Tenant insurance in Canada is an essential consideration for renters. It provides financial protection against loss or damage to personal belongings and liability coverage in case someone is injured on the property or if you cause damage to the building.
Tenant insurance, also known as renters’ insurance, is a policy designed to help protect individuals who rent their living space. Whether you’re in a house, apartment, or condo, tenant insurance can cover your personal belongings from risks like theft, fire, and water damage.
While your landlord’s policy covers the building, it does not extend to your personal items or liability. Tenant insurance ensures that you’re not out of pocket should your belongings be damaged or stolen. Additionally, it provides liability coverage which can protect you against legal and medical costs if someone is injured in your rental or if you accidentally cause significant damage2.
The cost of tenant insurance varies based on several factors, including the value of your belongings, the size of your rental unit, and the location. On average, you can expect to pay anywhere from $50 to $200 per month for a standard policy.
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