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This wall will explain the positives of renters insurance and why it is beneficial. We will explore the downsides and what renters insurance includes. We will look at this from a Canadian side to be able to properly understand why renters insurance is such a great investment. It will showcase all areas of renters insurance so that you can make an educated choice when home ownership is not in your budget.

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This website breaks down the different things that can be covered by renters insurance. It shows how important it is to protect your assets.  This article is based in Toronto where renting makes much more sense then buying because of the high prices.
I chose this website because I feel that it helps see all the reasons why being covered helps you when unexpected situations arise. I felt it was an easy read. I felt that with the younger people just getting into renting and moving out this article spells out how renters insurance can really save you in the long run.

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It seems that every other week, there's a news story about another apartment catastrophe. From fires to floods, tenants are lucky to escape with their lives, nevermind their belongings. Think you're covered? Think again. Here, Pete Karageorgos, Director of Consumer and Industry Relations at Insurance Bureau of Canada, shares what you need to know about renter's insurance.

Don't count on your landlord

While most homeowners wouldn't think about buying a property without also getting insurance for it, many tenants, it seems, are happy to sit back and let the responsibility fall on their landlord. Except that's not necessarily how it works.

"Perhaps 50 per cent of tenants have insurance," says Karageorgos. "Though, I suspect the real number is much lower than that."

While some tenants think that their landlord's insurance will cover them too, in fact, they are mistaken.

"Landlord insurance is for landlords," says Karageorgos. "It covers the landlord and the building. Tenants will need insurance to cover their own belongings and activities."

There's more than meets the eye

There's also more to renter's insurance than just your beloved record collection and designer shoes.

"Tenant's insurance covers your belongings, but also your liability: If someone is hurt in your unit-they trip on your rug, say-and they can't work and they sue you, or if you're cooking and start a fire, and it damages the unit," says Karageorgos.

While the landlord's insurance might initially cover the repairs to the unit, if the fireman's report comes back and says it's due to the tenant's negligence, the landlord can then sue you for their costs. "Liability insurance covers you if you're sued or if you by accident start a fire or flood that damages the building," says Karageorgos.

It pays to have a backup plan

Now let's say nothing happened in your apartment, but in a different unit in the same building. You're not on the hook, but you might still need to find somewhere else to live. In this case, not only will tenant's insurance cover your belongings, but it will also cover the costs of additional living expenses.

"When people are forced from their units, maybe as direct result of fire or flood, or indirectly because local authorities say it's unsafe to live there, tenants will have coverage under the additional living expense portion of their policy, to cover a hotel, food, and those things that are over and above what your normal expenses would be," says Karageorgos.

Not all policies are created the same

When it comes to shopping for renter's insurance, don't assume all policies are the same.

"It's critical when looking for insurance to sit down with the insurance representative and go through all the different scenarios, and all the different coverages available," says Karageorgos. "Understand what perils/events you're covered for-theft, water, fire, if a pipe bursts or the sewer backs up. Some policies might not cover things like power surges if it fries your television or computer unless you have the right kind of coverage on a policy."

Of course, the price of your policy will be a consideration as well. "You have to balance your coverage with how much you can afford: your premium, and what sort of deductible you want to have-that's the portion of your claim you have to pay first before the insurance picks up the rest," says Karageorgos.

If you're a student, there's good news: Your parents' insurance policy may cover you when you're away at school. "It's a question you need to ask your insurance representative," says Karageorgos.

If you have roommates, however, be sure that everyone you share your space with has insurance too. "Everyone should have their own insurance policy to protect themselves," says Karageorgos.

Ask lots of questions

Whatever insurance company you go with, make sure your policy has enough coverage to replace your belongings, says Karageorgos. "From a personal property aspect, it should cover all your belongings-not just furniture, but also clothing, linens, kitchenware," says Karageorgos.

If you already have a policy, make sure you know what you're covered for and if that provides you with all the protection that you need. "Even the same insurance company will offer different levels of protection. The more coverage available, the more it will cost you," says Karageorgos.

In the end, tenant's insurance is all about making sure you're covered should disaster strike, says Karageorgos. "It protects you if you're sued. It helps you replace your property if it's destroyed or lost or stolen. It helps cover costs if you're forced to find alternative accommodation because an event means that you can't live in your unit. One never knows what they might encounter," he says.

As the saying goes, better safe, than sorry.
For more information on renter's insurance, visit ibc.ca, or call 1-844-2ask-IBC(1-844-227-5422).
It seems that every other week, there's a news story about another apartment catastrophe. From fires to floods, tenants are lucky to escape with their lives, nevermind their belongings. Think you're covered? Think again. Here, Pete Karageorgos, Director of Consumer and Industry Relations at Insurance Bureau of Canada, shares what you need to know about renter's insurance.

