Tenant Insurance in Ottawa

Personal Tenant Insurance in Ottawa

As a renter, you don't need to worry too much about property insurance coverage because you don't own property—or at least, that's a common assumption. It's not completely accurate, though. You may not own a house or piece of land, but you have belongings that would be difficult to replace upfront if they were lost or seriously damaged. You also have the same personal liability risks that everyone faces, and need financial protection in the event that you are held liable for causing property damage or bodily injury to someone else. Getting the right Ottawa tenant insurance policy in place with help from experienced Ottawa insurance brokers gives you peace of mind knowing you are protected from financial loss caused by a wide range of risks.

What is Ottawa Tenant Insurance?

Ottawa tenant insurance, which is also called renters insurance, is a type of property insurance tailored to the needs of renters in Ottawa, Ontario. It protects tenants from paying out of pocket to repair or replace their belongings following an insured loss caused by factors such as theft, fire and natural disasters. But it also provides coverage for expenses incurred if you are forced to evacuate your home for a period of time so damage restoration can be carried out, such as hotel and food costs. Finally, it offers you personal liability coverage so you can recoup expenses such as legal defence fees, medical bills, repair or replacement for damaged property and more if you are sued for causing third-party bodily injury or third-party property damage.

Do All Renters Need Ottawa Tenant Insurance?

Absolutely. If you are renting your home, whether it's a room, an apartment or an entire house, it's important to have the financial protection afforded by Ottawa tenant insurance.

It's common for tenants to think they don't need insurance coverage because they don't have many valuable belongings. You may not have a safe full of cash and jewels, or a closet full of luxurious fur coats, but your belongings are valuable to you and essential to your daily life. Imagine if all your furniture, clothing, electronics, and more were destroyed. . Even if those items don't have a high value, it would be prohibitively expensive to replace them all at once. But with Ottawa tenant insurance, your insurance carrier will provide funds to cover the cost of repair or replacement, up to the contents coverage limits on your policy.

Remember that your Ottawa tenant insurance isn't just about your belongings. It also applies to liability situations, and lawsuits are expensive. Every single person out there has the potential to be liable for causing bodily injury or property damage, including tenants. If that happens, you need the financial protection of a comprehensive Ottawa tenant insurance policy.

What Types of Coverage are Available for Ottawa Tenant Insurance?

A standard tenant insurance policy provides three main types of coverage: contents insurance, which provides for the repair or replacement of lost and damaged belongings; additional living expenses coverage, which provides funds for you to live elsewhere while your home is undergoing damage restoration; and tenants' liability coverage, which provides financial assistance for the costs associated with liability for third-party bodily injury or property damage.

Contents Coverage

In all likelihood, the majority of your most important possessions are kept in your rented house or apartment. While you don't have to worry about house insurance—that concern belongs to the owner of the house or building—you still have important personal property that would be difficult or costly to replace if it was destroyed or stolen. Contents insurance is a crucial part of any Ottawa house insurance policy because it offers you the security of knowing your insurance carrier will provide you with funds to cover the cost of repairing or replacing belongings that have been stolen or vandalized or are damaged or destroyed by an insured peril, up to your policy limits. When speaking with a broker about Ottawa tenant insurance, it's important to make sure you provide a complete assessment of the belongings that need to be covered so your broker can ensure you have adequate limits to protect you against financial loss resulting from an insured event such as natural disasters, theft or fire.

Additional Living Expenses Coverage

Suppose your rented home suffers damage from a fire or flood. In that case, your landlord will be responsible for repairing the building and restoring it to a livable condition—but that restoration work isn't going to take place overnight, and you likely won't be able to live there while the work is underway. Additional living expenses coverage is the part of your Ottawa tenant insurance policy that makes you eligible for funds to cover the cost of alternative living arrangements such as a hotel or short-term rental while your home is being made habitable again. In addition, you can receive help with other essential expenses such as food costs that you must necessarily incur while you're living away from home. The specific terms of what you can get covered will depend on how your Ottawa home insurance policy is designed, and your Morison Insurance broker can explain the details of exactly how your unique additional living expenses coverage protects you.

Tenants' Liability Insurance

Homeowners typically have personal liability coverage as part of their homeowners insurance—but tenants can be held liable for third-party injury or property damage too. With the right Ottawa tenant insurance, renters can rely on their third-party liability coverage to cover costs such as legal defence fees, repair and replacement costs for damaged property, medical bills and more, up to the insurance liability limits on their Ottawa tenant insurance policy.

