Aha Insurance – What All Renters Need To Know About Insurance
The Insurance Bureau of Canada has calculated that approximately 50% of Canadians who rent homes – apartments or houses – do not have insurance, but this does not mean that renters should not have insurance. On the contrary, it means that 50% of Canadians who rent houses or apartments are exposing themselves to unnecessary financial risks.
What Should All Renters Know About Insurance?
1. Legal Liability
If there is an accident in your apartment – say your bathtub overflows and causes water damage to the kitchen in the apartment below you, or your new friend Simon slips on your bathroom floor, and hits his head on your porcelain sink – you could be legally liable for any water …show more content…
But if you had to replace all of your clothing, appliances, furniture, and electronics, you probably could not afford to do so. Think about this: A queen-sized bed frame at Ikea costs a few hundred dollars – and that does not include a mattress, a set of sheets, or the brilliant duvet your grandmother gave you.
3. Renters Insurance Is Affordable
Renters insurance for average homes costs only a few hundred dollars a year, which puts it squarely in the category of smart ways to spend your money. Replacing only your reliable MacBook Air would cost far more than the typical tenant insurance policy.
This said, there are limits to how much money you will be given to replace your belongings in the event you should have to: If you have a few valuable belongings, like a heirloom necklace or a painting, you should consider insuring these items separately.
4. Suddenly Homeless?
Should your abode become temporarily unfit as a home, and you are forced to relocate, you should know that some renters insurance policies cover at least some of the cost of living elsewhere temporarily – and you should know that your landlord is not going to find you a place to
The Insurance Bureau of Canada has calculated that approximately 50% of Canadians who rent homes – apartments or houses – do not have insurance, but this does not mean that renters should not have insurance. On the contrary, it means that 50% of Canadians who rent houses or apartments are exposing themselves to unnecessary financial risks.
What Should All Renters Know About Insurance?
1. Legal Liability
If there is an accident in your apartment – say your bathtub overflows and causes water damage to the kitchen in the apartment below you, or your new friend Simon slips on your bathroom floor, and hits his head on your porcelain sink – you could be legally liable for any water …show more content…
But if you had to replace all of your clothing, appliances, furniture, and electronics, you probably could not afford to do so. Think about this: A queen-sized bed frame at Ikea costs a few hundred dollars – and that does not include a mattress, a set of sheets, or the brilliant duvet your grandmother gave you.
3. Renters Insurance Is Affordable
Renters insurance for average homes costs only a few hundred dollars a year, which puts it squarely in the category of smart ways to spend your money. Replacing only your reliable MacBook Air would cost far more than the typical tenant insurance policy.
This said, there are limits to how much money you will be given to replace your belongings in the event you should have to: If you have a few valuable belongings, like a heirloom necklace or a painting, you should consider insuring these items separately.
4. Suddenly Homeless?
Should your abode become temporarily unfit as a home, and you are forced to relocate, you should know that some renters insurance policies cover at least some of the cost of living elsewhere temporarily – and you should know that your landlord is not going to find you a place to