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Five Reasons Why You Need Tenant Insurance in BC

Categories: Tenant Insurance

Are you someone who thinks that you do not actually need tenant insurance? Well, you are not alone. In fact, most BC tenants don’t bother with buying insurance even though tenant insurance is often far cheaper than many other types of home insurance policies.

At Mountainview Insurance, we help our clients find the best possible insurance coverage plans suitable to their exact needs and budget. If you are considering taking the risk of not buying tenants insurance, here are five reasons why you should reconsider.

1. Your Landlord’s Insurance May Not Cover You

You might think that your landlord’s insurance policy will cover your possessions while you are living on their property; however, this is not the case. While your landlord’s insurance may cover the building (i.e. the building’s structure and liability if someone is injured on their property), their insurance won’t cover any of your personal effects. As a tenant, you should consider purchasing your own tenant insurance to cover your belongings from potential risk.

2. Home Improvements May Not Be Covered

Have you decided to make some changes to your rented living space? Maybe you have decided to install a wall-mounted TV or a new closet organizer? It may shock you to discover that, while you may have had permission from your landlord to make these changes, your landlord’s insurance only covers home improvements that they themselves have made; therefore, any damage done to the changes that you have made to your living space are not covered unless you buy your own tenant insurance.

3. Insuring Your Possessions

While most of your possessions might only seem valuable to you because of sentimental reasons, you might be surprised to learn how a quick inventory check can prove how much value your possessions actually have. Without tenant insurance, your belongings will not be covered in the event that they are stolen or sustain water or fire damage. When you consider how much it would cost to replace all of your possessions, monthly rates for tenant insurance looks like a good trade off.

4. Liability Insurance

Although you may not mean to intentionally harm someone in your home, or you do not plan on causing damage to a friend or neighbour’s property, accidents do happen. That id why having tenant insurance is so important. Having third party liability insurance (which is part of a tenant insurance policy) will protect you from any unwanted mishaps that can cause damage to someone else’s property. Third party liability insurance can also cover you in the event that one of your pets decides to lash out a stranger. Any medical expenses or money needed to compensate someone for damage that your pet has caused can be covered by your tenant insurance policy.

5. If You Have to Vacate Your Apartment

If, for some reason, you have to suddenly move out from your rented space, your tenant insurance will cover any living expenses that you owe while an insurance claim is being settled or repairs are being made. This includes cases of theft, vandalism, fire, water damage, etc. One of the most commonly missed advantages of having tenants insurance is that your insurance provider will help cover your living expenses while repairs are being made in the case of an accident. This can help ease any financial burdens that you may have to face while your insurance claims are being processed and repairs are being made to your living space.

How Mountainwiew Insurance Can Help You

Tenants insurance is a flexible and affordable way for you, as a tenant, to protect yourself and your possessions, as well as to give yourself some peace of mind knowing that an accident won’t put you into financial trouble. At Mountainview Insurance, we are dedicated to providing the best service, whether it is on the phone, in the office, or on the road. With 15 years of experience serving the Abbotsford community, we have the knowledge and knowhow to help you find the best tenant insurance policy to cover you and your needs.

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