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Hello my name is Reid Webster and for assignment #2 I will be presenting information on Renters Insurance. You can expect to find information on what this insurance covers, pricing, and other things to consider when purchasing. I have learned a great deal about renters insurance while creating this wall. I hope you will also learn from the websites, videos and images that will follow.

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My first website covers the 3 coverages that renters insurance offers you, which are your belongings, living experiences, and liabilitie claims. It then goes on in detail about how much coverage is available in each category and what dollar values you can expect to see associated with it. Finally you can also get a quote from RBC.
I have included this website because it has great information on what they will cover and to what extent. I found it interesting that you can get a quote on your rental within minutes. This would be very helpful if you are considering insurance and looking for your best option.

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Tenants Need Insurance, Too.

Whether you rent an apartment, a house or a condo unit, you have some of the same insurance needs as a homeowner. Make sure you're protected.

How Tenant Insurance Protects YouDisclaimer*

Your Belongings

Protects you financially against insured damage or loss to furniture, clothing and other personal property inside your rental home or vehicle.

Living Expenses

Helps cover expenses like moving costs, a hotel room and more if you can't live in your rental while repairs are being made after an insured loss.

Liability Claims

Helps to protect you financially if you accidentally cause property damage or bodily injury to others at home or anywhere in the world.

The Comprehensive Tenant Insurance Policy provides affordable protection against a wide range of risks.

Home & Property Insurance FAQs

Find answers to your questions about home insurance coverage, deductibles and premiums.

What does home insurance usually protect?

It depends on the type of home you live in. If you own a house, your property insurance will cover the house itself and detached structures like a fence or storage shed.

Your insurance will also cover personal belongings such as jewellery, artwork, furniture, computers, carpets and more.

Finally, your policy also includes third-party liability coverage. This protects you against personal liability if somebody is injured while on your property or if you accidentally cause damage to a neighbour's property.

When should I buy home insurance?

Your coverage should begin as soon as you become the legal owner or tenant, even if your home or condo unit is still being built.

What is the difference between All Perils and Specified Perils coverage?

All Perils protects your insured property against the widest range of risks and only excludes the perils specifically listed in your policy.

Specified Perils protects your insured property against the most common risks, which will be listed in your policy.

Why do I need tenant insurance?

The owner of the property you're renting almost certainly has insurance on the building itself. They may also have coverage for certain items inside your rental unit, such as the carpets, light fittings and appliances. So you may wonder why you need coverage too.

Here are two excellent reasons:

Your landlord's insurance will not cover your personal belongings. Your jewellery, artwork, furniture, entertainment equipment and other valuable belongings will not be protected.

You also need to protect yourself against personal liability for injuries to visitors to your home or for damage you accidentally cause to a neighbours' property.

For details, see: Tenant Insurance.

Why do I need condo insurance?

Your condominium corporation has insurance, so you may wonder why you need your own coverage.

Here are three excellent reasons:

Your condominium corporation's policy will not cover your personal belongings. Your jewellery, artwork, furniture, entertainment equipment and other valuable belongings will not be protected.

Your condominium corporation's policy only covers items that are part of the building. You need your own insurance to protect the upgrades you have made inside your unit, such as better carpets and built-in cupboards.

Finally, you need to protect yourself against personal liability for injuries to visitors to your home or for damage you accidentally cause to a neighbours' property.

For details, see: Condo Insurance.

How does liability insurance protect me?

The liability coverage included in a homeowners, condo or tenant insurance plan protects you financially if you unintentionally cause bodily injury or property damage to others-at your home or anywhere in the world. For example:

A babysitter slips on a spill on your kitchen floor and injures her back.

Your toaster oven catches fire, damaging your home/unit and part of your neighbour's home/unit.

You throw a baseball on the beach while on vacation in Florida and you accidentally knock out a bystander's tooth.

Does my home insurance policy cover all water losses?

Insurance coverage for water damage depends on a number of things, like where you live and how your home was constructed. Insurance for some types of water damage may be included automatically in your policy, and some may need to be purchased as extra.

Examples of causes of water damage that aren't covered under most standard home insurance plans are flooding and seepage:

Flooding results in damage from water that flows into your home from natural sources like lakes and rivers, or large amounts of pooled water.

Seepage refers to the slow movement of water or other fluid through small openings, cracks or pores in your home.

Causes of water damage that are usually covered by most standard home insurance plans (or can be added by endorsement) include:

Sewer back-up: Water is forced through the sewer system back into your home, or your sump pump fails. (Sewer back-up can be added by endorsement)

Water Escape: This covers water damage that may be caused when your bath or sink overflows or a pipe or hose inside your house breaks.

