What is tenant insurance?

Tenant insurance is for individuals who rent a house, apartment, or condominium from a landlord. Typically, the tenant furnishes the rented space with their personal belongings. In events like fire, flood, or theft, tenant insurance helps replace these personal items. While the landlord insures the building structure, the contents - such as furniture, electronics, clothing, dishes, and other personal items - are the tenant's responsibility to insure.

What is covered under tenant-specific coverages?

As a tenant, you might have the opportunity to make modifications to your unit. tenant-specific coverages offer protection for any upgrades you make to the rented space. These optional coverages are tailored to help protect enhancements and modifications made by the tenant.

How does the Loss of Use coverage work?

Loss of Use, often referred to as Additional Living Expenses, is a part of the tenant insurance policy. If an insured event like a fire makes your rented space uninhabitable and you incur extra living expenses (e.g., staying in a hotel), this coverage helps bear those costs. It also applies if your home is evacuated due to damage in a neighbouring property or a significant event in your area that renders it unsafe.

Tenant insurance

Protecting your belongings in rented homes

A tenant is anyone who rents a house, apartment or condominium from a landlord. In most cases, the tenant furnishes the space with their own personal belongings to make it their home. What many people may not consider is how those personal items will be replaced in the event of a fire, flood or theft.

Although your landlord is responsible for insuring the building structure, the contents – that is, your belongings – are your own responsibility. This refers to furniture, electronics, clothing, towels, bedding, dishes… anything you bring into your rented home.

Tenant coverage at a glance

Our tenant insurance plan covers your belongings and includes liability coverage. It is your landlord’s responsibility to insure the building only.

Comprehensive

This type of coverage lists events that are not covered if damage occurs to your belongings and unit fixtures.

Also referred to as "All Risk".

How it works: an example

You carry a can of paint across the room and accidentally spill it all over your area rug and your couch.

Result
You would be covered for your area rug and couch.

Why?
Paint spillage is not specifically excluded in your policy.

Tenant-specific coverages

As a tenant, you may have the opportunity to make modifications your unit. These optional coverages are available to help you protect any upgrades.

Tenant Improvements (Optional)

Protect any upgrades to the rented home that you have completed.

Example
If you replace the wall-to-wall carpet with a more valuable hardwood flooring, you would be covered.

Damage to Dwelling (Optional)

Protect any permanently installed items that you have incorporated into the rented home.

Example
A closet organizer.

Frequently asked questions

What is liability coverage for tenant insurance?

Our tenant plan includes liability coverage. In the example noted above, if your landlord were to take legal action against you for negligence that caused paint damage to areas of your suite that are part of the building (such as wall-to-wall flooring or permanent fixtures), you’d be covered.

Do I need tenant coverage?

Learn the common misconceptions about tenant insurance – and how knowing the truth could save you thousands of dollars. Learn more.

What does Loss of Use coverage do for my tenant insurance policy?

Also commonly referred to as Additional Living Expenses, this coverage is part of your policy. It pays for the potential increase in your living expenses if you are temporarily unable to live in your home.

Example

If you have to continue to pay rent after a fire and must also pay to live elsewhere while the repairs are being completed, your insurance plan will cover the increased costs of living.

This coverage will also respond if your home is evacuated when there is damage to a neighbouring premises or if there is a major event in your area that prevents you from returning to your home until the area is safe again.

Learn more about Loss of Use coverage.

What additional coverages do I need for tenant insurance?

Most condo insurance policies allow you to customize coverage for additional items or extend certain coverages to a home-based business.

Things to consider:

Do you operate a business out of your home or garage?
Do you own a cottage?
Does the value of your jewellery exceed the limit offered by your policy?

Your broker is the best resource for assessing your unique needs and determining which additional coverages may help protect you and your home.

Talk to your broker

Over time, needs change — and you should alert your broker of important updates so they can make sure you're always fully covered.

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