unit, neighborhood, and other considerations.


Who offers Renter’s Insurance?

Renter’s insurance can be obtained from many brokers:


TD Insurance

Belair Direct

Keep Up to Date

Always avoid liability issues by keeping your home in good working order, even if it’s just a rental. Contact Odd Job to see how we can keep everything running smoothly: Get an estimate.