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Welcome to my wall. Here you will learn about renters insurance in Canada & through websites, videos and, pictures. This will give you a better understanding of what it is and which company would be best suitable for you.

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Welcome to my wall. Here you will learn about renters insurance in Canada & through websites, videos and, pictures. This will give you a better understanding of what it is and which company would be best suitable for you.

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summary: This video breaks down some facts about having tenant insurance in 90 seconds so that you do not have to spend too much time soaking up information. This video explains the positives for having tenant insurance and how it could come in handy if your house was ever damaged in a fire or flood. Your personal belongings would all be covered and more.

I chose this video because it gives you a simple breakdown of tenant insurance and why it would be valuable to you and I appreciate how simple it was to understand.

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Bite Sized Break Down on Tenants Insurance in Ontario

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Video #2 Tenant insurance vs Landlord insurance

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Video #2 Tenant insurance vs Landlord insurance

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Summary: In this video, it explains the difference between tenant insurance and landlord insurance. It explains why you should not rely on just your landlords insurance and what isn't covered when you do not get tenant insurance.

I chose this video because it is also simple to follow and the knowledge is there. the video is interesting and kept my attention the whole time and gave me key knowledge on tenant and landlord insurance

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Tenant Insurance Vs Landlord Insurance: What Is the Difference?

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Video #3 - 5 things to know about renters insurance

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Video #3 - 5 things to know about renters insurance

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Summary: this video gives you 5 good reasons why renters insurance is important and tells a bit of extra info that you may have not already knew about.

I chose this video because it showed 5 important things that someone inquiring about renters insurance should know. It breaks things down fairly easy as well

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5 Things to Know About Renters Insurance

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Summary: This video is short and sweet. it defines renters policy and gives examples. It explains the two sections of renters insurance; property coverage and, liability coverage and its main differences.

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Summary: This photo shows the average amount of people who dont have renters insurance

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This photo gives a visual description of what is covered when using renters insurance.

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This is a website that offers renters insurance along with other insurance. It can give you an idea of the type of quote you will be expected to pay for this insurance.
I chose this website because my family uses Aviva insurance and they have been very fair to work with.

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Tenant Insurance - Get A Free Online Quote Now | Aviva Canada

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As a renter, you want to make sure your belongings are protected. Replacing items like your bike, bed, or computer can really add up, especially if you need to replace everything you own at the same time. Relax with tenant insurance coverage from Aviva.

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website #2 - Renters insurance; why its worth it

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website #2 - Renters insurance; why its worth it

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Summary: This websites explains how renters insurance works, benefits of having renters insurance, why renters insurance is important, what renters insurance covers, what it doesn't cover and the difference between renters insurance and landlord insurance

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Some renters may think that everything they have inside their apartments is insured under the landlord's policy, but that only covers the building itself. What if your apartment gets burglarized? Or, worse yet, what if it suffers smoke damage in a fire? Many insurers offer renters insurance that is tailored to fit the specific needs of tenants, and because the average cost of renters insurance is only $180 a year, it is relatively low-cost compared to other types of insurance plans.

Before you purchase a renters insurance policy, make sure you understand what these policies really cover and how they can protect you against the unexpected. Also, there are some key differences compared to homeowners insurance that can help save you money in premium payments and in bigger claim payouts.

How renters insurance works

When a renters insurance claim is filed, the insurance adjuster inspects the damage that was done and determines the monetary value of the loss. If your claim is accepted, you can be reimbursed in one of two ways, depending on how your policy is structured:

Actual cash value (ACV): This method would reimburse you for your lost or damaged possessions only after accounting for the age of each item and discounting for the wear and tear, or depreciation, that has occurred over the years to lessen its value. Usually, the ACV is lower than the market value, but premiums tend to be cheaper.

Replacement cost value (RCV): This would replace your possessions with similar items at their current market value, so it does not factor in depreciation. The downside is that the annual premiums for RCV policies tend to be about 10% higher than ACV ones, according to the Insurance Information Institute.

Benefits of having renters insurance

If you rent your home or apartment, having a renters insurance policy is extremely important. Renters insurance provides financial peace of mind and covers common liabilities. If something were to happen to your personal belongings, renters insurance helps you cover the cost.

Without insurance, you're on the hook for repairing or replacing your damaged items out-of-pocket. That new $1,000 laptop that got destroyed in an apartment fire wouldn't be covered, nor would your furniture, small appliances and clothing. If you don't have insurance, you might not be able to afford to replace those items.

