Renter's Insurance by Lorraine Amaya-Velez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen Home insurance is not just for homeowners. There are home insurance options available for renters called renters or tenant insurance. en-us 2020-11-30 20:43:44 UTC 2025-12-23 16:22:10 UTC hello@padlet.com https://padlet.net/icons/png/1f3e2.png What is Renter's Insurance? LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973651794 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.

]]> 2020-11-30 22:15:43 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973651794 Video #1 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973775217 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.  
]]> 2020-11-30 23:18:00 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973775217 Video #2 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973779206 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.
]]> 2020-11-30 23:20:22 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973779206 Video #3 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973872621 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.]]> 2020-12-01 00:13:29 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973872621 Video #4 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973921396 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.]]> 2020-12-01 00:36:12 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973921396 Website #1 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973956682 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.]]> 2020-12-01 00:52:19 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973956682 Website #2 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973996052 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. ]]> 2020-12-01 01:10:07 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/973996052 Website #3 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974025047 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]]> 2020-12-01 01:23:39 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974025047 Website #4 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974057895 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.]]> 2020-12-01 01:39:14 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974057895 Image #1 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974101418 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.]]> 2020-12-01 02:00:19 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974101418 Image #2 LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974112168 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.  ]]> 2020-12-01 02:06:13 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974112168 Reflective Questions LorraineAmayaVelez https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974137704 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. ]]> 2020-12-01 02:19:35 UTC https://padlet.com/LorraineAmayaVelez/61raozwlv9kl2qen/wish/974137704