Why take out insurance when you’re renting an apartment?

Why take out insurance when you’re renting an apartment?

Nearly 25% of people renting an apartment in Quebec don’t have insurance. Some think investing in home insurance is pointless because they have nothing of real value and others think home insurance is for homeowners only. Yet, insurance is useful to everyone.

National Bank General Insurance
05 December 2015

Why tenant insurance is so important

Would you be willing to pay thousands of dollars if you accidentally set fire to the building or if your washing machine overflowed, resulting in major damage to your neighbour’s apartment?  If your computer was stolen, could you afford to replace it?

As a tenant, taking out insurance is ensuring your peace of mind. Fire, theft or vandalism can occur at any time and replacing your personal effects that have been damaged or stolen will cost a small fortune.  Just think of your clothes, your CDs, your furniture and your household appliances. Even if they do not have much value, having to replace them all at once represents expenses that may well empty your wallet and deplete your savings.

You should also be aware that as a tenant, you are legally liable for any damages you may cause to the part of the building you live in. Similarly, you are liable for damages that other residents or guests might incur through your fault. You own a dog?  Know that if it bites a neighbour or causes damage to the building, you could be held responsible and a lawsuit could be brought against you even if you were not present when the incident occurred. 

Reassuring protections

Tenant insurance coverage will not only protect your personal property but also your legal liability. 

Basic tenant insurance may include:

  • Protection for your personal property if you are a victim of fire, theft or vandalism
  • Protection for your legal liability if you or your guests unintentionally cause damage to your dwelling, to the entire building, or even to the neighbour

There are several additional protections, such as:

  • Your personal property while it is temporarily outside your apartment, such as your bicycle, is covered
  • You are covered against civil proceedings if you accidentally injure someone
  • You cause damage while abroad? You are protected against civil proceedings even when you are outside the country

Affordable premiums

If you think that this type of insurance will cost you an arm and a leg, think again: at National Bank Insurance Auto | Home, you can get tenant insurance for only a few dollars per month.  The premium is based on the value of your personal property and other factors such as the number of dwelling units, the type of heating system, the presence of commercial occupancy, etc.   You can even save big by combining your car and tenant insurance*. Just check with one of our insurance experts. 

Choosing tenant insurance remains the best solution to ensure you’ll be able to face adversity and quickly get back on your feet.   

 

*Some conditions apply

Legal note

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