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If you are renting, your landlord may have insurance to cover major damages such as pipelines, appliances, or structural damage to the building. However, your landlord's insurance does not cover damages to or loss of your personal belongings like furniture, jewelry, or electronic appliances. Thus, additional insurance such as renters insurance can offer financial protection in the case of an accident which results in the loss or damage of your personal belongings.

Additionally, renters insurance can protect renters in the case that renters are found liable for building damages or if someone is injured in their home. Therefore, renters insurance is an easy and affordable way of financially protecting your belongings and yourself from common risks that may occur whilst renting.

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This Excalibur Insurance Group video quickly summarizes the main reasons as to why a renter should consider renters insurance when renting. As the video discusses, renters insurance can compensate a renter if a renters personal belongings are damaged in an accident such as a flood or fire. Moreover, renters insurance typically includes liability coverage which can financially protect a renter against medical or legal fees if someone were to get injured within their home.

I chose this video because the video provided the viewer with an entertaining and through understanding of renters insurance within Ontario. Unlike other videos, this video on the topic of renters insurance gave a realistic understanding of how financially devastating medical fees, legal fees or loss of personal belongings would be for a renter. As the presenter suggests, after suffering total loss, $15 dollars a month is a small price to pay for protection and guaranteed compensation.

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Bite Sized Break Down on Tenants Insurance in Ontario

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This video by Allstate covers personal property protection which is a standard aspect of a renters insurance policy. As the video states, personal property protection can help replace renters' personal belongings such as clothing and jewelry if they are stolen or damaged. Most of the video is the insurance agent discussing a situation where rental insurance came in handy for a friend of his after a theft.

Unlike other videos, this video includes critical advice on how to effectively claim your lost or damaged goods with your rental insurance company. The video details that you can effectively claim personal belongings by keeping manuals and receipts of the personal belongings in your home so the insurance company can have an accurate understanding of the value of the belongings damaged or stolen. Therefore, rental insurance is an incredible way of financially recovering damaged or lost goods.

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What is Renters Personal Property Coverage? | Allstate Insurance

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This video by Allstate covers additional living expenses coverage which is a standard aspect of most renters insurance policy. This coverage would compensate individuals with increased living expenses that accumulate after an accident that makes their home unliveable, such as hotel and restaurant bills.  Additionally, this coverage would help individuals with replacing necessary household items.

This video details the benefits of having additional living expenses within your renter insurance policy. For the video gives a realistic view of how financially devastating additional living expenses would be after losing your home. As an example, the Allstate agent determines that one of her clients saved approximately $35,000 dollars by having additional living expenses after her house burnt down. This video demonstrates that necessity of knowing the different kinds of coverage included within your renter's insurance policy.

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What is Additional Living Expenses Coverage? | Allstate Insurance

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This video by Allstate provides helpful tips that a renter should know when shopping for renters insurance. The video states that renters should not only compare prices but check the coverages and know each of the policy’s limits. The video suggests that renters make sure that their rental insurance policy has comparable coverages, limits, and deductibles. For knowing these critical aspects of renters insurance can help accurately compare differing renters insurance policies that suit your needs.

This video is an incredibly useful tool for individuals who are shopping for renters insurance. For the video quickly outlines what an individual should know when comparing policies, other than the price point. Additionally, this video highlights the importance of determining what kind of coverage and limits you would like within rental insurance.

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How to Compare Renters Insurance Quotes | Allstate Insurance

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This article by Business Insider details the necessity for multiple individuals living within the same rental property to have separate renters insurance policies. The article specifies that your renter's insurance premium is based on the amount of money it would take to replace your personal belongings and not those of your roommates.

I chose this article because I think that this is valuable knowledge to possess when renting a home with various roommates. Personally, I would have thought an individual possessing renters insurance would cover total damages to a rental home however, that is not the case. Additionally, I liked how this article highlighted the importance of having a separate rental insurance policy than your significant other, and not adding them to your policy. Unless it is your sibling, roommates and significant others should not be added to your rental insurance policy.

