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One aspect of renters insurance that hasn't been covered is reviewing the in-depth process of the claims process for a tenant policy.  This host is able to quickly and effectively discuss each section of insurance and breakdown the expenses that may be associated with claims portion of that section of coverage.  He also touched on the medical expenses that can be afforded without having to wait until you're sued (i.e. there is a minor slip and fall at your apartment and your friend needs a day off work so you contact your insurance company and pay them through voluntary medical payments).  This prevents the friend from filing a much larger lawsuit and lets be honest, allows the friendship to remain in tact.
Knowing what your policy covers is great, understanding the components of it in the event of a claim is even better. This short video was a straight forward breakdown outlining the main categories of coverage and what is afforded by each, making it useful, educational and easy to comprehend.

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What Can You Claim On Renters Insurance?

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This article was interesting as it was looking at rental insurance from another perspective (from the landlords view) rather than the renters view.  It lists valid arguments supporting a landlord's requirement for rental insurance and how to gentle discuss with your tenants or prospective tenants why this requirement is listed on the lease (or should be). It's also a good way for a landlord to have the reassurance that the tenant they are selecting to occupy their space has the same regard and respect for their property as they do themselves.
A lot of research reviewed educates the renter on how it's important to have adequate coverage, but there weren't as many articles outlining why a landlord should insist on the renters having coverage.  Overall - it's a great way to protect both parties, whether the tenant believes it or not.  They (the tenant) may feel like the landlord is just being picky or difficult - but in fact the landlord would be doing a disservice to their renters by not enforcing the requirement of a policy.  After all, when the tenant packs up and moves out, it is the landlord that will be responsible for the unit.

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Here are some of the most common mistakes landlords, property managers and other real estate professionals make when it comes to renters insurance.

Mistake #1: Thinking Renters Insurance Only Protects the Renter

True, renters insurance protects the renter and the renters' belongings. If the renter has a stereo stolen, renters insurance will cover it up to the policy limit and minus the deductible. That's not the landlord or property manager's business-most renters insurance claims don't involve the landlord at all.

So why should property owners care? Because renters insurance is an important part of your risk management and mitigation strategy. Like homeowners insurance, most rental insurance policies include some personal liability insurance on top of the basic property protections.

Suppose the tenant accidentally starts a kitchen fire. That fire can easily cause $10,000 to $50,000 in damage. It may even force the evacuation of adjacent units. Few renters have the cash on hand to make you whole. Sure, you've got landlord insurance -but look at your deductible on that policy. If your landlord insurance deductible is $10,000 or $50,000 (not unusual for apartment management companies), you can sue the tenant that caused the fire-but your chances of actually collecting anything significant are slim. You will almost certainly have to eat the cost. If the tenant has renters insurance, you at least have some assurance that there are sufficient assets on the table to make up the difference.

Mistake #2: Failing to Require Renters Insurance in Your Leases

If you decide to require renters insurance, put it in your lease. That way, if the renter lapses on the policy, you have some recourse to evict. Of course, you don't want to lose a tenant and have an empty unit; but when push comes to shove, people aren't going to move out over a $15 to $20 per month issue. If they do, they were probably looking to leave anyway, and renters insurance issue was covering up another issue. By making renters insurance a requirement on the lease, you can move these folks along when you need to.

Mistake #3: Thinking Renters Insurance is Too Expensive for Your Market

Some renters may protest the cost; but renters insurance for most 1-2 bedroom rental dwellings is $30 or less per month. If that's a genuine hardship for them, what does that tell you about their capacity to pay your monthly rent in the first place?

Mistake #4: Failing to Anticipate Potential Causes of Liability

There's a lot more to renters insurance than protecting landlords against kitchen fire damages. Suppose a tenant is sued for damages arising out of operating an unlicensed daycare? Suppose he or she is accused of assault? What if the tenant's dog bites someone? If there's a lawsuit, and the tenant doesn't have the resources to pay a judgment or settlement, and there are still unpaid medical bills, the injured party's lawyers may go after you as the closest perceived 'deep pocket' in sight.

