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 are properly protected.
Getting apartment insurance in Ontario can be quick and easy. Your best bet is to speak to an insurance broker who will shop at Canadian insurance companies to get you several competitive apartment insurance quotes that are customized to your specific needs.
Apartment insurance, also known as renter’s insurance and tenant’s 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.
Anyone who is renting living space in Ontario should have apartment insurance. Tenants 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 the renter’s 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 than the example above, an insurance broker can customize apartment insurance protection for your individual needs.
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.
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 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 rental are properly protected.
Personal property coverage is designed to protect your possessions in your apartment such as clothing, furniture, appliances, electronics, 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 items when determining how much coverage you need.
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 rental apartment.
With liability coverage, 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 coverage given the high costs associated with legal actions.
An insurance broker specializing in apartment renter’s insurance can further discuss liability coverage with you and provide guidance and advice.
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. 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 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 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.
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.
An insurance broker can provide further guidance to help you get the best apartment insurance that meets your needs.
Generally, the 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 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.
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.
You can get apartment insurance by contacting Morison Insurance. We know apartment insurance and will get you multiple quotes 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. 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.