4 Common Questions About Tenant Insurance

If you are renting a basement suite, condo, or house, it is important to ensure that you are sufficiently covered in the event of an accident. While tenant insurance is highly recommended for all renters, it can be difficult to get the information you need to choose the right policy. That is why the home insurance experts at Mountainview Insurance have put together a list of 4 common questions about tenant insurance to answer them and help you select the perfect policy for your needs and budget.

Learn how to calculate contents insurance for your property.

4 Tenant Insurance FAQs

The following questions are among the most frequently asked when it comes to tenant insurance:

1. Is Tenant Insurance Required in BC?

While tenant insurance is not required by law, it is strongly recommended. Some landlords may also require a policy to be purchased before renting their property out, making it a worthwhile investment. While landlords may have an insurance policy for the property itself, your belongings will not be covered by this policy. By purchasing tenant insurance, you will ensure that your belongings are protected while covering any additional living expenses that may be incurred by severe property damage.

2. What is Covered by Tenant Insurance?

Tenant insurance provides coverage for the belongings in your home, unexpected living expenses, and personal liability claims. This ensures that you are covered in the event of a fire, burst pipe, or break in, giving you peace of mind while preventing unexpected replacement costs. Without tenant insurance, you would be left with substantial out-of-pocket replacement costs or costs for temporary living arrangements.

3. What is Not Covered by Tenant Insurance?

While tenant insurance covers many different elements, there are a few things it does not cover. In most cases, tenant insurance does not cover:

• Vehicle theft or damage – While the personal items you keep inside your vehicle may be covered, the vehicle itself is not. Coverage for your vehicle is based on your car insurance policy.
• Your roommate’s property – Your policy does not automatically extend to protect everyone who lives in the same space. More than one person can be named in a policy, but this is often not recommended because a roommate’s claim can affect your premiums.
• Flood damage – Water damage from floods or leaking roofs is typically not covered by tenant insurance policies.
• Bed bugs and pests – Costs associated with pest removal are not typically covered by a tenant insurance policy.

4. How Much Does Tenant Insurance Cost?

The cost of your tenant insurance policy will vary based on the amount of coverage you need and the options you choose. Be sure to work with an experienced insurance agency to determine the perfect solution for your needs and budget.

To learn more about our solutions for tenant insurance or to inquire about our other insurance products, 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 products or your insurance needs.