Home Sweet Home: Renter’s Insurance Matters
More than 30 percent of Canadians rent their home, and yet only half of those are covered by renter’s insurance. But whether you rent or own, your house is your home. The things in it matter to you. They help your family feel like a family, they inject your home with your personality, and your spirit. Not only that, but they cost money. Lots of it.
You probably know that the building itself is largely covered by the building owner’s insurance. But bricks and mortar don’t make the measure of a home it’s the contents that do that. Without coverage, those contents aren’t protected.
How do you know if you need tenant or renter’s insurance?
It’s simple, if you have these things, you need insurance:
- An identity?
Yes, you need tenant insurance. Tenant insurance, like home insurance, may cover you for the costs associated with identity theft.
TVs and other electronics are expensive. Sure your TV might not be worth much now if you sold it, but if you try to replace it you’ll be on the hook for hundreds of dollars. Add in computer equipment, gaming systems, your DVD collection, PVR, and other electronics and you could quickly see a bill in the thousands.
Books can be expensive. If you have 100 books, and each one cost you $20, that’s $2,000 in paper alone that you can’t replace if you don’t have tenant insurance. No more Dickens, no more Tolstoy, no more George R.R. Martin. Any collection should be listed in a home contents inventory, ideally with proof of value to make sure your claim is paid.
Maybe you got this couch from an uncle’s cousin’s friend for free and maybe you love it more than life itself. Its Dorito-stained cushions form perfectly to your body, and it has seen you through many an episode of Game of Thrones. It’s priceless in your mind but in the event of a fire or a flood, that couch will cost you a ton of cash to replace.
- Friends and family?
Nobody expects, or wants, their friends and family to get injured on their property, but if they do, who protects them? Tenant’s insurance can help cover the costs of an injury that happens in your home and make sure your loved one is taken care of.
Likewise, it can cover damage to third-party property that is damaged as a result of your actions in your home. For example, if you have accidentally start a fire that spreads.
- Photos and collectibles?
Nobody is saying insurance can replace your memories and your emotions. It simply can’t. But what would you rather spend your time trying to save in an emergency? Let insurance cover the costly furniture and electronics. Spend your time rescuing the things that make your home a home.