Apartment Insurance
When you have the best apartment insurance that is right for you, you will have the comfort of knowing that you and your personal belongings have the highest level of protection and are properly protected.
Getting apartment insurance in Ontario can be quick and easy. Your best bet is to speak to a licensed insurance agent who will shop at Canadian insurance companies to get you several competitive apartment insurance quotes that are customized to your specific needs.
What Is Apartment Insurance?
Apartment insurance provides coverage for your belongings while you are renting an apartment. It also offers liability coverage which protects you against legal liability for losses caused by injury to others or damage to other’s property. Apartment insurance also includes additional living expenses coverage which pays part of your costs if you cannot live in your apartment following a loss.
Who Needs Apartment Insurance?
Anyone who is renting living space in Ontario should have apartment insurance. Renters are not covered by the landlord’s insurance policy, so it is very important to have apartment insurance to protect your belongings in the event of a loss.
While there is no law requiring renters to have apartment insurance, landlords may require you to purchase and provide proof of insurance as a lease condition.
The best apartment insurance is customized to meet your specific needs. For example, if you have an expensive computer, a high-value bicycle, or other expensive belongings, apartment insurance can be tailored to ensure your possessions are properly protected. If your belongings are not as extensive and valuable as the example above, an insurance agent can customize apartment insurance protection for your individual needs.
Why Do I Need Apartment Insurance?
You need apartment insurance so that if a loss occurs, you are not stuck paying to replace items out of pocket. With apartment insurance you will receive coverage for your personal belongings such as clothing, furniture, and other personal items.
Apartment insurance also provides liability protection in case of injury to other people or damage to property of other people. Your insurance policy will also offer living expenses protection in the event you need to relocate temporarily due to a loss.
What Does Apartment Insurance Cover?
Apartment insurance includes coverage for personal property such as furniture, electronics, and appliances, additional living expense coverages, and personal liability coverage. There are also additional coverages for common perils such as sewer back up coverage and overland water coverage that can be added to your apartment insurance policy to ensure that you and your apartment are properly protected.
Personal Property Coverage
Personal property coverage is designed to protect your possessions in your apartment such as clothing, furniture, appliances, electronics, entertainment equipment, and more. You can decide what amount of contents coverage you want in your apartment insurance policy. Determine this by assessing your belongings' value, which is anything owned by you and not the property owner. Think about how much it would cost to replace your personal property items when determining how much coverage you need.
Additional Living Expenses Coverage
With additional living expenses coverage, if you have a loss and cannot live in your apartment, the insurance company will help with living expenses until you can return to your apartment.
Liability Coverage
Liability coverage is additional protection in the event that there is an injury to other people, or damage to other people’s property, your insurance company will assist with costs associated with the event, such as legal defence and judgement costs, to the limit specified on your policy. Many insurance brokers recommend $2 million in liability insurance coverage given the high costs associated with legal actions.
An insurance broker specializing in apartment insurance can further discuss personal liability protection with you and provide guidance and advice.
Voluntary Medical And Property Coverage
Suppose a guest is injured at your home. Whether you are legally liable or not, voluntary medical coverage can help pay for the injured person’s medical expenses, such as dental costs, physiotherapy costs, and others. Special limits will be outlined on your policy.
Suppose you or someone in your household damage another person’s property, say you break a window. In that case, there is limited voluntary property damage coverage in your apartment insurance policy to pay for the damage. This coverage may also apply to property you borrowed from someone, such as borrowing a friend’s lawnmower. Limits will be outlined on your policy.
Sewer Backup Coverage
Sewer backup coverage can be added as an endorsement to your apartment insurance policy. Sewer backup coverage protects against water losses caused by the backing up of pipes and drains in your apartment.
Overland Water Coverage
Overland water coverage can be added as an endorsement to your apartment insurance policy. While not necessary if you live in a higher-level apartment, if you live in an apartment that may be at risk of overland water damage, this can be good protection. Overland water coverage protects your belongings if you suffer a loss or damage related to water entering from sudden accumulation of water from heavy rains, spring run-off and overflow from lakes and rivers.
What Is Not Covered By Apartment Insurance?
Apartment insurance does not cover damage to the building or other structures on the property, damage to appliances owned by the landlord, business activity conducted from your apartment (if not discussed with your broker), and most policies do not cover the insured if they sublet their apartment to someone else. Your landlord's property insurance will not cover your personal belongings in case of fire, theft or damage.
An insurance broker can provide further guidance to help you get the best apartment insurance and any additional coverage that meets your needs.
How Much Does Apartment Insurance Cost?
Generally, the average cost of apartment insurance can range from $25 to $50 per month. The cost of apartment insurance varies depending on the amount of coverage you require. For example, if you need more insurance coverage, your insurance premium will be higher than for someone who requires less coverage.
An insurance broker will get you several apartment insurance quotes and will help you compare coverages to ensure you are getting the best insurance at the right price.
What Is The Difference Between Apartment And Condo Insurance?
The difference between apartment insurance and condo insurance is that apartment insurance covers just your belongings, and condo insurance provides coverage for your belongings and improvements and betterments made by you to the unit.
Where Can I Buy Apartment Insurance?
You can buy apartment insurance by contacting Morison Insurance. We know apartment insurance and will get you multiple quotes and provide a wide range of coverage options to ensure you are properly protected. Get started today by calling 1-800-463-8074, or have one of our apartment insurance experts reach out to you by filling out the form on this page. We make it easy! Just submit your information through the form located on our website, and we'll be in touch. We look forward to working with you.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.
