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Whether you rent an apartment, a condo unit, or a home, as a tenant, you share some of the same insurance needs—and potential liabilities—as a homeowner. At RBC Insurance®, we can help you understand and find the coverage that is right for you.
While your landlord most likely has property insurance on the actual building in which you live, your landlord's policy does not provide financial protection for your personal belongings, upgrades you have made to the home/unit, or your own personal liability to others. Below is an overview of how tenant insurance protects you and tips to keep in mind when considering your coverage options.
You are on: Your personal belongings
Protection for the personal belongings in your rental
As mentioned above, your landlord's property insurance does not cover your personal belongings such as furniture, televisions, computers, clothes, jewellery, etc.
For example, if lightning struck your apartment building and your unit caught fire and all of your personal belongings were ruined, you would be financially responsible for replacing or repairing all of your belongings—your landlord's insurance policy would only pay for repairs to fix the actual apartment building and unit itself.
How much coverage do you need?
The amount of personal belongings coverage you choose should reflect what it would cost to repurchase everything you currently have as personal belongings inside your home. If you're not sure, itemize all of your belongings, room by room. Apply an approximate amount to each item and then total these amounts.
You also need to decide whether to protect your personal belongings against All Perils or Specified Perils:
Another thing to keep in mind is that some personal items, like jewellery or computer software, also have special coverage limits . If these limits do not protect your possessions, you may be able to "schedule" them separately on your policy to increase your protection.
You are on: Upgrades to your rental
Protection for improvements and betterments to your rental
Like your personal belongings, your landlord's property insurance will not cover any upgrades you have made to your rental—such as better carpets, high-end light fixtures or built-in cupboards. With your tenant insurance policy, however, tenant's improvements and betterments coverage comes standard and provides protection up to a specified dollar amount.
All improvements and betterments you make to your rental are covered for the same perils that your personal belongings are insured against—either All Perils or Specified Perils.
You are on: Additional living expenses
Compensation for additional living expenses
If you cannot live in your rental while repairs are being made after an insured loss, your tenant insurance will also help to cover some of your additional living expenses, such as moving costs, a hotel room, restaurant meals, storage and more.
There are three circumstances that may entitle you to this coverage:
You are on: Accidental damage or injury to others
Protection for accidental damage or injury to others
Having liability coverage is critical when you are a tenant. That's because you are responsible for any damage you cause to any part of the building in which you live and for any injury or harm you cause to others living in or visiting the building.
The liability coverage provided under your tenant insurance policy protects you financially if you unintentionally cause property damage or bodily injury to others—while inside the building where you live or anywhere in the world. For example:
Liability coverage helps protect you whether someone sues you or not:
It’s a good idea to purchase as much liability coverage as you can afford—we recommend at least $1 million in coverage and offer up to $2 million in coverage in all of our plans.
Note: The information above is a summary only and does not include all terms, conditions, limits and exclusions.