Mistake #5: Letting College Students Skip Renters Insurance

True, college students don't have a lot of money, so you may get some resistance from this market. And they typically don't have a lot of stuff to insure: a laptop, smartphone, a gaming system, maybe a musical instrument. But some carriers allow parents of full-time college students to keep limited coverage on their college-aged children who live away from home. These micro-policies or riders tend to be lower-deductible policies designed to keep things relevant to the college student; but they still provide you, the landlord, with important protection against liability and damage that they may cause. Which is a good thing, because most of these kids are pretty inexperienced chefs.

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Mistake #6: Underestimating Potential Damages

Continuing with the example of a kitchen fire: According to reporting from the average reported cost of Homeadvisor.com, repairing fire and smoke damage after a kitchen fire was $4,086. Most of the owners wound up spending between $2,240 and $6,040, with some spending upwards of $12,000.

If you have custom installations or an otherwise have a premium kitchen, your costs to repair may run $50,000 or more for a significant fire. You may well have water damage throughout the dwelling if the sprinklers go off or the fire department responds. You'll have to pay these costs yourself, up to your landlord or commercial insurance deductible.

Mistake #7: Failing to Ask About Discounts

Some landlord insurance carriers may offer a discount if every tenant carries renters insurance. Why? Because they know that if a tenant causes damage to your property, they can recover at least some of the cost of paying your claim by going after the tenant's rental insurance carrier.

Mistake #8: Failing to Consider Mold Damage

Renters insurance may make it much easier to recover the cost of repairing or mitigating mold damage, if the renter is at fault-up to the point where a reasonable renter should take action to fix the issue. Some carriers exclude mold from the list of covered perils (except where it arises from covered water damage), but other renters insurance policies will place a cap of around $5,000 on benefits for mold remediation. If your property is in an area that has a lot of mold, it's a good idea to encourage-or require-renters insurance that includes at least some protection against mold buildup if it's available in your area (the renter may have to buy a separate mold endorsement or rider). $5,000 may not seem like a lot, but it will certainly help with a chunk of the deductible if extensive mold cleanup is needed to make the property livable again.

Mistake #9: Thinking You're the Only One Who Requires Renters Insurance

Things have changed a lot in the last decade. According to the National Multi-Housing Council's Apartment Cost Risk Survey, more than 84 percent of large apartment companies now require renters' insurance. In 2004, only 24 percent did so. If a tenant really wants to avoid owning renter's insurance, it's going to be tougher for them to find a place to live-and those aren't the tenants you want, anyway.

Mistake #10: Talking Too Much About Renters Insurance to Tenants

A bit of general information is fine, but few leasing office workers also have insurance licenses, much less appointments to sell anything. Train your people to stick to the basics in the brochure and refer coverage questions to the carrier.

If you mandate renters insurance, what are some of the lessons you've learned about implementing the requirement?
Read more on Legal Considerations

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Top 10 Renters Insurance Mistakes | Buildium

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Here are some of the most common mistakes landlords, property managers and other real estate professionals make when it comes to renters insurance. Mistake #1: Thinking Renters Insurance Only Protects the Renter True, renters insurance protects the renter and the renters' belongings.

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Reviewing some of the major takeaways and benefits of having a renters or tenants policy - this video was able to easily break-down why this is important and illustrate (literally) in an easy to digest way as to why this is such an important policy to have in force anytime you find yourself in a rental position.
This video encapsulated information that was in some of the other videos and articles - but the concept behind the video was a little more easier to understand and not overly complicated.  The little people and images kind of made for a more light-hearted approach, as insurance is definitely not the most fun thing to talk about.  Perhaps one of the reasons it's avoided is because nobody likes paying for something they don't see the benefit from - and even when you do, it's typically due to a loss that has occurred and still doesn't make for a great situation.  It was a nice way to circle back to the basics without sacrificing the integrity of the information.