Don't count on your landlord

While most homeowners wouldn't think about buying a property without also getting insurance for it, many tenants, it seems, are happy to sit back and let the responsibility fall on their landlord. Except that's not necessarily how it works.

"Perhaps 50 per cent of tenants have insurance," says Karageorgos. "Though, I suspect the real number is much lower than that."

While some tenants think that their landlord's insurance will cover them too, in fact, they are mistaken.

"Landlord insurance is for landlords," says Karageorgos. "It covers the landlord and the building. Tenants will need insurance to cover their own belongings and activities."

There's more than meets the eye

There's also more to renter's insurance than just your beloved record collection and designer shoes.

"Tenant's insurance covers your belongings, but also your liability: If someone is hurt in your unit-they trip on your rug, say-and they can't work and they sue you, or if you're cooking and start a fire, and it damages the unit," says Karageorgos.

While the landlord's insurance might initially cover the repairs to the unit, if the fireman's report comes back and says it's due to the tenant's negligence, the landlord can then sue you for their costs. "Liability insurance covers you if you're sued or if you by accident start a fire or flood that damages the building," says Karageorgos.

It pays to have a backup plan

Now let's say nothing happened in your apartment, but in a different unit in the same building. You're not on the hook, but you might still need to find somewhere else to live. In this case, not only will tenant's insurance cover your belongings, but it will also cover the costs of additional living expenses.

"When people are forced from their units, maybe as direct result of fire or flood, or indirectly because local authorities say it's unsafe to live there, tenants will have coverage under the additional living expense portion of their policy, to cover a hotel, food, and those things that are over and above what your normal expenses would be," says Karageorgos.

Not all policies are created the same

When it comes to shopping for renter's insurance, don't assume all policies are the same.

"It's critical when looking for insurance to sit down with the insurance representative and go through all the different scenarios, and all the different coverages available," says Karageorgos. "Understand what perils/events you're covered for-theft, water, fire, if a pipe bursts or the sewer backs up. Some policies might not cover things like power surges if it fries your television or computer unless you have the right kind of coverage on a policy."

Of course, the price of your policy will be a consideration as well. "You have to balance your coverage with how much you can afford: your premium, and what sort of deductible you want to have-that's the portion of your claim you have to pay first before the insurance picks up the rest," says Karageorgos.

If you're a student, there's good news: Your parents' insurance policy may cover you when you're away at school. "It's a question you need to ask your insurance representative," says Karageorgos.

If you have roommates, however, be sure that everyone you share your space with has insurance too. "Everyone should have their own insurance policy to protect themselves," says Karageorgos.

Ask lots of questions

Whatever insurance company you go with, make sure your policy has enough coverage to replace your belongings, says Karageorgos. "From a personal property aspect, it should cover all your belongings-not just furniture, but also clothing, linens, kitchenware," says Karageorgos.
For more information on renter's insurance, visit ibc.ca, or call 1-844-2ask-IBC(1-844-227-5422).
If you already have a policy, make sure you know what you're covered for and if that provides you with all the protection that you need. "Even the same insurance company will offer different levels of protection. The more coverage available, the more it will cost you," says Karageorgos.

In the end, tenant's insurance is all about making sure you're covered should disaster strike, says Karageorgos. "It protects you if you're sued. It helps you replace your property if it's destroyed or lost or stolen. It helps cover costs if you're forced to find alternative accommodation because an event means that you can't live in your unit. One never knows what they might encounter," he says.

As the saying goes, better safe, than sorry.

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Are You Covered? What You Need To Know About Renters' Insurance

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It seems that every other week, there's a news story about another apartment catastrophe. From fires to floods, tenants are lucky to escape with their lives, nevermind their belongings. Think you're covered? Think again. Here, Pete Karageorgos, Director of Consumer and Industry Relations at Insurance Bureau of Canada, shares what you need to know about renter's insurance.

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This website talks about the affordability of renters insurance and how it can become easier with the help of roommates. It breaks down how it is easy to add this into your budget without breaking the bank. I found this website to be interesting because I had never rented with a roommate before my fiancé and I moved in together and it was nice to see that there are articles out there that explain to people just starting out that there are affordable ways to protect the things you love inside your home. I have since bought a home but I feel that it really shows how important it is to protect you possessions.

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According to a recent survey by Square One Insurance, approximately 30 per cent of Canadians rent their homes, and many share their home with a roommate. However, rental affordability has been a problem that has affected all of them.

