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Property Insurance Forum

I am searching for tenants insurance. I have contacted a couple of companies but cannot get insurance with them, the reason being my fiancée and I will be having a friend live with us. Are there any insurance companies that can insure us?

Thanks in advance for your help.

The reason you may have run into trouble is that many insurance companies want to insure only the "named insureds" which are the people named on the tenant lease agreement. If there is a roomer or boarder living in the home they fall outside of the coverage intended on these policies because the roommate will also have their own belongings and their own liability concerns. The insurance company will want to charge more premium for the increased risk.

To answer your question, yes, there certainly are insurance companies that will provide insurance for this type of situation. Some but not all insurance companies will actually add a surcharge to your current policy to cover a roomer or boarder. It all depends on what your exact situation is and the insurance company you are dealing with.

One way to deal with this situation is to have your friend purchase their own tenants insurance. It's generally quite cheap and easy to apply for.

Whether you apply a surcharge to your current policy, or get your friend to purchase their own policy, in both scenarios, it is best to get a quote with several insurers in order to find the best fit for coverage and price. It sounds like you are on the right track as you've already contacted a bunch of companies, so don't get discouraged!

Sean Graham, Principal Broker at KTX Insurance Brokers.

Neither Kanetix® nor the KanetixForum.ca is an insurance broker or agent. Although this information has been passed along to you from KTX Insurance Brokers through the Forum, we are not responsible for the opinions expressed by them. Insurance can be complicated. When reading these answers, keep in mind each person's situation is unique. Individual responses may vary depending on your insurer, geographic location, and specific circumstances. If you have a similar situation, always speak with your insurance provider, or a licensed insurance representative, for terms and conditions that may apply to you.

You may also want to check out the Insurance Bureau of Canada website. The following articles are found on their site and may be of help to you.

• Tenants Insurance: Is It For You?


• Home Insurance Explained