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This was another wealth of knowledge but more to do with the landlord's side than the view of the tenant. As they are both equal parts to the equation, it's equally as important that they understand the need and importance of securing a policy that protects each of them in the event of a loss. Landlords do have a responsibility placed on them to ensure that they have a proper policy in place for the rented house, building or multi-unit complex - but it is incumbent upon the tenant to do their due diligence and have a policy for their contents and legal liability as well.
This video provides a lot of information in a clear, concise way - not only educating the landlords but the renters in the world as well.  It's a podcast, so although it's audio - you can understand exactly what the speaker is referencing without having any fancy backgrounds or images.  I enjoy listening to podcasts, so this was definitely one of the preferred mediums to get the information - but for the visual learners this may not have been the favorite go-to.

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Landlords: Always (Always, Always) Require Renters Insurance—Here’s Why | Daily Podcast

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VIDEO #4:  The First Rule of Renters Insurance

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VIDEO #4:  The First Rule of Renters Insurance

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This was probably one of the more in-depth discussions on renters insurance and hit the nail right on the head in light of the fact that there are a lot of people that don't even know it exists!  Whether its due to the fact that brokers and agents aren't offering the product or assume it's already in place - there is really no reason to not bring this up as a topic of discussion.  Not only can it translate into business by writing the policy, but you can also possibly attract more business by educating your clients and ensuring they're covered for all areas (not just auto or motorcycle).  As outlined in the video, the cost is so low, that once the benefits and coverage options are explained it's almost certain that the client will want to proceed.  When you break down the annual premium into a monthly amount, most people are spending more on Tim Hortons than what it'd cost to have tenant policy in place.
This video was also selected as it highlighted one of the major aspects of rental insurance that isn't as widely talked about which is the Additional Living Expenses. People often assume that if they're renting and can't stay in the unit, that it's the landlord that needs to cover the cost of the temporary residence, when that (for the most part) is untrue. Especially if its due to an insured peril (and not the landlord who decides to repaint) - this is when the coverage would come into place. Sure it's nice to crash on a couch or two, but if there was a major loss (i.e. fire) - that can take several weeks or even months until the unit is habitable. Even a good friend won't let you couch surf that long. This video had a lot of good information that is helpful to renters of any age.

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My thoughts on the content and lessons learned during this project.

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WEBSITE # 1:  Renters Insurance Calculator

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WEBSITE # 1:  Renters Insurance Calculator

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This website essentially line-itemizes the personal property you may have and provides a pretty thorough review of what is and is not covered when it comes to your contents.  It takes into considerations like the amount of contents you have, the amount of liability you select and if you're going to add items that are normally excluded to the policy.
This website was chosen as it simplifies the cost of renters insurance without having to actually contact a company or feel obligated to proceed with a quote. It also outlines contents that people may not even consider (did you buy that microwave in your rental - that should be included too)! People likely don't realize the value of their items - or take note of the inflation of such items - so it's a pretty good idea to get a good starting point and build from there. Even young renters with minimal belongings still need to protect those belongings, this website helps point out the common and maybe not so common items that you may not even think to consider on your own.

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In order to estimate how much renters insurance you need and calculate how much it will cost, you'll need to consider four things:

The value of your personal property, how much liability coverage you need, where you live, and any other extra coverages you might want to add based on your circumstances.

As with all policies, the more renters insurance coverage you buy, the more you'll pay in premiums. But correctly calculating the amount of coverage you need will ensure that you're adequately protected without spending money on unnecessary add-ons. A basic renters insurance policy tends to be fairly inexpensive, falling between $10 and $30 per month, so if you're paying more than that, consider looking elsewhere for cheaper coverage.

Calculate the value of your personal property

Renters insurance includes coverage for damage to your personal property, up to the limit of the policy. So in order to estimate how much personal property coverage you require, create a list of all your belongings and determine their approximate value.

Categories of items to include:

Once you have a list of your belongings together, use it to create an estimate of how much your belongings are worth. Start with the highest-value items like electronics and furniture, and work your way down, as renters insurance for your personal property is usually sold in $10,000 increments. So once you've taken care of the pricier items, you can make a better estimate about how much renters insurance property coverage you need without having to price every book and T-shirt you own.

