Many people rent homes at some point in their lives, from college students in their first off-campus apartments to retired couples who are downsizing. If you’re a new renter, you might not be clear on what renters insurance is, and whether you need it.

We’ll explain what these policies cover and how they can protect you in unexpected (and important) ways.

The basics

Renters insurance has three main components:

  • Personal property coverage: Renters insurance covers the contents of your residence including clothes, furniture, dishes, bicycles, TVs, computers and other electronics.
  • Liability coverage: The liability component might be the biggest reason to get renters insurance because it can protect you from huge financial losses. Renters insurance can cover you if you’re sued by someone injured in your home and if your dog bites someone outside the home.
  • Additional living expenses coverage: If you cannot stay in your apartment after a fire, burst pipe or other disaster, this coverage will pay for temporary lodging.

Key Facts you Should Know about Renters Insurance:

1. On average: your specific premium will depend on a number of factors, including where you live and the type of coverage you choose.

2. Named perils: Standard renters policies cover “named perils” — or events that may damage your possessions — including fire, lightning, windstorm, hail, smoke, vandalism, theft, freezing, damage from aircraft or vehicles and riots.

3. Deductibles: Deductibles for renters policies start at $1000. As with all deductibles, higher deductibles tend to mean lower premiums but also higher floors before coverage kicks in.

4. Car interior: If you keep personal belongings like books and electronics in your car – and who doesn’t? – your renters insurance policy may cover them.

5. Your landlord might require it: A landlord’s insurance covers their property – the building and grounds – but not your belongings in it.

6. Floater: A floater is a separate policy that provides additional coverage for more costly valuables if they are lost or stolen. If you have expensive jewelry, collectibles, sports equipment or musical instruments, consider adding a floater to your policy to protect against their loss.

Know the facts

Don’t make the common but costly mistake of thinking your landlord’s insurance protects you and your belongings – it doesn’t. The time to secure your renters insurance is now, before a major calamity occurs.

Talk to your insurance broker to determine the correct type and amount of renters insurance coverage for you.

Roughley’s team of insurance professionals is standing by to answer your call. If you have questions about your insurance, we invite you to call us and speak to one of our team members.

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We are available Monday to Friday, 9am until 4:30pm.
Oshawa Location
Phone: 905.576.7770 • Toll Free: 1.888.558.0883
Fax: 905.576.3610

Bowmanville Location
Phone: 905.697.4257 • Toll Free: 1.888.558.0883
Fax: 289.316.3662