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What is renters’ insurance and why do I need it?

Author: 
Condos.ca Staff
Publication date:
July 22, 2022
Article Summary: 

Renters' insurance, also known as tenants' or contents insurance, covers personal property, liability, and additional living expenses for renters. It is not mandatory in Ontario, but it is highly recommended since a landlord's insurance policy does not cover a tenant's belongings or accidental damages. Renters' insurance covers the cost of repairing or replacing personal belongings, such as furniture and electronics, as well as expenses incurred from having to live elsewhere during repairs. Liability coverage protects against damages caused to the rental unit and communal areas, and also covers legal costs in the event of a lawsuit. The amount of insurance needed varies depending on the value of the renter's belongings, and it is recommended to consult with an insurance agent or broker to determine the appropriate coverage.



Keywords: 

renters' insurance, tenants' insurance, contents insurance, personal property, liability, additional living expenses, accidental damages, landlord's insurance policy, repairs, replacement, furniture, electronics, legal costs, lawsuit, insurance agent, insurance broker, coverage.



Source Citation: 
Condos.ca Staff
What is renters’ insurance and why do I need it?
July 22, 2022
https://condos.ca/blog/posts/what-is-renters-insurance-and-why-do-i-need-it
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