Creating a detailed list of your belongings, when you purchased them and how much they cost will also make your life a lot easier if you ever need to make a claim, especially if your belongings are stolen - or completely destroyed, such as by a fire. Documenting your possessions with photographs will also speed the process along, both while you're calculating the coverage you need and if you ever need to make a claim.

Not all personal property is covered by renters insurance

There are a few things that aren't covered by renters insurance personal property coverage. One is your car, since that's covered by auto insurance instead. Another is the structure of your apartment, which is protected by your landlord's property insurance. And high-value items like jewelry, cash or gold might not be covered, or they could be subject to dollar limits. For example, a standard renters insurance policy might only cover up to $1,500 for jewelry. If your $5,000 engagement ring was stolen, you'd be responsible for paying the other $3,500 on your own.

Items that are commonly limited or excluded in renters insurance policies:

If you own any high-value items that would have limited coverage under your policy, consider adding an endorsement or floater that will protect your valuables for their entire worth.

Actual cash value or replacement cost value?

There are two different ways your property can be valued: actual cash value (ACV) or replacement cost value (RCV). ACV subtracts the depreciation from the amount you'll be reimbursed, while RCV pays the total cost to replace the item with a brand-new version. So if you bought a laptop three years ago for $1,000 and it's depreciated by 60%, you'd only get $400, minus your deductible. But if you have replacement cost value coverage, you'd get the full $1,000 - again, minus your deductible.

Some renters insurance companies allow you to choose between ACV and RCV coverage, in which case you'll pay a little extra if you opt for RCV. However, some renters insurance companies only offer one option or the other, so consider which you'd prefer before committing to a renters insurance company that only offers one.

Estimate how much renters insurance liability coverage you need

Another key part of renters insurance is liability coverage, which protects you financially in case someone experiences medical or other damage for which you are legally liable. Someone might make a liability claim against your insurance if your dog bites them or they slip and fall in your apartment.

Liability insurance for renters is typically sold in increments of $100,000, and $100,000 or $200,000 is likely sufficient for most renters.

Generally speaking, the more assets you have and the more high-liability activities you participate in, the more liability coverage you should buy. This is because people are more likely to bring a lawsuit if they believe the defendant has enough money to pay a settlement. And if you engage in high-liability activities, like having frequent houseguests, owning a dog or employing domestic workers, you're more likely to have a claim made against you and might want to increase your coverage, too.

If you feel you're at an especially high risk of a lawsuit, consider an umbrella policy to boost your liability coverage, which typically starts at $1 million of coverage, for a few hundred extra dollars per year.

Renters insurance costs across the country

The cost per month of renters insurance varies across the United States, so you might pay more or less based on where you live. For example, the cheapest state for renters to buy insurance is North Dakota, at only $9.58 per month. Meanwhile, the most expensive state is Mississippi, where renters pay an average of $20.33 each month. See our breakdown of how much renters insurance costs in each state.

The cost can vary within a state, too. For example, the two most expensive places for renters insurance are Beverly Hills, California, a wealthy suburb just outside of Los Angeles, and Oakland, California, where renters can expect to pay $30.33 and $27.33 per month, respectively. On the other hand, people living in Santa Maria, California, can expect to pay about $13.83, which is the cheapest price in the state.

Extra coverages you might need

In addition to the most typical parts of renters insurance - personal property and liability coverage - renters insurance companies often provide additional coverages. Some of these are included in a standard policy, while others may come with an additional fee, which should be included in your calculations when estimating your cost of renters coverage.

Here are the additional and optional coverages available from four top renters insurance providers: Allstate, Erie, Lemonade and State Farm.

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Matt Timmons {"content":"
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Matt is a Senior Technical Writer at ValuePenguin who works on distilling the complex details of insurance into accessible advice. He previously created educational content at Grovo Learning and MarketSmiths Content Strategists. Matt's consumer-focused analysis of insurance has appeared in publications like CNBC, Yahoo Finance and the Miami Herald.
\n Read full bio\n
","triggerText":"Matt Timmons"}

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How to Estimate Your Renters Insurance Cost

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In order to estimate how much renters insurance you need and calculate how much it will cost, you'll need to consider four things: The value of your personal property, how much liability coverage you need, where you live, and any other extra coverages you might want to add based on your circumstances.