"There is a large and growing population of renters in Canada. This group is continuing to grow due to many factors, one being the rising costs of homeownership in major cities," says Square One CEO, Daniel Mirkovic. "We surveyed over 5000 Canadians to find out more information about renter lifestyles and to see if the rental landscape has changed."

Key findings in the survey included:

Renters with roommates increased considerably in 2019 (mostly in Ontario)

Toronto had the highest percentage of roommates out of every major city in Canada

58 per cent of renters with roommates in Ontario cannot afford to live alone

Over 1/3 of renters in Canada do not have renters insurance.

As to why renters wanted roommates, most Canadians responses included:

Help with rent

A form of companionship

Added security

However, renters who want a roommate to help pay for rent is consistent for each age group until adults ages 55 and older, where it becomes less about rent and more for companionship and company.

However, the percentage of renters who cannot afford renters insurance becomes more of a problem. "With the high cost of rent, it makes sense that most renters have roommates for financial reasons," says Mirkovic. "However, it's surprising how many renters and their roommates go without home insurance given the increased risks of living with unrelated persons."

Even though the cost of rent continues to increase, it's more likely for Canadians to buy insurance this year than it was back in 2017. In 2017, the percentage of renters without renters' insurance was at 41 per cent whereas now in 2020 it was decreased to 34.5 per cent.

You can see the full report on the Square One Insurance website here.

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Roommates, Rental Affordability, and Renters Insurance in Canada | Bramptonist

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According to a recent survey by Square One Insurance, approximately 30 per cent of Canadians rent their homes, and many share their home with a roommate. However, rental affordability has been a problem that has affected all of them. "There is a large and growing population of renters in Canada.

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This talks about what you need to know in regards to renters insurance otherwise known as tenants insurance.  The CBC tells of how it works and why it is important for you to make an educated purchase. I found that this website laid out tenants insurance and explained it in a way that helped it become more understandable. I enjoyed how simple it was to follow and how it was very informative but not too long that I lost interest. I felt that the CBC is a great source that gives reliable information. Tenants insurance can seem daunting but this article helps clear it up.

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One of the first things that often comes to mind after hearing about a fire like the one at 650 Parliament Street - after everyone's safety, of course - is, do residents have insurance?

While speaking with dozens of tenants outside the St. James Town highrise, many told CBC Toronto that they don't have apartment insurance and are worried about where they're going to live now that the Red Cross has stopped providing hotel rooms.

Manisha Masih is one of them. She was put up at the Sheraton Hotel.

"My husband gave me the form to fill in, I forgot to fill it and now we don't have insurance," said Masih. "I don't know what to do."

She said she is hoping to stay with friends, and is looking for a short-term rental.

"It's pretty awful and depressing, physically and mentally. It's a lot of pressure right now," said Masih.

Insurance is more than just your belongings

According to the Insurance Bureau of Canada (IBC), Masih's situation is common: only about 50 per cent of Ontarians who rent have tenant insurance. One of the reasons is many think their landlord's insurance covers them, as well. But the IBC says that's a misconception, because a landlord's insurance covers the structure of the apartment, not the contents within it.

Another reason, says Pete Karageorgos, the IBC's director of consumer and industry relations for Ontario, is people often think about insurance in terms of their belongings being lost to fire, flood or theft. Many renters think their material possessions aren't worth much, so they skip on insurance entirely.

"But there's also coverage for your additional living expenses if you've been displaced from your apartment because of an event like a fire or flood," said Karageorgos.

In the case of 650 Parliament Street, "there could be some residents who don't have fire or smoke damage. But just the very fact that there's no power in the building and the authorities have prohibited access, they need alternate living accommodations and most tenant insurance would cover that," said Karageorgos.

Make sure you can pay the deductible

Sandeep Shah thought the chances he'd have to use his insurance were slim. He got a package that cost him about $20 a month.

"It's a $5,000 deductible. I can't afford to pay that," said Shah. "I even don't spend that much in a month."

Right now, he's staying with friends and says his coverage is confusing. That's a word tenant and landlord lawyer Caryma Sa'd often hears when it comes to insurance.

"People don't understand their policies or the conditions," said Sa'd. "There are three major components to a policy that are worth examining."

Understand what clauses nullify your policy

The first, says Sa'd, is your personal belongings. How much do you want covered and what is the company willing to pay? The second is living expenses while an insured loss is being taken care of and that includes hotel costs. The final category is personal injury and liability - so if someone gets injured inside their apartment or left the tap on and the units below get flooded.

Sa'd says when all is said and done, make sure to read the clauses carefully to see "which conditions would void the policy." Those clauses also vary. For instance, one might not have coverage if they're found to be at fault.