Another benefit of renters insurance is that it's cheap, so there's no reason to not get a policy. Renters insurance costs $180 per year on average, which is just $15 a month. Even if you're on a tight budget, it's easy to fit the cost of renters insurance into your lifestyle.

Why renters insurance is important

Renters insurance is often one of the most under-utilized insurance products on the market. Many renters don't consider renters coverage because it has not been made mandatory by the state, as is the case for car insurance (and will be soon under Obamacare), or by lenders, who often make homeowners insurance a non-negotiable part of mortgage agreements.

But as you know by now, the costs for the premiums are relatively low, as are the barriers to entry. It only takes one burning candle to be knocked over in one unit to affect hundreds of people in an apartment complex. With so many neighboring tenants, your potential exposure to lawsuits is staggeringly high. Living without the protection of a renters policy may become a mistake you cannot afford to make.

What renters insurance covers

In all of the most important ways, renters insurance is virtually identical to homeowners insurance. The best types of renters insurance offer coverage for:

Personal possessions, against damage due to fire, smoke, lightning, theft, vandalism, explosion, windstorm, water and other disasters listed in your policy. Possessions - sometimes called movable possessions - can include furniture, clothing, electronics, appliances, kitchen utensils and bed linens.

Liability, which protects against lawsuits for bodily injury or property damage caused by you or your family members, as well as no-fault medical coverage in case a visitor is injured in your home.

Additional living expenses, including hotel bills, restaurant meals and other expenses above and beyond your daily expenses - in case your home becomes uninhabitable due to a covered hazard.

What renters insurance doesn't cover

Renters insurance offers comprehensive coverage, but it doesn't cover everything. Here are some things that aren't covered under your renters insurance policy.

Earthquakes: Earthquake damage is not covered by renters insurance. If a major earthquake strikes your neighborhood and your apartment building crumbles, your items do not qualify for coverage. If you live in an area with a high-risk of earthquakes, it's a good idea to purchase earthquake insurance.

Floods: Renters insurance also doesn't cover flood damage. Any type of flooding - whether it's related to a hurricane or a burst pipe - isn't covered by renters insurance. Renters who live in a flood zone or near the coastline should buy a flood insurance policy for more protection.

Pet damage: If you have a pet, any damage it causes to your home or apartment is not covered by renters insurance. This includes damage to your personal items, as well as damage to the interior of your home.

High-value items: Renters insurance covers personal property, but high-value items, like electronics or jewelry, usually have certain coverage limits. If you own a lot of expensive items you need to protect, you can purchase an endorsement to increase your policy's coverage limits.

War: Acts of war or terrorism are not covered by renters insurance. If you're concerned about not having this coverage, you can usually buy it as an add-on policy.

Your roommates' belongings: It's important to know that your renters insurance policy does not automatically cover your roommates' belongings. The only exception is if your roommates are listed on your insurance policy. Everyone who lives in your household should have their own policy.

Your landlord's insurance does not cover you

You've probably noticed that renters insurance does not cover the actual building you live in. That's because your landlord, who owns the building, is required to carry landlord insurance to protect the exterior of the physical property.

Landlord insurance does not cover tenants or their belongings. It does, however, cover the landlord's liability in the event that a tenant gets injured in the building, and the landlord is found to be at-fault.

Renters insurance vs. homeowners insurance

Essentially, the only real difference with a renters insurance policy is that it strictly covers the renter's liability and the personal property inside the apartment unit. The rest of the building - the walls, roof, fixtures, foundation, plumbing, furnaces and any appliances that are not owned by the renter - are all part of the landlord's homeowners insurance policy.

While many renters focus on the relative value of their possessions when choosing renters insurance, what they really should hone in on is their risk of neighbors or visitors filing lawsuits after getting injured in the renter's apartment. Or, another person's property may be damaged when they bring it to your home.
[Related: The Best Home Insurance Companies of 2020]
Renters insurance average costs

Renters insurance is not mandated by any state government, but an increasing number of landlords are beginning to require tenants to purchase renters insurance coverage as part of their lease agreement.

The national average cost of renters insurance is $180 per year, according to the Insurance Information Institute. This is a very affordable figure when compared to the reported national average of $1,211 per year for homeowners premiums.

Be careful about setting the limits of your policy. Many renters, especially those in studios or small one-bedroom units, don't think they have enough possessions to come near these limits. But once you start itemizing each piece of furniture, your clothing, your laptop computer, TV, DVD player, various mobile phones and other electronics, the price can add up to $50,000 faster than you think.

