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Tenant Insurance

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  • Oct 8th, 2014 8:09 pm
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Member
Dec 17, 2011
209 posts
9 upvotes

Tenant Insurance

Hello RFD,

I am currently renting a condo and am pondering over getting some insurance coverage. Have heard some horror stories and although my unit is in descent shape, I'd better have some protection.

Can anyone suggest a good insurance company that is well regarded for tenant insurance ? What does it cover and what is the cost ?

Thanks
24 replies
Deal Expert
Feb 24, 2007
15169 posts
2743 upvotes
If your parents have their vehicles/home insurance, I would consider calling the same broker.
Deal Expert
User avatar
May 10, 2005
36997 posts
11419 upvotes
Ottawa
Don't ponder, get insurance. They are more than horror stories. Many renters have lost everything with no recourse.
Go to an insurance broker. You can discuss your needs with them and they can find you the right insurance company for the right price. A broker represents many companies and they can guide you as to what you actually need depending on the building you live in and the contents you own.
“Those people who think they know everything are a great annoyance to those of us who do.”
Member
Dec 17, 2011
209 posts
9 upvotes
Any recommendations for insurance brokers ?
Deal Expert
Feb 24, 2007
15169 posts
2743 upvotes
cesaro wrote: Any recommendations for insurance brokers ?
I have been with an RBC for the past several years. As much as I detest the recent negative publicity with respect to RBC outsourcing, they provide me with the lowest level of premiums for our home and all the family vehicles.
Sr. Member
Feb 28, 2013
945 posts
82 upvotes
Toronto
I don't have insurance but, all my stuff is replaceable crap. Oops!
Deal Addict
User avatar
Jun 14, 2012
1717 posts
153 upvotes
cesaro wrote: although my unit is in descent shape
That's not relevant. Tenant's insurance covers tenant's belongings, that's all. Condo itself is covered by the owner's insurance.
Deal Fanatic
Nov 11, 2008
8976 posts
2827 upvotes
It's no brainer. Condo insurance cost like $15-20 a month. Just stay home one night when your friends ask you to go wings and beer.

It's not only contents, but if you had to relocate due to a evac or if your toilet broke messed up all your stuff or if your friend slipped and broke his leg, and sues you ... that's not a good friend maybe, but at least your covered!
Deal Addict
Feb 24, 2007
1296 posts
181 upvotes
Beamsville
EPcjay wrote:
It's not only contents
Wouldn't content insurance be what the tenant buys to cover his belongings? It sounds like the OP is wanting to insure HIS condo not his renters stuff. I was under the impression these are two different types of insurance policies.
Deal Guru
User avatar
Sep 14, 2003
11102 posts
1342 upvotes
Georgetown
cesaro wrote: Hello RFD,

I am currently renting a condo and am pondering over getting some insurance coverage. Have heard some horror stories and although my unit is in descent shape, I'd better have some protection.

Can anyone suggest a good insurance company that is well regarded for tenant insurance ? What does it cover and what is the cost ?

Thanks
Renters insurance is dirt cheap. If you have anything of remote value, you should get it. 25k of coverage is like $100 a year.
4chan melts your brain.
Member
Dec 17, 2011
209 posts
9 upvotes
Xiaohaibao wrote: That's not relevant. Tenant's insurance covers tenant's belongings, that's all. Condo itself is covered by the owner's insurance.
But, I am not the owner of the condo. I am renting it. Does that mean if any damage happened to my belongings and/or the condo unit itself due to say a leak, fire or any such events, would I be covered ? Depends on the plan I get I guess.

Need to do more research.

*puts on glasses*
Deal Fanatic
Jan 17, 2012
5397 posts
476 upvotes
Toronto
The biggest thing with tenant insurance is that it provides you liability coverage. Don't think just about your possessions, think about what you might to do other's stuff. If you start a fire in your unit that damages another you can be sued. For the few $/month it costs it is well worth the peace of mind.
Deal Fanatic
Jan 17, 2012
5397 posts
476 upvotes
Toronto
cesaro wrote: But, I am not the owner of the condo. I am renting it. Does that mean if any damage happened to my belongings and/or the condo unit itself due to say a leak, fire or any such events, would I be covered ? Depends on the plan I get I guess.

