Do renters in Ontario legally need to have tenants insurance?
It is not provincial law, but many landlords require it in the lease.
Tenants Insurance in Ontario
Tenants insurance is designed for tenants of residential premises such as dwellings and apartments, who are not eligible for a homeowners policy as they do not own the building in which they reside. Coverage is similar to a homeowners policy except coverage relating to the structure is not included.
Why do I need tenants insurance?
Even though you may not own your home you still may have contents that belong to you in your condo or home. It is important that you protect yourself and your belongings with your own tenants insurance policy. Your landlord should have a policy that covers the building and the assets they own, but there may not be coverage on their policy to cover your belongings.
What does tenants insurance cover?
Personal Property
Coverage for items you own personally. Items such as clothing, equipment, Jewelry and electronics.
Additional Living Expenses
Coverage in case you can no longer rent your apartment or home because of a claim. There may be coverage on your policy to protect against financial expenses related to get your life back to normal.
Personal Liability
Your Tenants insurance will have coverage for personal liability providing coverage if you are sued in the event someone is injured on your rented property.
Let James Campbell Insurance Help You With Your Insurance Today
At James Campbell, we put you first. Our clients are our top priority and the backbone behind everything we do.
We can help provide you with protection from insuring your first car, your first home or business or even giving you protection during your retirement travels. Whatever you need coverage for, we’ve got your back. We will make sure that you are ready to live a life free of stress or worry so you can focus on life’s important moments each and every day.
James Campbell Insurance Brokers have been taking care of our members for over 40 years. This is why we are able to make insurance easy by offering you the right solutions at the right times. Our solutions are tailored to fit your individual needs, no matter what they may be.
RELATED BLOGS
Builders Risk Insurance vs. General Liability:...
Posted By James Campbell Authors on 11-04-2023
Whether you work in the construction industry or are in the process of completing a... READ MORE
Send us a Message
It is not provincial law, but many landlords require it in the lease.
Contents, additional living expenses after an insured loss, and personal liability.
To ensure you can cover accidental damage or injuries you cause, and to reduce disputes.
You may be responsible for replacement costs and third-party claims out of pocket.
Inventory your belongings, pick limits that reflect replacement costs, and match deductibles to your budget.