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Tenant Insurance: Can you afford not to have it?
25% of tenants in Quebec don’t have tenant insurance. If the unexpected were to strike, would you be able to start from scratch? Here are 5 good reasons to insure your apartment.
1. Not obligatory… but strongly recommended
While it’s true that tenants are not required to get insurance, when you think about it, it’s not unlike using sunscreen: it’s not the law… but it’s a very good idea!
If a fire were to ravage your apartment, the benefit you would be entitled to could help you get you back on your feet by enabling you to re-buy all your goods. Think about it!
2. Your personal property is worth more than you think
We tend to underestimate the value of everything we own. It’s not because the sofa is a hand-me-down or that most of the furniture was purchased second-hand that your stuff isn’t worth anything.
Think about it: laptop, stove, microwave oven, clothes, camera, TV, bike, etc. When you add everything up, you easily get to $10,000 in assets.
3. For your neighbours
Regardless of your relationship with your neighbours, you wouldn’t like it if an incident you are responsible for had unfortunate consequences on them.
Tenant insurance also comes with civil liability protection in the event that you are responsible for causing bodily harm to your neighbours.
4. To sleep easy
Knowing that you are covered is not a luxury. Avoid the stress of the unexpected by being fully insured. After all, SSQ’s priority is to help you get things under control after a loss!
5. Your landlord’s insurance doesn’t cover your property
Contrary to popular belief, your property is not covered by your landlord’s insurance policy. It’s up to you to protect your belongings.
What does tenant insurance cover?
Mainly, tenant insurance has two parts: property and legal liability.
- This is the content of your apartment
- Any belongings that are temporarily away from the insured premises
- Additional living expenses incurred above and beyond the normal daily expenses incurred after a loss
Your legal liability
- Tenant insurance protects you from the financial consequences of causing bodily injury or material damages to others (either at home or anywhere in the world).
- In addition to the insured premises, legal liability covers your personal activities, everywhere around the world
- If you are ever sued for damages that are covered by this protection, your insurer may pay your legal expenses.
Make sure you are fully covered
The protection you need depends on the value of your property.
- An up-to-date inventory of your belongings will help you evaluate your insurance needs and will make things easier in the event of a loss.
- Damages caused to a third party can be substantial. That’s why, on the market, legal liability limits are offered at 1 or 2 million dollars.
For more information
For more information on tenant insurance, speak to an insurance agent. They will be more than happy to help you determine the type of insurance that’s best for you and your budget!