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Things You Should Know About Tenant/Renters Insurance

Why You Should Have Tenant Insurance?

As a tenant or renter, you are legally responsible for unintentional harm caused to other’s who live in or are visiting the property as well as any damage you cause to any part of your building. Let’s dig a little deeper here and give a couple of examples:

  1. If someone is visiting your apartment in the winter and slips and falls due to wet floors, you may be held financially responsible for the cost of the injured person’s damages.
  2. If you are a smoker and one of your cigarette butts starts a fire that damages not only your apartment, but the entire apartment complex, you may have to cover the damage to not only your apartment but to the entire apartment complex. That is a lot of money to fork out and I would bargain most renters do not have.

So what does renters insurance cover you may ask?

In the simple terms renters insurance protects your belongings. These belonging can be anything from household items like a television, jewelry, laptop, and even a bike. This protection is against any natural disaster, theft or fire. The coverage also includes liability insurance. This means that if another person is injured on your property, you are covered for the injured person’s damages. And in some cases, if it is required, your renter’s liability coverage will also cover you for expenses occurred in legal defense if the need arises.

Sometimes when explaining insurance and certain coverages the “lingo” can be overwhelming. We do our best here at Rozon Insurance Brokers Ltd. to make understanding your coverages as simple as possible. The following are some important things to know about renters insurance when trying to decide whether or not to invest in it:

  1. Renters insurance protects the items you have in your home. Although some types of damage aren’t covered, (ex. Flooding) most home disasters that damage your belongings will result in a payout to help you replace those belongings.
  2. Renters insurance covers out of home items. For example, your renters insurance can cover your HD camera so if you were out seeing the sites and it got stolen; your insurance can help you replace it.
  3. Renters insurance can help pay for a new place to live if your place is no longer “livable.” If your apartment becomes unlivable, your insurance may pay up to one year of rental at a comparable property.
  4. Many renters’ insurance policies limit the amount of money for replacement or loss of high-end items such as antiques, jewelry and computers. Make sure that you read this part of your policy before signing it and ask your broker any questions necessary to make sure you understand your coverage.
  5. Take an inventory check. Go through your home and take photos of the items in your home and mark the photo with the value of the item. This helps you visualize how much coverage you will need. Most people are surprised by the actual value of their belongings.

Hope this helps everyone understand the benefit of getting Tenant Insurance. If you have any questions, or would like to speak with a broker call us at 613-347-7600 or you can email us at

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