Will my home insurance policy include earthquake coverage?

Not automatically. However, you can purchase earthquake coverage for an additional premium. For details, see Endorsements for Your Property.

Will my home insurance cover my personal belongings when I'm travelling?

Most property insurance will protect your belongings when you travel. For example, if your luggage is stolen from a hotel room or your car, you may be covered for the loss.

I have done renovations and improvements. Will my home insurance replace these upgrades?

Remodeling your home may change the valuation placed on your property. If you build a major addition or swimming pool, you will need to update your insurance policy.

What is "overland water"?

Overland water is fresh water that accumulates on land which is usually dry, resulting from torrential rain or snow melt or the overflow of lakes, streams and rivers.

I have the Sewer Back-up Coverage endorsement. Why should I purchase the Overland Water endorsement?

We've made the Overland Water endorsement available for purchase in response to the effects of changing weather patterns and the increasing number of severe storm events that often cause property damage.

If you purchase this additional protection, you will have coverage for damage caused by overland water entering your property from torrential rains, rapid snow melt, or overflow of lakes, streams and rivers. This includes coverage for loss or damage from the sudden and accidental entry of overland fresh water through foundations, basement walls or basement doors. This coverage is not included in the Sewer Back-up Coverage endorsement.

The Sewer Back-up Coverage endorsement also provides very important coverage. This includes the sudden and accidental backing up of water or sewage through:

Drains, waste and sewer pipes that are underground or outside the building

Septic tanks, septic systems or connected piping located outside the building

Retention tanks or holding ponds, sump pits, sump pumps and their attached piping or equipment

Eaves troughs or downspouts

What does the Overland Water endorsement not cover?

This endorsement does not cover:

Damage from coastal flooding of salt water, including spray or storm surge

Seepage through basement walls, doors or foundations that is not caused by overland water

Loss or damage from water resulting from the intentional breaches of structures such as dams, dykes and levees

What coverage makes up the Home Repair Bundle?

The Home Repair Bundle includes three services for $125 per year:

Home Repair Assure to fix a minor issue before it leads to a large claim.

Claim Prevent to help prevent a further claim occurring from the same cause after a claim has already occurred.

HALO Assist for free access to phone advice from legal and home repair experts.

In addition to the home repair service, you have access to unlimited information about covered repair issues in your home. You can call the toll-free number any day, any time and a service representative can answer questions you may have about home issues and repairs. If your home repair issue is not covered under the program, you can choose to be referred to a trusted service provider in your area. You can then arrange and pay for service directly with them.

Can I use the Home Repair Bundle services as soon as I purchase the endorsement?

This depends on the service:

Claim Prevent can be used immediately after a covered claim.

The services in HALO Assist can be used immediately after the date your coverage starts.

For the Home Repair Assure portion of the endorsement, there is a 45-day waiting period from the date your coverages starts.

Can I purchase only one or two of the three services offered in the Home Repair Bundle?

The services cannot be purchased separately.

What is an insurance deductible?

The deductible is the amount you must pay out-of-pocket for each claim before your insurance policy pays.

What are my deductible options for home insurance?

The standard deductible amount is $1,000 for homeowner, condominium owner or tenant insurance policies. You may be eligible to increase or decrease your deductible amount, which may impact your insurance premium. Since the deductible amount is what you pay out-of-pocket for a claim, it is important you choose an amount that you can afford if you ever need to make a claim.

Will my deductible apply to all types of property insurance claims?

In most cases for property loss or damage, a deductible will apply. However, there are certain instances when you will not have to pay a deductible for property losses.

How can I save on my home insurance premiums?

Here are some of the best tips for saving through RBC Insurance ®.

Lower your premium by choosing a higher deductible

Combine your insurance through us

Install a home security system

How can I pay for my home insurance?

You have several choices for paying your home insurance including: a major credit card (Visa, MasterCard or American Express) or preauthorized withdrawals from your bank account. Your Advisor will work with you to set up the payment plan method that works best for you.

You may use a Visa debit or MasterCard debit for your initial payment, but have to select one of the options above for any future payments.

Will my premium increase if I use any of the services offered under the Home Repair Bundle?

Using any of the services provided under the Home Repair Bundle won't affect your claims history or claims-free discount therefore will not increase your premiums.The Home Repair Bundle is designed to help you proactively reduce and prevent the same claims from occurring and provide further protection with assistance services.

