Scary Statistic: 50% of Renters Don't Have Tenant Insurance Renters insurance, also known as tenants insurance, is inexpensive, readily available, and easy to get; yet a large number of those who rent, don't bother with it, putting themselves at great financial risk.

Millions of Uninsured Renters

Statistics Canada reports that there are 4.1 million households who rent their homes; about 31 per cent. Yet, it is widely reported that about half of renters in the country don't have a tenant home insurance policy leaving themselves and their personal property exposed, financially, in the event of a fire, theft or other catastrophic event.

Renters: Your Landlord's Policy Does Not Cover Your Possessions

While a landlord's policy covers the physical home or unit a renter lives in, it does not include the renter's personal property: furniture, TVs, computers, golf clubs, gaming systems, tablets, iPods, clothing, linens, bicycles, silverware, china, pots, pans and more. The cost to replace everything after a fire can be incredibly high—and beyond the financial capability of most people. Even a less than total loss, such as a break-in, can result in incredible financial difficulty.

A typical tenant insurance policy will protect all of the renter's personal property, and for particularly valuable items like jewelry, riders can be included as well. Your possessions are not only covered while in the home, but a percentage of your insured possessions are covered anywhere in the world. That means, if your new camera is stolen on vacation, or your golf clubs stolen out of your car, your insurance policy offers coverage.

Tenant Insurance: More Than Just Contents Coverage

In addition to providing coverage for your "stuff", tenants' insurance also includes:

  1. Coverage for additional living expenses
    Let's say there's been a fire. Chances are you wouldn't be able to live in your apartment while it is being repaired. Tenants' insurance will cover expenses that are a result of you not being able to live at home, like hotel bills for example.
  2. Liability protection
    The other major coverage that comes along with a tenants' policy is liability coverage. The liability coverage included in a tenants' policy protects you from lawsuits related to activities on the premises, including damage to the property for which the landlord holds you responsible (let's say you leave the tap on and cause all sorts of water damage), or, if someone hurts themselves while visiting you.

How much does a tenants insurance policy cost?

Because there is no building to be covered under the policy, tenants insurance costs much less than a homeowner's policy and provides a lot of protection. Consider for a moment the cost of replacing everything you own; it adds up. From your kitchen, to your linens, to your electronics, and more, the cost of replacement could be financially devastating. The low cost of tenants insurance compared to the potential cost of not carrying a policy makes it a smart investment.

In real numbers, we're typically talking just a couple of hundred dollars a year; less than a dollar a day.

Get Renters Insurance Today

Tenants insurance policies are available from any number of insurance companies; and you can compare tenant insurance quotes online easily at For the millions of renters who currently don't have tenant insurance, a few minutes and a small monthly premium could prevent an already distressing loss from becoming a financial nightmare as well.

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