For example, if you had a few guests over and one of them tripped over something that was left on the floor and broke their ankle, you could be held liable if they sue you to recover the cost of their medical expenses and recovery period. Your Ottawa tenant insurance carrier would cover those costs according to the limits laid out on your policy for tenants' liability insurance.

Do I Need Optional Endorsements on My Ottawa Tenant Insurance Policy?

The standard coverage for Ottawa tenant insurance is robust, but it doesn't include everything. If you want extra protection or are exposed to risk factors such as the potential for overland flooding, it makes sense to consider additional coverages on your Ottawa tenant insurance policy. That may include endorsements such as:

• Overland water coverage for water damage caused by heavy rainfall, thawing in spring or overflowing rivers or lakes—this is significant  for those who rent a ground-floor or basement apartment near bodies of water such as the Ottawa or Rideau Rivers
• Sewer backup insurance for contents that are damaged by wastewater and raw sewage backing up through a malfunctioning plumbing system
• Scheduled personal articles endorsement to cover high-value items such as expensive sports equipment or valuable art that may not be fully covered by your Ottawa tenant insurance limits

Once the brokers at Morison Insurance have had the opportunity to find out more about your unique insurance needs, they can give you recommendations on endorsements you may need for complete Ottawa home insurance coverage.

What's the Difference Between Ottawa Tenant Insurance and Landlord Insurance?

These two very different types of insurance are sometimes confused with each other. Some renters assume they don't need Ottawa house insurance if their landlord has property insurance for the building they rent—but that's not the case. The key difference between tenant insurance and landlord insurance is who benefits from them. Landlord insurance protects your landlord from financial loss, but will not cover the cost of repair or replacement for the contents of the rental unit—in other words, your belongings. Ottawa tenant insurance, on the other hand, benefits you by providing coverage for your contents, additional living expenses and liability claims against you. If you're a landlord, you need landlord insurance and if you're renting a home in Ottawa, you need Ottawa tenant insurance.

Is It Mandatory to Have Ottawa Tenant Insurance?

It's not legally mandatory in Ottawa, or the rest of Canada, to have tenant insurance. However, going without it can turn into a costly error. Most people don't have thousands—or even millions—of dollars available to handle the expense of replacing everything they own, or dealing with the expense of defending themselves in a court of law if they are sued. With the financial protection of Ottawa tenant insurance on your side, you can recover quickly from disaster or misfortune and get back on your feet without adding insult to injury by suffering serious financial setbacks.

It's worth noting that while the government does not mandate Ottawa tenant insurance, landlords are within their rights to require it in your rental agreement, and many choose to do exactly that so they know their tenants' contents are protected by insurance coverage if an insured event takes place.

How Much Ottawa Tenant Insurance Coverage Do I Need?

The limits you need on your Ottawa tenant insurance to ensure adequate coverage are contingent on information such as the replacement cost for your belongings. In addition to the value of your personal items, you also need a minimum of $1 million in personal liability coverage. However experienced brokers strongly recommend at least $2 million for liability because the costs of being held liable for third-party bodily injury or third-party property damage can far exceed $1 million.

When determining the necessary value of your Ottawa house insurance contents coverage, create a list inventorying all the items that need to be included, such as: computers, televisions, audio-visual equipment, electronic devices, clothing, furniture, jewellery, musical instruments, sports and recreation equipment, appliances, textiles, artwork and more.

A Morison Insurance broker can help you determine how much coverage you require and will get you the best Ottawa tenant insurance quotes for your needs

How Much Does Ottawa Tenant Insurance Cost?

The cost of Ottawa home insurance varies depending on several factors such as contents limits, location and so on, but the average tenant insurance cost is far more affordable than most people think it is—most people can expect to pay somewhere between $250 and $450 per year. 

If you're looking for ways to save, consider speaking with your Morison Insurance broker about bundling your Ottawa tenant insurance and auto insurance together with the same insurance carrier for a package discount. There are other types of insurance discounts you may be eligible for on your Ottawa tenant insurance as well, and our dedicated brokers will make sure you receive every discount you are entitled to.

Where Can I Get an Ottawa Tenant Insurance Quote?

Get the Ottawa tenant insurance you need to protect you against financial loss by calling the team of reliable insurance brokers at Morison Insurance. We are a family-owned and operated business, and we take pride in treating our customers like part of the family. We work for you, not for insurance companies, so our top priority is helping you find the right Ottawa tenant insurance so you can rest easy knowing you're safe from major setbacks. Call us at 1-800-463-8074 or complete our online form to get in touch with us and get started on a quote for Ottawa tenant insurance coverage.

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.