Will my premium increase if I make a claim under the Identity Theft Expense endorsement?

If you make a claim under this endorsement, your premium, claims history and claims-free discount will not be affected therefore will not increase your premiums. You do not have to pay your policy deductible if you have an Identity Theft claim.

Get a Quote

See what your tenant insurance would cost. Get an online quote now.

View Legal Disclaimers Hide Legal Disclaimers

The information above is a summary only and does not include all terms, conditions, limits and exclusions.

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tenants apartment renters property insurance

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Make Sure You're Covered with the Right Tenant Insurance

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Rent an apartment, condo or home? While your landlord likely has property insurance on the building you live in, it doesn't give you all the protection you need. RBC Insurance can help.

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This website helps you to understand basic renters insurance. It covers many topics that are important when considering and purchasing renters insurance. Some of the topics it covers are why you may need it, what is covered, and the cost on the insurance based on you personally.
I chose to include this website because I found it was easily understood and gave all the basic information on why it is important to consider renters insurance. One interesting thing that was stated on this website was that most landlords will require the renter/tenant to have insurance, this will be stated in the lease agreement.

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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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In this video it makes the viewer aware that stolen or damaged items or covered under personal property, injury or lawsuits are covered under liabilities, and hotel rentals and or other living expenses due to fire or floods are covered under living expenses. Based off this information it is now easier for renters to pick their coverage. It also states that there will be deductibles based on your claim.
I chose this video because it goes into further detail about what is covered under each section of the insurance policy. They’re different levels of coverage based on how much you want to spend. I found it interesting that they stated there is no set deductible but rather a deductible based on the degree of your claim.

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What Does Renters Insurance Cover? | Allstate Insurance

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This image basically shows what renters insurance is in a very simple but effective way. The 3 Main coverages that are associated with Renters Insurance are plainly shown in this image.

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The reason I selected this image is because it shows that all your belongings have value. Renters insurance will insure that you have coverage over your belongings, and if something was ever to happen they can be replaced. This is just one of the benefits that come when purchasing renters insurance.

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On this website it states that young adults that have moved into residents at school may be covered under their parents policy. It also informs the reader that renters insurance can also cover damage to neighboring properties and on upgrades made to the residence. Another key point that was brought up was you should take inventory on you items , to reduce stress if you need to make a claim.
I chose this website because it is geared more towards first time and younger renters. The two facts that I found interesting from this website was students in school residence can be covered under their parents. I also found out renters insurance can be as low as $20 a month, this is a reasonable price for young renters that don’t have many belongings.

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As a tenant or renter, most are aware that landlords have insurance on their building - walls, floors, doors, light fittings and appliances. However, as a tenant you need to be aware that a landlord's insurance does not cover your personal belongings.

Landlords have relatively few legal obligations to compensate tenants for damage to, or loss of, their personal possessions. Tenants, on the other hand are held financially responsible for the harm they cause to any part of the building in which they live or to others who live or visit there.

For example, if your cooking accidentally starts a fire that spreads to other units or another part of your building, you may be responsible for paying the costs of repairing all damage to the building (including other apartments) and also for replacing anything that's damaged in other tenants' units.

Why do I need tenants insurance?

Tenant insurance helps you pay for damage to your personal property caused by theft, fire, smoke damage and vandalism to name a few.

Your landlord's insurance will not cover your personal belongings. Even if you don't own a lot of expensive things, it can be very expensive to replace all your valuables (jewellery, computers and other electronics, sports equipment, artwork, furniture, books, entertainment devices, kitchen utensils etc).

You may not be protected against personal liability should you accidentally damage a neighbour's property or should a guest to your home cause these damages. You may also be held legally responsible if someone were to be injured while visiting your home.

Your landlord's insurance most likely does not cover any upgrades you may have made to your rental unit and paid for yourself. For example, you may have added built-in shelving or installed upgraded carpets.

Tenants insurance coverage

Tenants insurance policies will differ from insurer to insurer, but they generally include two basic kinds of coverage - liability and contents.

Liability coverage is comparable to the liability coverage in a typical homeowner's policy and protects you if you or your guests cause accidental damage to the building - whether to your unit or to the whole building. This coverage may also protect you if someone is injured in your rental unit and sues for damages.

Contents coverage allows you to replace or repair your belongings if they are lost or damaged in the event of fire, vandalism or theft. Belongings may be covered even if they are temporarily not in your home.
Most people are very surprised by how much it would cost to replace everything - all at once. You need to insure for an amount representing the replacement cost of all your belongings.

