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What is tenant insurance?

– moneysense.ca

Tenant insurance, also known as renters or contents insurance, is one of the costs of adulting that seems to have no payback. But the reality is that you likely can’t afford not to have tenant insurance. The cost of a policy (which can range from $15 to $30 a month) is a small price to pay when you consider that it protects your valuables, against liability in case of an accident and, ultimately, peace of mind.

What is tenant insurance? 

In its most basic form, tenant insurance is coverage that protects you and your personal items if you rent your home. But according to the Insurance Bureau of Canada (IBC), tenants are also legally responsible for property damages—accidental or otherwise—and for any injuries their visitors may suffer. Tenant insurance protects you against that too. 

If you cause a grease fire, for example, and there’s smoke damage to your apartment, your neighbour’s apartment and communal areas outside of your rented space, you’ll have to cough up all related expenses…

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