When it comes to choosing the right type of plan, the IBC recommends narrowing down your needs and asking a lot of questions.

"Tenant insurance can be very affordable. Shop around and make sure the package meets your needs," said Karageorgos, adding that policies generally range from a few hundred dollars a year to a few thousand.

The Insurance Bureau of Canada offers free and unbiased advice on all types of insurance.

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What you need to know about tenant's insurance | CBC News

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One of the first things that often comes to mind after hearing about a fire like the one at 650 Parliament Street - after everyone's safety, of course - is, do residents have insurance? While speaking with dozens of tenants outside the St.

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This website from Guelph really showcases how you need to protect yourself and your property not just relying on your landlord. Renters insurance is to protect yourself so it is important to make the right choices and make sure that you have all the information to make a decision. Even when your landlord is protecting their asset you also need to protect yours. I found this article interesting because it is crazy to me that some people believe that the landlord protecting their assets somehow transfer to the tenant. I feel that not many people understand that your personal property can and should be protected by you through insurance.

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Spotlight: The importance of tenant insurance and how it protects you

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Why relying on your landlord's property insurance is insufficient if you are a renter in Ontario

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This video is for those in a rush it gives a perfect breakdown of what renters insurance is in a fraction of the time. It is fast paced and very informative. I felt that this was an easy way to understand the in formation without feeling overwhelmed. It was simple to understand and it got right to the point. I wish I had of found this information sooner when I was just getting into learning about renters insurance. It felt like they were talking right to you using simple terms to understand.

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Bite Sized Break Down on Tenants Insurance in Ontario

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This just explains the most important things to know about renters insurance. It talks about the pros and cons and why it is important. This video really breaks down the information in an easy to follow manner so it answers all the questions you may have. I really liked this video. I enjoyed that it was explained by a regular person not trying to see you some product for their company or explain why one company is better or worse than any other. I liked how it explained the things that are the most common questions in the renters insurance realm.

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5 Things to Know About Renters Insurance

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This is another image that lays out the information in an easy visual. It explains the 3 types of coverage in a simple picture. This helps people who may understand the difference is an easy to understand visual. I enjoyed this visual, it allowed me to see a comparison of the 3 different types at a quick glance. I am a visual learner so seeing this in a picture format really helped me to better understand.

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This image shows the benefits of renters insurance . It lays out all the information in an easy to follow manner. I like that this shows it all together so u can read it and it isn't confused with other things that take away from the information. This visual really helped to see the benefits of renters insurance. I found myself drawn to this specific picture and I went back to it many times because I found it a great lay out of the information.

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This video just explains how the renter can be on the hook if they do not have insurance. It talks about how having insurance gives u security and peace of mind for your assets. It is written by an insurance company that lays out the information step b y step. This video was a different perspective than the rest. It was well written and I felt that it came across in a very professional manner. I found it to be not as fast paced but the information was easy to follow. I found that it explained things in a different way than the other videos I had chosen.

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Ontario Renters Insurance – Here’s what you need to know

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Breaks down the 3 types of coverage. It gives examples in an easy to follow manner so that you can understand what kind of coverage you need and wont be sold by insurance salesmen. I loved this video and found myself showing it to many people who have asked me how this class is going. I find it super interesting and I love videos that work through the information as a teacher would. I find that even the illustrations in this video really appeal to me making this a video that I have shared many times and find a perfect representation.

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What Does Renters Insurance Cover? | Allstate Insurance

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1.What did you learn about your topic that surprised you the most?
I learned that there are still many people that think insurance is a scam and will go to great lengths to not get coverage. I also found it quite interesting that on the other end of the spectrum some people get scammed out of more money because they do not know what  renter's insurance actually is and people will happily take advantage of that.

2. Provide a real-life example of how this topic is relevant or interesting for you.
I started renting at the age of 18 and never understood the point of the insurance I always thought I was invincible and that nothing bad would happen, when I turned 20 a friend of mine had a house fire and lost everything and it was then that I realized the importance of the insurance. I bought a house when I turned 22 and it was without question that I wanted full insurance because I had really grown up and understood the positives in protecting your livelihood that you spent years creating.

3. If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?
I would tell them to do their research, make informed decisions and ask questions. I would never want someone to feel pressured into making a decision out of haste. I would help them to look up articles and I would tell them of my growth moving through life. I would also advise them to understand the different types of coverage so that you can protect the things you own. I would remind them that knowledge is important but they can also see out different insurance companies for more information. Lastly I would say read the small print especially with renting landlords are only protecting their asset so make sure you are protecting yours.