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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.
College students living in dorms may be covered under their parents' homeowners insurance. However, a college student living off-campus or any other adult renting an apartment or house needs to have renters insurance.

Renters insurance is basically liability coverage for your personal belongings, and it only covers the insured policyholder. It does not extend to other people living in the apartment or house.

If you have roommates or are considering roommates, every roommate should have their own renters insurance policy. Your landlord may even require that each person on the lease has renters insurance. Don't worry: Renters insurance is surprisingly inexpensive.

Your renters insurance premium is based on the amount of money it would take to replace your belongings, not those of other people living with you. Typically, when you get renters insurance, you provide with the insurance company with a list of your belongings and the estimated value. Your coverage amount is based on that estimated value, which is why renters insurance is relatively cheap.

If you are renting with roommates, each roommate should have their own renters insurance. If your roommate is your significant other, you might be tempted to add them on to your policy - but what happens if the relationship ends? Unless your roommate is your sibling, it is not recommended to add roommates to your renters insurance policy.

In the event of theft or damage, the items belonging to the insured renter are covered. Don't be tempted to list your roommate's belongings to your insurance claim: You may be committing insurance fraud, resulting in your claim being denied, your insurance coverage revoked, or worse, legal action being filed against you.

The landlord has insurance to cover the building and structure. However, your belongings inside the rental unit are your responsibility. On a basic level, renters insurance covers your belongings from theft, damage, and unexpected events. Renters insurance policies cover up to a certain amount, usually around $20,000 or $30,000 worth of coverage.

Yael Wissner-Levy, vice president of communications at Lemonade Insurance, told Business Insider that renters insurance covers three instances:

1. Things that happen to your stuff

2. Things that you're responsible for

3. Events that force you out of your home

Basic home belongings are covered, but you may need additional coverage for specialty items like wedding rings or jewelry, cameras, artwork, bicycles, or musical instruments. Some renters insurance policies will cover a portion of your costs if you have to temporarily relocate because your apartment was damaged.

Wissner-Levy noted that as a renter, you are protected from anything that suddenly causes water damage without any prior known issues, like the accidental overflow of water or steam from plumbing, heating, AC, or sprinkler systems. You're also protected if your apartment sprinklers go off and soak all your belongings, or if your pipes freeze in the winter and burst.
*Available as add-on coverage if not part of policy

The best renters insurance of 2020

The average cost of renters insurance is $15 a month, according to the Insurance Information Institute.

Some factors that go into determining your premium are the amount of coverage you want, where you live, if you own a pet, and your credit score. If you already have auto insurance, you may get discounts for bundling your renters and auto insurance from your provider.

Like homeowners insurance and car insurance, renters insurance can vary a lot by state. Where you live will play a big role in your quote, and each company will consider that differently.

To be sure that you're getting the best price for your renters insurance coverage, you'll want to shop around and get quotes from several different insurers. Compare the quotes, and look for the most coverage types and limits. Then, look for the lowest premiums that fit your budget.
Policygenius can help you compare renter's insurance policies to find the right coverage for you, at the right price "
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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Renters insurance only covers the person who got it - so if you have roommates, they need their own

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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. College students living in dorms may be covered under their parents' homeowners insurance.

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This article by CBC covers what every renter should know about renters insurance. Particularly, the article highlights that every tenant should be aware that your landlord's insurance does not cover your personal belongings, understand the clauses that void your insurance policy, and understand the coverage and limits your policy includes.

I found this article insightful because the article covers and explains the common misconceptions about rental insurance in Ontario. Most renters are not made aware of the lacking financial protections they have under their landlord's insurance,  grossly miscalculate the value of their personal belongings, and do not think about the additional living expenses that accumulate after a fire or flood. A shocking aspect of this article is that more than 50% of renters in Canada do not have renters insurance, even though rental insurance is affordable and invaluable after losing your home.

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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 is a great resource for renters looking for information and quotes on rental insurance. Particularly, I found the frequently asked questions about tenant insurance portion of the website insightful. For the frequently asked questions portion of the website provides a central location that accurately answers common questions about rental insurance. Additionally, I like how the quote portion of the website forces renters to determine and analyze the coverage they want on their home.

