If you cause any damage to the building, or unintentionally harm someone else who resides or is visiting the property, you are considered legally responsible.
What is Covered by Tenant Insurance Policies?
Tenant Insurance traditionally covers your belongings from theft, fire, and severe weather conditions. It may also cover liability in case of damage to the building or an accident that affects a guest or visitor to the building. Typically, Tenant Insurance policies cover up to $1,000,000. However, your liability portion can usually be increased to $2,000,000 or more.
What is Tenant Content Insurance?
Content policies cover just that, the entire contents of your home such as your clothes, furniture, kitchen items, books, and so on. You should keep a home inventory list and update your tenant content insurance policy whenever new items are purchased.
What is Additional Living Expense Insurance?
This coverage pays for expenses incurred while your residence is being repaired. Additional Living Expense insurance may include moving costs, meal receipts, and hotel expenditures. Most insurance policies have specific limits of coverage for this type of insurance.
What Types of Coverage is Offered for Tenant Insurance?
Usually, there are two types of insurance coverage offered. Name Perils and All Risks.
- Named Perils: Covers only specifically stated perils.
- All Risks: All contents (except specific exclusions) are covered.
What Payment Methods Are Available for Tenant Insurance?
There are 2 ways you can be paid in the event of an insurance claim. Insurers have the right to decide if a damaged article is to be repaired or replaced.
- Actual Cash Value: A depreciated value of an item, such as a 4 year old toaster.
- Replacement Price: What it would cost to replace the toaster based on today’s value.
Your policy will spell out exactly how items in your home are covered by your tenant insurance.
How Much Does it Cost to Buy Tenant Insurance?
There are many factors used to determine your Tenant Insurance cost, including where you live, how your home was constructed, how much insurance you need, your claims history, and the insurance company from which you purchase your insurance.
About Huronia Insurance Group
For over 22 years Huronia Insurance Group has been servicing Southern Ontario, offering auto, business, personal and home insurance to clients in Barrie and the Greater Toronto area. We also offer Seasonal Dwelling Insurance in Ontario.
If you still have questions about tenant insurance including tenant contents insurance, please contact a Huronia insurance broker. You can send us an email, fill our our online contact form, or call our office: