From protecting your stuff to covering your liability, having Renters Insurance is a smart idea.
Whether you are a first time renter or a long-term tenant, the contents of your household can be worth more than you think. This can include things like furniture, clothing, and electronics, but there can be much more to protect.
Personal Property Insurance can include things such as:
- Furniture, clothes, plates, pots and pans, electronics, jewellery, bikes, plants, garden tools
- Appliances that are not built in including the BBQ if permitted
- Some items such as jewellery, bicycles or wine have maximum coverage limits, but they usually can be scheduled to the full replacement value for additional premium
- Clean up and removal of personal property after a covered loss
How do you determine the amount of coverage you need?
Look around your home and think about how much your belongings are worth and how much they may cost to replace new in the event of a total loss.
Your policy will indicate the amount of coverage on the declaration page. The limit is usually determined by you estimating the amount of contents you have that would need to be replaced in a total loss. The personal property amount you choose is important as it directly impacts Additional Living Expense coverage.
Additional Living Expenses
In the event of a claim that requires you to leave your premise while the repairs or rebuilding are being made by your landlord, this coverage will provide assistance for increased costs of living during your claim.
You will continue to pay your normal monthly living costs; Additional Living Expenses will add the difference to those normal everyday costs.
- Typical costs covered include moving expenses, additional rent, damage deposits, and in certain cases meals and costs to set up your new temporary living situation.
- Coverage limit provided is a percentage of the personal property amount displayed on your insurance policy.
Would I need to continue paying my rent on an unliveable home?
You’re most likely going to find a new place to live and any additional living expenses incurred are likely short term. Additional Living Expenses do not cover your normal ongoing day to day expenses. Additional Living Expenses would pay for new and unforeseen incurred expenses resulting from your loss if you are required to move out of your residence while the repair or rebuild is completed.
While you are responsible for the condition of your property while renting it and the safety of those that come on to it, Liability coverage pays damages for personal injury or property damage that you are legally obligated to pay.
Coverage provides defense and settlement costs if you are deemed legally responsible for the loss.
- Your liability coverage includes property damage and personal liability protection
- Personal liability will provide you and the covered residents financial protection for claims of bodily injury and personal property damage against others
- For example, if someone slips on the stairs, or driveway, you could be deemed legally responsible for their injuries
- Or, if you are riding a bike and accidentally hit someone or something and you could be sued for damages – your personal liability would respond
- Or, a water or fire loss that originates from your suite as a result of your negligence
- Liability claims are complicated and can be lengthy, but the insurer will help you through the process
If you ever need it, this is Renters Insurance coverage you’ll be glad you have.
Sewer Back-Up will provide protection to the renter for their personal belongings impacted by the loss:
- Clean up of contents affected by the loss
- Removal of damaged contents for disposal or repair
- Repair or replacement of damaged items and belongings
- Additional Living Expenses may be eligible for sewer back up losses
There’s a lot of water in BC. This coverage will provide protection against a variety of water damage threats.
Coverage will usually include damage from:
- Rising waters from fresh water sources that enter at ground level through windows or doors
- Rain water, runoff and melting snow or ice
- Rivers/lakes that overflow their banks
- Coverage can vary from insurer to insurer so it is important to speak with your broker about your coverage needs
Overland water provides coverage for:
- Damage to personal property in a storage lockers located in the building
- Damage to your personal property when water enters your unit from a deck
Note that in general, there is no coverage for salt water flooding including tsunamis, waves or tidal waves. This is not available on a tenant/renters policy.
Earthquake – Contents*
When it comes to tenant insurance, Vancouver renters should always consider earthquake coverage, so personal property an be protected.
Earthquake insurance protects you for:
- Contents – Your contents are protected when damaged by an earthquake
Earthquake coverage is subject to percentage deductibles that range from 5-25%. This deductible is calculated on the coverage limit of your contents. These deductibles will vary depending on where you live in BC. In the event of an earthquake that causes a loss, you will be able to access funds to get back on your feet quickly.
If your identity is compromised, then you will receive coverage for reimbursement of expenses associated with restoring your identity such as legal, notary, government fees and charges subject to policy limits.
Provides some basic expenses to pay for medical treatment to those that are injured on the property from an accident or your negligence.
Tenant / Renter Insurance FAQs
Do I need to get Renters Insurance? Won’t my Landlords policy cover me?
No, your landlords insurance policy will not cover you.
You should purchase a policy to protect you, your belongings, your finances and your family. With all the benefits you get with a renter’s policy, you will reduce your financial exposure if you make a claim or cause a loss.
Do I only need the minimum amount of coverage?
Getting the minimum amount of coverage has short-term benefits; you will pay less. However, this could impact you negatively if you have to make a claim and your coverage is not enough to get you back to your pre-loss state. There is a lot that goes into determining your needs, so speak with an Allwest broker to help choose the right coverage.
How do I get a copy to my landlord?
If you purchase Exhale Insurance via Apply + Buy, we can send a copy (with your permission) directly to your landlord. If you purchase any of our other insurance products, simply provide your landlord with a copy of your tenant insurance policy once you receive it.
What does tenants insurance in BC cost?
Each person is different and pricing will come down to the personal property amount that you feel will best cover you for the replacement of your belongings, as well as your insurance history and residence location. Speaking with an Allwest broker to get a tenant insurance quote will help you determine your coverage needs at a suitable price.
Are the appliances covered under my tenant policy?
No, household appliances that are part of the home should be covered under the landlord’s policy. If, however, you purchase your own appliance, such as a microwave, it would be considered your personal property and subject to coverage.
If I have to move out because of a claim, what happens?
Depending on if the claim is accepted, you do have Additional Living expenses coverage to help you if you are required to leave your home while repairs are being made. This will help with costs over and above what you would normally be incurring.
What about more expensive items I may own?
Some items have limits on what the coverage will pay for, but these usually can be scheduled or increased for an additional premium. Ask your Allwest agent.
Terms and conditions apply and rates, coverage, underwriting guidelines and product availability are provided by the insurance companies represented by Allwest Insurance. They are subject to change without notice.
*Indicates coverage is optional and available for additional premium