Tenant Insurance?
 

Hey guys,

Figured i'd post this here cus there's more traffic. I recently moved out from home and into an apartment, it's my first time renting and I have no idea about home/tenant insurance.
Just wondering what places would be ideal and roughly how much a month am I looking at? What other things should I keep in mind when purchasing tenant insurance? Some insight would be greatly appreciated.

Thanks in advance!

I like BCAA for insurance, don't have to be a member to purchase. When we had our townhouse I think we paid between 200-300 a year, that was a 3 bedroom townhome 7 or 8 years ago. Actually that was full coverage for the interior, we owned the place. I think tenant insurance would even be cheaper?

BCAA seems to be the go-to place. I checked out their site but that was before I knew about the specifics of the apartment (ie. smoke detectors, type of construction material used etc.) so I couldn't really get an accurate quote. I may head down to one of their outlets sometime and see from there.

I've never paid more then about $25 a month for an apartment in all the places i've lived across the country. The rate goes up with the amount of valuables you own. I think the base is $35,000 coverage.

do it. it is dirt cheap.

any insurance place will have the same rates...different insurance companies will vary by a couple dollars maybe.

every time i see one of these stories on the news where a building goes up in flames and people are standing around in tears saying they don't have insurance, i shake my head. it is one of the cheapest monthly payments you can have if you can't afford a $200-300 lump sum (for those with tight budgets).

you should be able to do it where you get your car insurance....if you do both at the same time, it is easy to remember :)

Don't forget banks like RBC has it too, which you can get discounts etc.. they have online quotes

Home and Property Insurance - Get an Online Quote - RBC Insurance

Tenants insurance is especially important if you caused the fire, as it includes liability coverage. Losing everything you own is nothing compared to being responsible for what every other occupant owns.

or just don`t be a dumbass and you`ll be fine

just go to the different banks online and shop around. it dpeends on your situation, for me by far td was the cheapest, and bcaa and coast were way too expensive. for my dad coast was cheapest

also i wouldn't have gotten it had my apartment management not forced me to

I think I paid $250 for a year for my 1 bedroom apartment (10 year old high rise in coal harbour) through coast capital.

umm....are you going to pay the $25K building insurance deductible when a fitting breaks and floods the unit below yours?

^
doesn't the home owners insurance cover that?


I'd also get liability coverage in the multi millions. especially if u have a balcony and stupid friends.

^ Yes.

Tenant insurance is technically called "content insurance"....some times people don't understand that. It literally is what its called...insurance for your contents. The owner (whether is be private, commercial, multi-family) is responsible for everything else.

This is also why it is so cheap...min is $30,000 and most average people in a 1 or 2 bedroom apartments don't have more than $30,000-$40,000 worth or stuff unless, of course, you have a specific hobby or collection, etc...

does this apply to basement suites also? or is that covered by the owner of the house?

Well one thing about insurance is it is not about paying but how hard is it to get money out when it is necessary.

In your situation, if you rely on the owner, the owner might not have high coverage for even their own items, so you will be SOL..

For you sake, get your own.

only if your home insurance affords you enough coverage for the building deductible. some basic policies only have up to $5,000 in coverage for that.

You should always carry insurance for your own personal belonging....you going to trust someone else for that??

It is so cheap anyways so why wouldn't you...

An owners policy will not cover tenants contents.
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I will definitely look into that.. Specially when they've turned the whole upstairs into like a "boarding home" with so many tenants moving in and out of the house. ANYTHING could happen.

THANKS!