More than a third of Quebec renters (37%) don’t have a home insurance policy, according to the Insurance Bureau of Canada (IBC), which argues that a sound policy could offer crucial protection in the event of loss.
Contrary to what many people believe, your landlord’s home insurance policy doesn’t cover your personal belongings. It also doesn’t protect you against civil liabilities for damages that you’d unintentionally caused another person, nor does it cover the cost of food or accommodations if you’re forced to temporarily leave your home.
Enter tenant insurance, which is designed to provide exactly those protections to renters — and is typically very affordable at that.
How affordable is it? According to the IBC, the average tenant in Quebec pays about $281 per year, or less than $1 a day. In contrast, the cost of an average claim was $5,542 in 2017.
“Every year, we hear sad stories of families that have lost everything. We'd like to make tenants aware of the importance of protecting their property by having insurance,” said Line Crevier, supervisor, technical affairs at IBC, in a statement. “Contrary to popular belief, the building owner's insurance doesn't cover the tenant's property. So it makes even more sense to look into getting and shopping around for tenant insurance.”
For anyone who’s looking to move this summer, the IBC says that there are several things to keep in mind.
When you move to a new address, for example, a tenant insurance policy should cover both your old and new address for up to 30 days, and you should always inform your insurance company of your new address as soon as possible, since part of your rate is calculated based on which city and neighbourhood you live in.
It’s also important to note that roommates and partners that have been living with a policyholder for less than a year still need to be added to the policy.