4-in-10 Canadian renters do not have tenant insurance
Survey finds almost half of Canadian renters list electronics, including phones, cameras, televisions and laptops as top priority items to protect
"Insuring a home isn't just for homeowners. It's a savvy way for renters to protect their valued belongings and help cover potentially expensive replacement or repair costs when an accidental or unexpected loss happens," says
Although tenant insurance is not mandatory, many landlords make it a condition of the rental agreement. In fact, 49% of survey respondents say their landlord requires them to have tenant insurance and for good reason. Without tenant insurance, renters could be liable for damages to the rental unit and could face steep expenses for repair costs, in addition to the costs of replacing personal belongings.
More than half (51%) of survey respondents stated they would have trouble replacing any of their belongings without insurance. Only two-in-10 stated they could replace all or most of their personal property without the aid of a tenant insurance policy.
"Protecting personal property that often can be expensive to repair or replace makes sense for homeowners and renters alike. As we continue to move through this global health pandemic, personal electronics like mobile phones and laptops have become incredibly important to staying connected with friends, family, the workplace and they've become some of our most valued possessions." adds Richardson.
Top five most valued possessions Canadians want to protect:
- Electronics, 43%
- Furniture, 22%
- Jewelry, 8%
- Clothing 5%
- Recreational equipment 2%
Tenant insurance is the same as renter's insurance – these terms are often used interchangeably. Here are some frequently used tenant insurance terms that are also worth knowing:
All-Risk insurance covers your belongings for losses caused by a wide range of risks (or perils) aside from some explicitly mentioned exclusions in the policy.
Personal Liability insurance coverage protects you if someone is unintentionally injured in your home, or if you've damaged someone else's property and now have to pay for damages.
Replacement Cost means that in the event of a covered claim, items which cannot be repaired, can be replaced with new items of like kind and quality with no deduction for depreciation.
Additional Living Expenses coverage will help you pay for additional costs that are both necessary (like hotel and extra food costs) and reasonable in a situation where you are forced to leave your home following a covered loss.
In addition to protecting personal belongings against common risks such as theft, fire, and water damage at home, tenant insurance coverage applies to items that are both in your home and temporarily away, including while on vacation.
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** TD Insurance* 2021 |
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