Whether you are renting a basement suite, an apartment, or an entire home, it is important to ensure that you are adequately covered in the event of an accident, break-in, or natural disaster. While tenant insurance is not required by law in BC, it is well worth the investment for most renters as it provides much-needed coverage for unexpected expenses and replacement costs for possessions. As leading providers of complete home insurance solutions, the team at Mountainview Insurance knows how valuable tenant insurance can be for all types of renters. That is why we have compiled a list of 3 reasons why you need tenant insurance in BC to demonstrate why it is worth the cost.
Learn about the differences between tenant insurance vs. landlord insurance.
Tenant insurance is important for all renters throughout BC for the following reasons:
It’s important to know what tenant insurance covers. Think of every item in your home and try to estimate how much everything is worth as a total dollar amount. In most cases, this estimate will be significantly lower than the true replacement cost of everything in your home. From electronics and furniture to clothing and jewelry, the value of your personal belongings can quickly add up. Without tenant insurance, your belongings will not be covered if they are stolen or damaged, leaving you with the nearly impossible task of replacing everything out of pocket.
If you have decided to install a wall-mounted TV or a new closet organizer in your rental space, it may be surprising to learn that your landlord’s insurance only covers home improvements that they have made themselves. This is true even if you received permission from your landlord before making these improvements. To ensure that your hard work and valuable additions are covered, you will need to purchase tenant insurance.
While you may not mean to intentionally harm someone in your home and do not plan on causing damage to a neighbour’s property, accidents happen. Third-party liability insurance (included as part of most tenant insurance policies) will protect you from any unwanted mishaps that can cause damage to someone else’s property or injury to a guest. Liability insurance can also cover you if one of your pets lashes out at a stranger. Any medical expenses or funding needed to compensate someone for damage that your pet has caused can be covered by your tenant insurance policy, giving you total peace of mind by protecting you from unexpected costs.
To learn more about tenant insurance, home insurance, and our other insurance solutions, get in touch with the team at Mountainview Insurance. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our solutions.
We’re ready to understand your insurance needs and to work for you to get the coverage you need.