View Full Version : Need information regarding tenant insurance!!
indca
Dec 7th, 2006, 11:58 AM
hello there, Recently one of my bicycle was stolen from my balcony, and this has got me worried about other important stuff I have in my house, so can anyone give me link to peril policy that deals with robbery?
I'm not even looking for big coverage, around $10,000-15,000 would be enough, so could you guys give me estimate annual cost for policy and link that could be useful in my search!!
sunnybono
Dec 7th, 2006, 01:03 PM
I believe the standard coverage is approx $25k and should cost around $200/year with any insurance policy.
sk
hoob
Dec 7th, 2006, 01:17 PM
hello there, Recently one of my bicycle was stolen from my balcony, and this has got me worried about other important stuff I have in my house, so can anyone give me link to peril policy that deals with robbery?
I'm not even looking for big coverage, around $10,000-15,000 would be enough, so could you guys give me estimate annual cost for policy and link that could be useful in my search!!
I have always been told (by insurance professionals, relatives, etc) that people always underestimate contents coverage amounts. The minimum recommended amount is 30K regardless how spartan an existence you lead. I currently carry 60K contents on a condo policy.
Keep in mind this coverage is intended to address the worst-case replacement cost, where absolutely everything you have (clothes, dishes, books, etc) is lost in a flood/fire/collapse.
Most tenant policies are $200-$300/year.
Steve_YXE
Dec 7th, 2006, 04:53 PM
Check rbcinsurance.com and tdinsurance.com, they seem to have the most competitive rates. My home insurance is about $350 (2000 sq ft worth about $280K)and my mom's tenant insurance was $105(30K of coverage). This was for fairly decent coverage one million liabilty, guaranteed replacement cost on both contents and the building, all perils, sewer backup etc.....
Of course all rates are dependent on where you live (I think they use postal code to determine rate) age of building, type of construstion, they probably even charge more if you are young and have never had insurance before etc....
Broker9o5
Dec 7th, 2006, 05:25 PM
hello there, Recently one of my bicycle was stolen from my balcony, and this has got me worried about other important stuff I have in my house, so can anyone give me link to peril policy that deals with robbery?
I'm not even looking for big coverage, around $10,000-15,000 would be enough, so could you guys give me estimate annual cost for policy and link that could be useful in my search!!
Minimum policies are $25k to $30k to replace all your belongings in case of a total loss. Eg. Fire burned ur unit to the ground.
It can cost avg $200-$400/yr depending on where you live.
It also covers you for liability if you burn the building to the ground or cause water damage to the building. You will be covered for your negligence.
They will even provide you a place eg. Motel . to stay in case your place was unfit to live in.
Tenants insurance is good to purchase, but there are limits on things like bikes and jewellery. eg. limit on bikes could be $500 per bike or $1000, then theres a deductible of $500 or $1000 so forget about claiming a bike. :)
indca
Dec 7th, 2006, 08:38 PM
from TD
$15,000 coverage
I have to pay first $500
third party liability covered
it's costing me $207/annually
if I make it to $25,000 it will cost me $250 rather then $207, should I take bigger coverage?
I really don't want to putup money, and really want to minimize the insurance cost...
doodling
Dec 7th, 2006, 08:52 PM
yikes sorry to hear that. i had 2 bikes stolen myself, one off my balcony too!
if you are a university/college student or alumni, try TD Meloche Monnex (not the same as TD). they have really good rates if your college is affiliated.
their # is 416.484.1112 (just got my home insurance through them, over $1500 difference from other companies!)