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Tenants insurance

Complete Insurance Solutions for Toronto Tenants

Most people would be surprised at the value of their personal property if they were to add it up and have to replace it all immediately. Think about your furniture, clothing, electronic equipment-then try to put a price tag to it all. Also, if you've purchased items on credit and they are stolen or destroyed by fire, you could still have to make the payments. Tenants insurance also includes liability insurance for damage the tenants or their guests cause to the building, for injuries in the rented home, etc.

Contents

Coverage for the loss of personal belongings inside your home.

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Liability

Protection against injury and damage in and around your home.

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Relocation expenses

Coverage for expenses related to relocation, should disaster strike.

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Ask about saving, with multiline coverage by combining your tenant's insurance with your auto insurance and more

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Contents Coverage

Comprehensive Policy - All Risk on Contents

All-risk contents coverage insures your belongings inside your home for the most common types of losses. When you have All Risk coverage, your contents are insured for everything, unless it's specifically excluded from your policy.

Standard Policy - Named Perils Coverage on Contents

Named-Perils coverage includes a list of the most common types of things covered under your insurance. Named-Perils includes:

  • Fire
  • Theft
  • Water damage

A standard home policy provides for the Actual Cash Value (ACV) replacement of your belongings. This means you only receive the value of the item, less depreciation.

Many people choose to add the replacement value option to their contents coverage. Replacement value coverage means that the contents of your home are insured for the amount it costs to replace them. When you replace the item(s) with a similar kind and quality, within a specified time, the insurer will pay you what it cost you to replace the item(s) not what they were actually worth in their used state.

Liability

Liability is a legal responsibility. Liability Insurance protects you from having to pay damages to people, if you've been found responsible for unintentionally injuring them or damaging their property. Here are some examples:

  • If someone injures himself/herself on the property you occupy, you may be responsible for damages. For example, if someone slips on your front steps, breaks his/her leg, and can't go to work, you could be held responsible for the person's lost wages.
  • If you or a member of your family damages another person's property, you may be held liable. So if your son accidentally throws a baseball through the neighbour's window, and breaks an expensive antique, you may have to pay.

Temporary Relocation

If you are forced to leave your home because of a loss, this coverage pays for your reasonable and necessary expenses to temporarily live away from home. Hotel and food costs are the type of expenses that would be covered under such circumstances. There is usually a limit on this kind of coverage.

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