Tenant's insurance policies also include additional living expenses which provides for expenses incurred (as a result of a covered loss) if you cannot live in your home. This feature will cover hotel or other rental costs and in some cases meals. Be sure you know how long an insurance company is willing to pay living expenses - sometimes the insurance company will limit the costs to what they consider a reasonable amount of time.

Ask your broker at Canada Brokerlink to explain exactly what the policy will cover and what it doesn't.

Replacement cost

Deductibles

Discounts

Scheduled articles coverage

Tenants insurance for students: Do you need it?

Students living away form home while attending school are most likely covered for liability and contents under their parents' homeowner's insurance policy.

However, if the student has made a permanent move away from their parents' home, a separate tenants insurance policy is required.

How much does tenants insurance cost?

Tenants insurance is widely available at low cost. When you consider what it would cost to replace everything, paying as little as twenty dollars in monthly insurance premiums is pretty reasonable by comparison.

Minimize stress later - take an inventory now.

After a fire or a break-in, do you think you could remember all the details that went into creating your home and what everything cost? We recommend that you take the time now to make a record of your belongings which will help minimize the worry later. Keep any bills, receipts, warranties and instructional manuals - they can serve as proof of ownership. Keep this information in a safe place, such as a fire-proof box or safety deposit box, and review it annually. It's also good practice to take pictures or video footage of all your valuable possessions.

Getting the appropriate tenants insurance coverage can bring peace of mind. For more information, talk to one of our brokers today. We'll work with you to compare your insurance options and get you the best value and most appropriate coverage possible.

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What is tenants insurance? | BrokerLink Blog

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As a tenant or renter, most are aware that landlords have insurance on their building - walls, floors, doors, light fittings and appliances. However, as a tenant you need to be aware that a landlord's insurance does not cover your personal belongings. Landlords have relatively few legal obligations to compensate tenants for damage to, or ...

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This website gives an overview on if you need renters insurance or not, and mistakes that can be made associated with renters insurance. It also says renters insurance is similar to house insurance other than it does not cove the building. Finally it lets the view know that the landlords insurance will not cover your belongings.
I enjoyed this website because it made me aware of mistakes that renters make associated with insurance, that I was not able to find on others. A fact that shocked me was that about 50% of renters do not have insurance of any sort. I understand that it can be expensive but when renting a property insurance should be a top priority.

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For most renters in Ontario, having a tenant insurance policy is not at the top of the priority list. In fact, according to the Insurance Bureau of Canada, about 50% of renters in Ontario do not have tenant insurance. This is especially true for younger people who may be moving out on their own for the first time. Let's face it, renting an apartment in Ontario can be expensive. And when you start adding up what you already pay for rent, utilities, and other bills, you might not have a lot of extra cash in the budget. This is exactly why some renters choose to go without tenant insurance. But this can be a big mistake. And coverage can be surprisingly affordable. Depending on the company and limits you choose, a renter's policy can cost less than a buck a day.

It's important to consider your options before you decide to cut the expense from your budget. What's covered? How much it will cost? And why is tenant insurance important?

What is tenant insurance?

Tenants insurance (also called renter's insurance or content insurance) is very similar to a home insurance policy. The big difference is that there is no coverage for the building or house. That is the responsibility of the landlord who owns the house, condo unit or apartment building you live in. Coverage for renters is specifically designed to protect your personal property, liability and additional living expenses in the event of a claim.

Tenant insurance coverage

Insurance coverage varies slightly depending on the company and options you choose. However, most policies in Ontario include the following basic coverage:

Liability - This is your personal protection from accidents causing bodily injury or unintentional damage to someone else's property.

Contents - A good way to think about contents is to visualize your home or apartment as a box. Now turn that box over and shake it, anything that falls out would be your contents. All of your belongings like clothing, TVs, computers, furniture, appliances, sporting equipment, jewellery, make up, etc. would all be covered within the limit of your tenant insurance policy.

Additional Living Expenses - This will help you pay for any necessary expenses like food, clothing and hotel accommodations during a claim or other situation that forces you out of your home for an extended period of time.

Is tenant insurance mandatory in Ontario?

Although tenant insurance is not mandatory in Ontario, it is recommended. Whether you live in an apartment building or lease a house, having an insurance policy to protect yourself and your belongings is always a good idea. In some cases, lease agreements will include a requirement for the tenant to have their own insurance policy. However, this is a stipulation put in the lease by the individual landlord. It is not mandated by the government.

