We all know how difficult it is to put a value on something after it has been lost, destroyed by fire or damaged due to flooding. Most home owners don’t hesitate to purchase home owners’ insurance, but there seems to be a big gap when it comes to tenant insurance. This is especially true when it comes to seniors that are renting, for those who own a condominium or for others that are living in a seniors retirement home.

According to Statistics Canada, less than half of renters in Canada have renter’s insurance, which is also known as tenant or contents insurance.

Landlords and building owners typically carry insurance that covers the building itself, however the tenant is responsible for insurance coverage for their own personal belongings. This type of insurance helps pay for damage to personal property that is caused by theft, fire, smoke, water damage, vandalism or other similar acts.

Even if you you’ve downsized and don’t own a lot of expensive things, it can still be very expensive to replace furniture, clothing, books, computer equipment, small kitchen appliances and utensils, and jewellery.

In addition, tenant insurance covers additional costs incurred if you have to temporarily move out of our home for any reason, as well as liability. For instance, if you accidentally leave the water running in the sink and it overflowed, the damage that might occur to the unit below would be covered with this type of insurance.

Tenant insurance is available at a low cost, however it’s always advised to shop around to get the coverage that is just right for you. The cost often depends on the amount of personal property and the amount of coverage. Don’t hesitate to ask local agencies for a free quote and be sure to inquire about the exact terms of the coverage, replacement cost, deductibles and if any discounts are available.