If you have roommates you want to add to your renters policy, it is possible, although different states and insurance carriers have their own rules on how many people can be included on one policy. It might be easier in the long run to have roommates purchase their own separate policies, especially if they prefer different insurers. And besides, do you really trust your roommate enough to put that person on your policy?

Tips for saving on renters insurance

One helpful tool for determining the value of your possessions and adjusting your coverage limits is KnowYourStuff, a site run by the Insurance Information Institute. This free service uses secure offsite software to make an inventory of every item in your rented home or apartment and allows you to update it easily.

Another smart way to save on premiums is to take advantage of insurer discounts for people who choose higher deductibles or bundle their renters insurance with other policies, such as car insurance. Other discounts are also offered when things like smoke detectors, burglar alarms, sprinkler systems and deadbolts are installed. Make a point of regularly notifying your insurer when such changes are made.

Deductibles for renters policies tend to start at around $500 and can go up to $1,000 or $2,000, depending on how much the renter wants to save on premiums. Of course, if you choose the high $2,000 deductible, you may save 25 percent on your premiums, but you'd be obligated to pay for anything up to $2,000 before the insurance would kick in.

In some cases, insurers will offer coverage to renters for just their property and not for liability, or vice-versa. Seek out sites that provide different quotes and side-by-side comparisons in order to find out what kind of policy can be crafted to fit your price range and coverage requirements.

Policy bundling: Most insurance companies offer discounts if you bundle your policies. If you already have an existing insurance policy with one company, buying renters insurance from the same company will usually save you money.

Home safety features: If your home or apartment has certain safety features, like smoke detectors or a security system, you might qualify for a discount. Some companies also offer a discount if you live within one mile of a fire station.

Paying in full: If you can afford to pay the annual cost of your renters insurance in full, you might be able to save money.

Raising your deductible: Your deductible is the amount of money you have to pay out-of-pocket towards a loss before the insurance company will reimburse you. The higher your deductible, the lower your annual premium. Raising your deductible, even by a few hundred dollars, can lower your rate.

[Read: We welcome your feedback on this article. Contact us at inquiries@thesimpledollar.com with comments or questions The Cheapest Renters Insurance Companies of 2020]
Renters insurance discounts

It's not hard to find cheap renters insurance. However, most insurance companies offer discounts that can lower your rate even more. When you're shopping for renters insurance, pay attention to the discounts that the provider offers. The more discounts you can take advantage of, the more money you can save. Here are some of the most common renters insurance discounts:

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Renters Insurance: Why It's Worth It | The Simple Dollar

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Some renters may think that everything they have inside their apartments is insured under the landlord's policy, but that only covers the building itself. What if your apartment gets burglarized? Or, worse yet, what if it suffers smoke damage in a fire?

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Website #3 real stories about people with renters insurance

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Website #3 real stories about people with renters insurance

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Summary: This websites tell real life stories about people who had unfortunate events occur which resulted in damages to their personal belongings which required use of their tenant insurance. It shows how it helped them a lot and also tells stories of people who didn't have tenant insurance and ended up regretting it after.

I chose this website because it shows real life stories of people who had to deal with these unfortunate events and how the insurance helped them.

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Four male renters share their stories on the events that lead to policies.

If you've lived a pristine life, it's easy to think that renters insurance simply isn't worth the cost. It only takes one event to remind you that anything can happen at any time. It's best to be prepared. Follow three 20-something male renters on their journey toward discovery.

"I swear, I couldn't make this up if I tried: so we were walking back to my house after a night out. It was maybe 2am. My friend Ben was trying to recoup, chugging some water, and he was just goofing around with one of our friends when he spilled water onto this car in the parking lot. Out of nowhere, this guy started chasing us, yelling about messing up his car. Ben shouted that it was just water but when the guy and his crew starting coming after us we just started running like, we didn't want to stick around and see if the guy would accept an apology. We jumped a few fences and just when we're getting to my backyard, to my fence, Ben face-plants. Eats dirt. I went back for him and saw he tore up his leg. On my property, right, and not a step before. He started yelling about how he was going to sue me. We took him to the hospital and he got five stiches. Not too bad. I still thought he was still going to sue me but he didn't. It made me wonder, though, What would I have done if he had sued me? I didn't have renters insurance then but I got it after that." Greg H.

"I guess the core of the turkey was still frozen when I put it in the fryer. [The fryer] exploded on the counter. Oil spread and set fire to some stuff that was already the stove cooking. We've got a gas range. In seconds flames were reaching the cabinets and our mat near the sink, the gel one, was lit up. Everybody got out okay but about 30 percent of the kitchen burned. Not even a week before, we were deciding if we should renew our insurance policy. Needless to say, we did after that." Phill D.

