From protection for your personal belongings to coverage against liability claims, tenant insurance protects you in a number of ways.*
Your landlord’s property insurance doesn’t cover your personal belongings. Tenant insurance, on the other hand, provides coverage for your personal belongings inside your unit.
You should choose enough coverage to repurchase everything you currently have as personal belongings inside your unit. If you're not sure, itemize all of your personal belongings, room by room. Apply an approximate amount to each item and then total these amounts.
You can choose from two types of coverage to protect your personal belongings:
Examples of common perils include: fire and lightning; falling objects; water escape, rupture and freezing; smoke; windstorm or hail; vandalism and more.
Some valuable personal items, like jewellery, coin collections, computer software and more also have special coverage limits. If these limits do not adequately protect your possessions, you may be able to purchase additional coverage.
Tip: Update your personal belongings inventory at least once a year. Photograph or video all your belongings and keep a record of serial numbers and receipts where applicable in a secure location (such as a safety deposit box.) If you ever make a claim, your visual record of the missing or damaged items will make the process much easier.
Your landlord’s insurance won’t cover any upgrades you have made to your unit–such as better flooring or high-end light fixtures. That’s why your tenant insurance policy comes with tenant’s improvements and betterment coverage, which gives you coverage up to a specific dollar amount.
All improvements and betterments you make to your rental unit are covered for the same perils that your personal belongings are insured against—either All Perils or Specified Perils.
Tip: If you make upgrades to your rental unit, update your policy to make sure you are properly covered. Also keep receipts and proof of all upgrades you have made to your rental in a secure location (such as a safety deposit box.)
If you can’t live in your rental unit while repairs are being made, your tenant insurance will also help to cover expenses such as moving costs, a hotel room, restaurant meals, storage and more.
The liability coverage that comes with your tenant insurance policy can protect you financially if you unintentionally cause property damage or bodily injury to others—while inside the building or anywhere in the world.
For example, this coverage protects you if:
Your liability coverage helps protect you whether someone sues you or not:
Tip: 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.
Choose from two tenant insurance plans. Explore the features and benefits now.
You can purchase extra coverage for water damage, or to protect especially valuable items you own.
Find answers to your questions about home insurance coverage, deductibles, premiums or discounts.
It depends on the type of home you live in. If you own a house, your property insurance will cover the house itself and detached structures like a fence or storage shed.
Your insurance will also cover personal belongings such as jewellery, artwork, furniture, computers, carpets and more.
Finally, your policy also includes third-party liability coverage. This protects you against personal liability if somebody is injured while on your property or if you accidentally cause damage to a neighbour's property.
Your coverage should begin as soon as you become the legal owner or tenant, even if your home or condo unit is still being built.
The owner of the property you're renting almost certainly has insurance on the building itself. They may also have coverage for certain items inside your rental unit, such as the carpets, light fittings and appliances. So you may wonder why you need coverage too.
Here are three excellent reasons:
For details, see: Tenant Insurance.
Your condominium corporation has insurance, so you may wonder why you need your own coverage.
Here are three excellent reasons:
For details, see: Condo Insurance.
The liability coverage included in a homeowners, condo or tenant insurance plan protects you financially if you unintentionally cause bodily injury or property damage to others—at your home or anywhere in the world. For example:
Insurance coverage for water damage depends on a number of things, like where you live and how your home was constructed. Insurance for some types of water damage may be included automatically in your policy, and some may need to be purchased as extra.
Examples of causes of water damage that aren’t covered under most standard home insurance plans are flooding and seepage:
Causes of water damage that are usually covered by most standard home insurance plans include or can be added by endorsement:
Not automatically. However, you can purchase earthquake coverage for an additional premium. For details, see Endorsements for Your Property.
Most property insurance will protect your belongings when you travel. For example, if your luggage is stolen from a hotel room or your car, you may be covered for the loss.
Remodeling your home may change the valuation placed on your property. If you build a major addition or swimming pool, you will need to update your insurance policy.
Overland water is fresh water that accumulates on land which is usually dry, resulting from:
We’ve made the Overland Water Endorsement available for purchase in response to the effects of changing weather patterns and the increasing number of severe storm events that often cause property damage.
If you purchase this additional protection, you will have coverage for damage caused by overland water entering your property from torrential rains, rapid snow melt, or overflow of lakes, streams and rivers. This includes coverage for loss or damage from the sudden and accidental entrance of overland fresh water through foundations, basement walls or basement doors. This coverage is not included in your Extended Water Damage coverage.
However, please remember that Your Extended Water Damage option also provides very important coverage. This includes the sudden and accidental backing up of water or sewage through:
Overland water does not cover:
The Home Repair Bundle includes all three services for $125 per year:
In addition to the home repair service, you have access to unlimited information about covered repair issues in your home. You can call the toll-free number any day, any time and a service representative can answer questions you may have about home issues and repairs. If your home repair issue is not covered under the program, you can choose to be referred to a trusted service provider in your area. You can then arrange and pay for service directly with them.
Three different services are available.
The services cannot be purchased separately.
The deductible is the amount you must pay out-of-pocket for a claim before your insurance policy pays.
The standard deductible amount is $1,000 for homeowner, condominium owner or tenant insurance policies. You may be eligible to increase or decrease your deductible amount, which may impact your insurance premium. Since the deductible amount is what you pay out-of-pocket for a claim, it is important you choose an amount that you can afford if you ever need to make a claim.
In most cases for property loss or damage, a deductible will apply. However, there are certain instances when you will not have to pay a deductible for property losses.
There are a number of ways to reduce your insurance premiums. Here are some of the best tips for saving through RBC Insurance®.
You have several payment options, including regular pre-authorized chequing account withdrawals, credit card debits (Visa or Mastercard) and lump-sum payments.
Using any of the services provided under the Home Repair Bundle won’t affect your claims history or claims-free discount. The Home Repair Bundle is designed to help you proactively reduce and prevent the same claims from occurring and provide further protection with assistance services.
If you make a claim under this endorsement, your premium, claims history and claims-free discount will not be affected. You do not have to pay your policy deductible if you have an Identity Theft claim.
* The information above is a summary only and does not include all terms, conditions, limits and exclusions.