Do You Really Need Tenant Insurance in Halifax?
If you’re renting, you may think that you don’t need insurance at all. Or perhaps you feel you just don’t have money in the budget for it. You may have assumed that if something does go wrong — e.g. your apartment is broken into — that your landlord’s rental property insurance will cover everything. The fact of the matter is if you are renting you need a tenant policy, and for a fraction of the cost of your daily cup of coffee, you can get a policy that protects you and your belongings.
If you’re moving into your first apartment, you may have so many other things to think about that tenant insurance hasn’t even crossed your mind. If you’re downsizing into an apartment from owning a home — you may need to modify your home insurance policy, so it applies to renting instead of owning.
At Archway Insurance, we’re here to give you all the details you need to know about tenant insurance in Halifax. We’ll explain to you:
- The purpose of tenant insurance.
- Why your landlord’s insurance won’t cover you.
- Details about the kind of coverage tenant insurance can give you.
We’ll also talk about how Archway Insurance can work with you to find the right tenant insurance policy in Halifax at the right price. Tenant insurance is usually fairly inexpensive — but you can’t put a price on peace of mind.
What is the purpose of tenant insurance?
The purpose of tenant insurance is similar to home insurance — but it’s not exactly the same. Tenant insurance is sometimes referred to as renter’s insurance or content insurance.
With home insurance, you have coverage for the actual structure you live in (your home) and any outbuildings such as a shed or a garage. With tenant insurance in Halifax, you don’t get coverage for the actual apartment building you live in.
Instead, the purpose of tenant insurance is to provide coverage for you and your apartment’s contents. It’s specifically designed to protect all your personal property and provide coverage for liability and additional living expenses if you have to file an insurance claim.
But won’t my landlord’s insurance cover all of this?
Tenant insurance exists because your landlord’s insurance will not cover your possessions or your liability. Their insurance policy will cover the structure itself (e.g. the home or apartment you are renting) but not anything that is contained within the structure that you own.
For example, if you are renting a house, and it catches on fire — your landlord’s insurance would cover the costs to repair the house itself. But their insurance will not cover any damage done to your possessions — nor will it cover any additional costs, such as needing to stay in a hotel until repairs are completed.
So what does tenant insurance in Halifax cover then?
As briefly mentioned above, tenant insurance covers you in three main areas — your possessions (or the contents of your apartment or home), liability, and additional living expenses. We’ll break those down here and provide specific examples.
Put roughly, the contents of your home — or your possessions — are anything and everything you have in there! You may not think you have a lot, but you probably own more than you think.
Go to each room in your house and take a good look — open drawers and cupboards. Check your garage as well. Make a list of all bigger ticket items and take pictures of as much as you can.
This activity will help you realize just how much you do own. It’ll also help you understand how much it could cost you if anything happened to your possessions, such as a fire or flood, and you suddenly needed to replace everything at once! This is one of the main reasons tenant insurance is so important.
Liability coverage is your personal protection, both from accidents that cause bodily injury or unintentional damage to someone else’s property. When you are a tenant in a condo or an apartment, you are legally responsible for damages that you cause to the rest of the building or any common areas.
You will be held legally responsible if people injure themselves in a space you are renting. So if you have a party, and someone drinks too much and injures themselves — or damages a common part of the building – you can be held responsible. Your insurance policy can assist you in covering legal costs in such an unfortunate event.
Additional living expenses
If your condo or apartment is badly damaged in a burglary or a fire, you may have to move out. Tenant insurance can help with expenses like food and clothing you may have to purchase and hotel costs.
How can we help you?
At Archway Insurance, our brokers want to help you secure everything inside your apartment and make sure you are protected in case of an accident or injury. We have connections with several major Canadian insurance providers, and we can tailor your coverage to fit your lifestyle and budget.
We can let you know how much tenant insurance will cost — it’s dependent on all of the following:
- The amount of coverage you have
- The city you live in and the type of place you are renting (e.g. apartment, condo, townhouse, house)
- Which insurance company you decide to have a policy with
- Your insurance history
Whether this is your first time renting or you’ve had tenant insurance for years, it is always good to shop around. At Archway Insurance, we do all of the following:
- Answer your questions about tenant insurance
- Compare prices for you
- Find a tenant insurance policy for Halifax that fits your individual needs and budget.
Call us to learn more about tenant insurance in Halifax
At Archway Insurance, we’re here to help you understand your insurance needs. We’ve talked today about:
- The purpose of tenant insurance
- Why your landlord’s insurance won’t cover you for things like liability and the contents of your apartment
- How tenant insurance can help protect you in various situations — everything from a fire to an injury that occurs in your apartment
If you have any questions about your tenant insurance policy or are looking for a new one, please reach out to us at 1-833-544-0475 or contact us online.