"We debated between P90X and Insanity workout and decided we'd do Insanity because of Shaun T. He's more entertaining than the other guy. We were following the program for about three weeks. My roommate's girlfriend came over and did a video with us one day. My roommate decided to show off. He strapped on these ankle weights. About twenty minutes into power and resistance, one of the weights flung off and hit his girlfriend! It took the wind out of her and bruised her collar area. A few centimeters higher and it could've been serious. She didn't take anybody to court but she could have and we would've been up the creek." Immanuel H.

"My friend was asking if he should get more serious about this girl and I said, 'She's wife material, man. When you see a girl like that you'd better jump on it.' My girlfriend got upset and left. I thought that was that. She came back later and spray painted some choice words on our place, something about seven years wasted. Not cool. We had to repaint the front of the house and it cost about two grand. We could've gotten insurance for about a fourth of that price, for the whole year, but we didn't so we paid out of pocket." Interviewer: Are you and your girlfriend still together? "Yeah we're back together but we got renters insurance now!"

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True stories: Why real life guys bought renter's insurance - ResidentShield

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Four male renters share their stories on the events that lead to policies. If you've lived a pristine life, it's easy to think that renters insurance simply isn't worth the cost. It only takes one event to remind you that anything can happen at any time. It's best to be prepared.

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Many renters are under the impression that their landlord's insurance policy will cover their belongings, unfortunately that generally is not the case. Your landlord's policy covers the building itself, but it may not include your personal belongings, and may not cover injuries sustained within the structure. That's where renters insurance comes in.

Renters insurance protects your personal property in a rented apartment, condo or home from unexpected circumstances such as theft, a fire or sewer backup damage - and will pay you for lost or damaged possessions. It can also help protect you from liability if someone is injured on your property.

Renters insurance is similar in scope to homeowners insurance, with the exception that it does not provide coverage for the dwelling itself or other structures.

How does renters insurance work?

If you experience a covered loss in your rented space, renters insurance can help to cover the associated costs. The amount covered will depend on the type of loss that occurred and the amount of coverage you have.

There are two types of coverage options under a typical renters policy: Actual Cash Value coverage and Replacement Cost coverage. Here's the difference between the two:

Actual Cash Value coverage will reimburse you for the value of the items at the time of the damage or loss.

Replacement Cost coverage covers the cost it takes to replace the items lost or damaged.

What does renters insurance cover?

A renters insurance policy offers you coverage for the loss or destruction of your personal belongings in the event of a covered peril such as:

Renters insurance may also cover you if:

You are forced to temporarily move out of your home: In the event your home becomes unlivable due to damage caused by a covered instance such as a fire or vandalism, renters insurance can help cover the cost of alternative living arrangements while your home is repaired or rebuilt.

A person is injured on your property and requires medical attention: Personal liability coverage is designed to protect you, as well as other individuals who visit your home, if an accident were to occur. This type of coverage will help pay for medical costs and legal fees that you could end up incurring.

Items you keep inside your car are damaged or lost: Depending on your renters insurance policy, you may be covered for belongings that you keep inside your car. Note that this coverage does not include equipment or systems installed in the car.

Get more information about what renters insurance covers.

What does renters insurance not cover?

Now that you have a basic idea of what renters insurance covers, it's important to understand what a basic renters insurance policy does not cover so that you're prepared:

Valuables. Expensive collectibles and valuables such as jewelry may not be covered under a basic renters policy and may require additional coverage.

Home business. Operating a small business out of your home doesn't mean it will be covered by your renters insurance. For instance, if your business laptop is stolen from your apartment, there's a chance it could be considered business property and therefore, won't be completely covered by your renters insurance. Check with your provider to see if your policy covers a home business or if you need additional coverage.

Motorized vehicles. Use or ownership of a motor vehicle will not be covered by your renters insurance even if it is parked on your property (this also applies to aircraft and specific watercraft). Personal belongings kept inside the vehicle, however, are typically covered.

Find out more about the benefits of renters insurance and get a quote online today. Also, remember to always make sure to thoroughly read through your policy so that you have an understanding of what is and isn't covered.

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Many renters are under the impression that their landlord's insurance policy will cover their belongings, unfortunately that generally is not the case. Your landlord's policy covers the building itself, but it may not include your personal belongings, and may not cover injuries sustained within the structure. That's where renters insurance comes in.