Need to do more research.

*puts on glasses*
yes it depends on coverage but basically it covers damages to your belonging and damages you may cause.
Member
Jan 15, 2013
225 posts
4 upvotes
LASALLE
It sucks to rent with the money going nowhere (unless you rent to own) and on top that, if something happens too bad unless you shell out more money for insurance. I've always wondered if someone started a fire accidentally who is careless or purposely and the building burned down, could the person who is responsible be sued? I mean if someone Gets injured at someone's home and they just happen to be a klutz they can sue so if someone's negligence causes a building and contents to be destroyed they should be responsible.
Deal Fanatic
Jan 17, 2012
5397 posts
476 upvotes
Toronto
Yes they can be sued. However, what do you do if the person is on disability or welfare? Look at the example of the Toronto Community Housing Building that burnt down because of the hoarding of a tenant. He had like 60 computers and newspapers stacked everywhere in his unit. It caught fire and now many people lost their possessions and homes. They could sue him but what are they going to get? Ofcourse, they ended up sueing Toronto Community Housing and I believe they have won the suit....

But ya, if you burn down your kitchen as a tenant I as a landlord have to repair the kitcehn and whatever other damage you have caused. I would then turn around and sue you for the damages. If you have insurance I would be dealing with the insurance company, if not I go after you.
Deal Expert
User avatar
May 10, 2005
36997 posts
11419 upvotes
Ottawa
cesaro wrote: Any recommendations for insurance brokers ?
There is a very helpful RFD member and she is a broker. PM her, Cosmic5
Beans1234 wrote: I don't have insurance but, all my stuff is replaceable crap. Oops!
I think you would be very surprised how uch it would cost to replace all your stuff. Just start adding up the cost of you clothing alone and you will not believe the cost...15 pairs of socks @5 bucks a pair, all your undergarments, shirts , pants etc. It is surprising how much you really have and, that is not including any furniture etc.
cesaro wrote: But, I am not the owner of the condo. I am renting it. Does that mean if any damage happened to my belongings and/or the condo unit itself due to say a leak, fire or any such events, would I be covered ? Depends on the plan I get I guess.

Need to do more research.

*puts on glasses*
You need to find out what liability insurance the condo owner carries for you to determine what you need. This is one of the reasons a good broker is important. They ask all the right questions.
“Those people who think they know everything are a great annoyance to those of us who do.”
Sr. Member
Feb 28, 2013
945 posts
82 upvotes
Toronto
You spend 5 bucks on a pair of socks? Your wallet is being pillaged.
Newbie
Nov 22, 2004
78 posts
7 upvotes
I have my car insurance with bel air direct, got a quote for tenant insurance through them and it was double the price of td insurance offering. Shop around, you should be aiming for 13-20 per month for basic coverage which should be enough for most people.
Deal Expert
User avatar
May 10, 2005
36997 posts
11419 upvotes
Ottawa
Beans1234 wrote: You spend 5 bucks on a pair of socks? Your wallet is being pillaged.
Man, do you ever miss the point. :facepalm:
“Those people who think they know everything are a great annoyance to those of us who do.”
Deal Guru
User avatar
Aug 20, 2012
13879 posts
3290 upvotes
Pacific Ocean
cesaro wrote: Hello RFD,

I am currently renting a condo and am pondering over getting some insurance coverage. Have heard some horror stories and although my unit is in descent shape, I'd better have some protection.

Can anyone suggest a good insurance company that is well regarded for tenant insurance ? What does it cover and what is the cost ?

Thanks
TD Meloche Monnex. Get a quote. http://www.melochemonnex.com/en/home

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