I chose this website because I like how this website can act as a central resource for those looking for rental insurance policies within Ontario by providing information and comparing rental insurance quotes. Through the frequently asked questions portion of the website I learned that landlords can force renters to get rental insurance and that if a renter refuses, the renter can get evicted from the rental property.  Moreover, I learned that the average price for tenant insurance in Ontario is between $20 to $30 dollars per month

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1) Contents coverage for your possessions
Consider the implications of someone breaking into your home and stealing your most cherished possessions, or the potential damage caused by a flood or a fire in your unit. Could you afford to replace everything? Most people couldn't. That's why tenant insurance provides coverage for the things you own. It extends beyond your home, so if your bike is stolen from outside of your office, or you leave your laptop in the back of a cab, tenant insurance will help with replacement cost.
2) Personal liability if you're sued for property damage or personal injury
Liability coverage helps cover costs associated with lawsuits resulting from accidental damage to someone's property, or if someone gets hurt in your home. For example, if you forget to turn off a tap and the overflowing water floods the apartment below, your downstairs neighbour could sue you for the damage caused. Or, if a visitor slips and gets hurt in your home, they could sue for the cost of rehabilitation, loss of earnings, and anything else resulting from the accident. These lawsuits can cost thousands, even millions of dollars, and can easily bankrupt individuals who don't have personal liability insurance.
3) Reimbursement for living expenses, should your home become temporarily uninhabitable
If there is a problem with your unit caused by an insured peril, you may have to leave until the matter is resolved. If you are lucky, you could stay with friends or family, but this aspect of tenant insurance helps with temporary accommodation, transportation, and even the cost of meals until you can return home.

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1) Contents coverage for your possessions Consider the implications of someone breaking into your home and stealing your most cherished possessions, or the potential damage caused by a flood or a fire in your unit. Could you afford to replace everything? Most people couldn't. That's why tenant insurance provides coverage for the things you own.

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The Insurance Bureau of Canada is an excellent resource for those looking for information on renters insurance. The website covers various aspects of renter insurance policies and gives an idea of standard amounts of coverage that policies include such as the basic amount of legal fees a renters insurance policy would cover.

I chose this website because the website gave a quick overview of rental insurance, explained the necessity for rental insurance, and gave insight into basic coverages included within insurance policies. From this website, I learned that basic rental insurance policies cover up to $1 million dollars in legal fees if someone were to successfully sue you. And, that liability coverage would also pay for the cost of defending you in a lawsuit.

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Understanding basic tenant insurance for contents and liability can help you rest easier. As a tenant, you may be liable for any damage you cause to your building or unintentional harm caused to others who live in or visit the property.

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The image selected is an example of what an average rental insurance policy would look like. The image identifies and highlights 5 critical aspects of the policy page such as pinpointing the coverage the individual has and the limits of the liability.

I believe it is important to understand your rental insurance policy, and this image does an excellent job of locating the various important aspects found within your insurance policy.

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The image selected provides a quick overview of the three coverages available within a rental insurance policy: contents insurance, personal liability coverage, and additional living expenses coverage. I like how conveniently this image explains the three different types of coverage.

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From researching the topic of renters insurance, I was surprised to learn about how inexpensive renters insurance can be for renters, the necessity of it, and how many Canadians go without purchasing renters insurance. Personally, I could not imagine not analyzing the benefits of having renters insurance on my home.

Moreover, I found this topic to be extremely relevant to my current situation. Soon, I will be moving out for the first time, and I was not aware of renters insurance or the coverages renters insurance includes. I am glad I was made aware of this service before I moved so I could shop prices and compare coverages of the various companies across Ontario.

From researching this topic, I definitely would speak to a family member or friend about the importance of renters insurance. Particularly, I would talk to the individual about how inexpensive renters insurance is, and how much the insurance could cover in the event of damage or loss of personal belongings, or a fire or flood. The service is invaluable, and could financially protect you from a lifetime of debt.