Also known as tenant insurance, while the costs will vary, renter’s insurance can be quite affordable compared to homeowner insurance. Additionally, renter’s insurance can do quite a lot to help protect you, not to mention provide the peace of mind you need while continuing to live comfortably in a rental unit.

While the rental property owner will be primarily responsible for providing coverage for the building and surrounding property itself, this will not extend to your personal possessions as well as situations that relate to actions that may make you responsible for repairs and damages.

To begin, it is a good course of action to have additional coverage in place to protect your own personal belongings. For example, in the event you fall victim to theft or damage to your possessions, renter’s insurance can provide coverage up to a certain value to help with the often high costs associated with replacing these items.

When determining how much coverage you might need, you can start by taking an inventory of your items and estimating the total value. The following are some items to factor into your evaluation:

Personally owned appliances and electronics, furniture, bicycles and equipment, clothing, collectibles, jewelry and any other valuable items.

In the end, then value of these items, when combined, can reach high amounts and so it is worth having this additional security in place, in the event they are stolen or damaged.

As mentioned, the property owner will have their own liability insurance to cover damages to the building, etc., however as a renter, it is important to also have your own coverage to protect yourself.

While you are likely to be taking all of the added care you need while living in your rental unit, sometimes accidents can happen that can leave you responsible for damages or injuries to another individuals. If there is damage to the unit or injuries to others occur while in your unit and you are found liable, insurance can help with any potential legal fees you might incur.

In some tenant policies, liability insurance can even cover scenarios when you need to stay at a hotel or another place where accommodations will need to be paid for, while your rental unit is being repaired. Rental insurance can help cover some of these costs and can definitely be well worth having in place for a wide range of situations.

Again, renter’s insurance fees will be determined by a variety of factors, and therefore, when identifying the specific coverage, you will also want to be aware of some specific information regarding the unit you are renting.

With this information on hand, an insurance agent can help find the best tenant policy for your needs, based on the following criteria:

The year the unit was built, the unit square footage, and then type of heating used in the building. Additionally, factors including how close you live to emergency services, such as the fire department can also play a role in how an insurance policy is curtailed to meet your unique rental situation.

With a variety of situations helping to determine the type of renter’s coverage you will need, an important step in this process is to connect with an insurance agent to ensure you have the best policy in place for your individual needs.

At Leaders Insurance, we are more than happy to work with you to arrange for the best tenant insurance coverage that will provide the most protection possible.

Contact us to find out more about renter’s insurance coverage in the BC region.