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IMAGE #1:  Why You Need Renters Insurance?

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IMAGE #1:  Why You Need Renters Insurance?

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This image captures the essence of the 5 "W's" (Who, What, When, Where, Why) of renters insurance!  It's easy to understand & answers the basics! The "When" to insure is WHENever you're renting - be it a house, basement apartment, dorm, or even a room in a house.  Even if you don't own the property - you can still ensure your belongings. "Where" do you get a tenant policy? Contact a local broker who can provide a quote and they'll be able to give you a quote based on the amount of contents and liability limit you choose. This image was chosen as it is helpful information for someone new to renting.

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IMAGE #2:  What is not covered with Renters Insurance?

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IMAGE #2:  What is not covered with Renters Insurance?

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We've seen what SHOULD be covered - but knowing what ISN'T covered is equally as important!  No policy covers every potential peril or loss - so be sure to check with your insurance company and know your exclusions and special limits of insurance.  This is important to ensure you're INSURED the right way. If you do happen to have a set of collectibles, expensive jewelry, or an expensive drum set - these items can be put on a floater or scheduled as per their current value (keep in mind most companies will request a receipt or recent appraisal to verify the value). This is a great tip to help potential insurers to understand that even if it is initially excluded, it may be added for an additional premium.

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WEBSITE #4:  Is Renters Insurance Mandatory?

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WEBSITE #4:  Is Renters Insurance Mandatory?

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This article reviews the main questions on whether or not renters insurance is mandatory in Ontario.  The short answer is NO.  However, most prospective renters will come to realize that landlords now require rental insurance in order to proceed with the lease.  This protects the landlord and their investment.  The good thing about getting a renters policy is that most companies that write contents insurance will also write auto insurance - so you can combine the policy and get  discounts for having both together.
This website was chosen as it offered insightful information and they are a local brokerage here in Ontario. They offer online quotes - which shows how easy and accessible renter insurance is. When you weigh the pros and cons of having versus not having renters insurance, it doesn't make sense to risk the chance of losing everything you have (whether it's your contents or finances).

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Moving out on your own and signing that new lease is a great step towards independence. If you've recently moved into a new place, or you're looking at your budget while apartment hunting, you may be wondering, "is tenant insurance mandatory in Ontario?" Regardless of whether you are renting an apartment or a whole house, you should consider getting tenant's insurance to cover you in many circumstances. What does tenant insurance cover? Keep reading this blog to learn more about how tenant insurance is a great choice when you move into your new place!

What Is Tenant Insurance?

Tenant insurance, also commonly called renter's insurance, can be compared in many ways to home insurance. The primary difference between tenant insurance and home insurance is that tenant insurance does not provide coverage for the actual building itself because it's the responsibility of the landlord who owns it. Rather, tenant insurance is tailored towards protecting your personal property within the home, liability and additional living expenses if you have to make a claim. Each policy can be tailored uniquely to your stiuation, but let's take a look at those coverages options more closely:

What Does Tenant Insurance Cover: Liability

Personal Liability is a coverage designed to protect you legally if you accidentally injure someone, or they are hurt on your property. If you don't have tenant insurance, you are on the hook to pay for any damages and legal fees associated with a lawsuit against you. Tenant insurance provides peace of mind and financial protection for you if someone sues you due to injury. A basic policy will cover you for $1 million, and you can also increase your liability limit to $2 million with many of our carriers.

What Does Tenant Insurance Cover: Contents

Contents coverage can be purchase for a specific dollar amount (ie. $40,000) to cover the cost of repairing or replacing household items in the event of a covered claim. This can include any of your belongings such as furniture, clothing, electronics, jewelry, etc. The cost of items adds up quickly, so it's important to build a home inventory to get an accurate estimate of your personal property. Some items may be subject to limits, so speak with a broker so that you understand clearly what limits may exist on your policy. You can also take out a rider for individual items that are more costly including fine art, special jewelry such as an engagement ring, or wine collections as they may exceed the regular limits within your contents coverage.