INSURANCE PRO FACT
Having a tenant insurance policy can save you hundreds of dollars on your car insurance. In fact, the extra discount you receive on your car insurance can sometimes cover the entire cost of your renter's insurance policy!

How much coverage do I need?

You have more to protect than you may think. As renters, we have a tendency to drastically underestimate the value of our personal belongings. That said, determining the right amount of contents coverage for you really depends on your situation. Are you a single person in a one bedroom apartment, or a family of 4 renting a 3 bedroom home? When it comes to insurance coverage, it is always a good idea to get the advice of a professional insurance broker.

Does my landlord's insurance cover my stuff?

Your landlord's insurance does not cover your belongings or your liability. Although most landlords will have a property insurance policy to protect the building or house and their own liability, this coverage does not extend to you. In the event of an incident such as a fire, theft, etc. you will be responsible for expenses out of your own pocket. This could include replacing everything you own. Not to mention renting a new place during repairs, and any legal costs for damage caused to others.

How much is tenant insurance?

The cost of your insurance policy is determined by a few factors, including:

Amount of coverage you choose

What city you live in

Type of structure you live in? (i.e. apartment, condo, townhouse, house)

Insurance company you choose

Your insurance history

Whether you are renting for the first time or have had tenant insurance for years, it is wise to shop around or talk to an insurance professional who can compare prices for you, answer your questions, and match up a tenant insurance policy that fits your individual needs and budget.
Want a tenant insurance quote? Call Buckley today! 1-888-234-3247.

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Do I really need tenant insurance in Ontario?

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For most renters in Ontario, having a tenant insurance policy is not at the top of the priority list. In fact, according to the Insurance Bureau of Canada, about 50% of renters in Ontario do not have tenant insurance. This is especially true for younger people who may be moving out on their own for the first time.

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In this video it helps the viewer understand the two main types of renters insurance, cash and replacement, and what the pros and cons are. It is also made clear, that renters insurance is not well understood by most people and this causes a low number of people that actually have it, even though it is in expensive.
I have included this video because it talks about information that is not covered in any other websites or videos, and talks about it in a way that is easily understood by the viewer. It was not until after watching this video that I learned renters insurance covers more than what’s in your house. Renters insurance can cover many other things such as stollen luggage on a trip or a damaged laptop. If this information was know by more people I’m sure that more renters would be purchasing insurance.

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5 Things to Know About Renters Insurance

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During the following video the viewer can expect to find out how renters insurance works. It informs the viewer about what you can expect after making a claim. After a claim, the renter must pay a deductible and the insurance will cover the rest up to your policy limit. Finally it states that renters insurance is not needed unless requested by the landlord.
The reason for selecting this video was to include one that explains if you need insurance and what happens if you make a claim. I liked that the video informs the viewer that in most cases renters insurance is not required, but is recommended and is a smart move. Even though renters insurance is only required when requested by the  landlord it is always worth getting, to avoid having to pay for what it would have covered out of your pocket.

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Renters Insurance 101 (Apartment Hunting 2/3)

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This video is unique in the fact that it talks about insurance specific toward students living in school residents. It makes it clear that students that live in school residence are covered under their parents home policy. Even though they are covered, it might be at a reduced rate, this is something that varies with different companies. If you are a student that lives in your own place you will need your own renters insurance.
The following video was chosen because I found that is applies more to me and others my age. I found it interesting that if you live on residents you are still covered under your parents. This could be a factor on choosing a place to live if know. Overall I found this video the most helpful for myself.

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Do I Need Renters Insurance In College? | Allstate Insurance

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1.  After completing this project I have learned many new things about renters insurance. First off I learned that three things covered by renters insurance are personal property, liabilities, and additional living expenses. I found that even though the cost for renters insurance is as low as $20 a month, only about 50% of people have it. Finally the fact that was the most surprising to me is that students living in residence for school are covered under their parents home insurance. Overall these are the main pieces of information I  have taken from this project.

2.  The reason I selected this topic is because I plan on moving into my first place, which will be a rental. Now that I am aware renters insurance is inexpensive, I will purchasing it for sure. After now researching the topic I believe I can easily pick the correct renters insurance for me, based on my belongings and needs. Finally if it comes to a point were I need to make a claim I will feel comfortable doing so.

3.  The most important thing I can pass on from this is how cost effective it is. You can expect to pay around $20 per month, which is nothing compared to what your  insurance can replace for you. If i can pass this information on to a friend or family member, I believe it will persuade them into not going without renters insurance.