What Does Tenant Insurance Cover: Additional Living Expenses

If you end up with a flood, fire, or other loss, it may render your home unlivable until repairs are complete. With tenant insurance, while they assist you in the cost of damage to your personal property, they also provide finances for living expenses associated with having to live elsewhere temporarily. Additional Living Expenses coverage (ALE) will often include meals and a temporary rental or hotel while repairs are going on. This coverage can also apply if the accident originated in another apartment unit in your building but you were affected by the damages.

Is Tenant Insurance Mandatory in Ontario?

The simple answer to the question, "is tenant insurance mandatory in Ontario?" is no, Ontario does not require that all renters have tenant insurance. Often a landlord will require a tenant to obtain renters insurance as a condition in the lease. As you can see, there are so many benefits to having coverage even if it's not required! A common misconception is that if the damage is caused by another tenant in the building, the landlord or neighbour is required to pay the damage to your contents, however this is not true. If a neighbouring unit causes a fire or flood and subsequent damage to your personal property, without tenant insurance, you are responsible for repairing or replacing your belongings. On the other hand, if you are responsible for damage to the building and other units, you may be sued and expected to pay. Even if your landlord doesn't require tenant insurance, there are many benefits to having a policy for a very small cost.

How Much Does Tenant Insurance Cost?

There are several variables affecting the cost of tenant insurance, but you can usually find basic coverage for as little as $20 per month. When you add up the value of personal property you've acquired over the years such as electronics, furniture and clothing, the security of a tenant insurance policy is highly valuable. Keep in mind that you will choose a deductible, which you must pay towards the claim before your insurance starts paying. Learn more in our blog about the average tenant insurance cost in Ontario cities.

While we've answered the question of, "is tenant insurance mandatory in Ontario?" when you can get tenant insurance for such a minimal cost, it's definitely worth the purchasing when you consider all that tenant insurance covers. You may also be able to bundle your tenant package with your auto insurance to get an even greater discount! If you're ready to get a tenant policy today, or to learn more, our BIG brokers are available to help get you a no-obligation quote. Contact us to get started!

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is tenant insurance mandatory in ontario

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Is Tenant Insurance Mandatory in Ontario?

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If you've recently moved into a new place, or you're looking at your budget while apartment hunting, you may be wondering, "is tenant insurance mandatory in Ontario?" What does tenant insurance cover? Keep reading to learn more about how tenant insurance is a great choice when you move into your new place!

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WEBSITE #3:  Renters Insurance Adjusters That Are On Your Side. Its always good to have a second opinion!

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WEBSITE #3:  Renters Insurance Adjusters That Are On Your Side. Its always good to have a second opinion!

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This website is for a side of insurance that most are not familiar with - even if they have policies of their own.  This company provides adjusting services.  Adjusting is done by a private adjuster when there is a dispute between the claim settlement from an insurance company and the insured.  This can happen in commercial or personal insurance.  Usually when a claim settlement is refused by the insured, they are able to provide sources of information to show proof of the value of their belongings which may allow the insurance company to come up in value.  If that is no help and a value cannot be agreed upon, they can hire an adjuster to essentially review the damaged property and provide their assessment on the value.  Generally speaking, once this has been completed there is a settlement that is agreed upon by both parties AND gives the insured piece of mind that they aren't being "ripped off".
As most people have the mindset that insurance companies are out to get them and make money off of them, this allows you to see that there are other ways to go about the claims settlement to ensure a fair offer that is suitable to both parties. It was nice to see information from the claims side to be able to understand how the settlements may occur and what happens when they don't.

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Sobel Adjusting quantifies your loss with the support of industry experts who specialize in insurance claims. At Sobel Adjusting there are no upfront fees. Call us today to speak with one of our fully licensed Public Adjusters.

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Renter's Insurance

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Renter's Insurance