Common Mistakes When Choosing Tenant Insurance

Tenant insurance helps protect renters in case of unexpected events, from accidental damage to theft and liability claims. But with so many options out there, it’s easy to make a misstep when choosing your policy. At APOLLO, we believe tenant insurance should protect you from life’s “what-ifs” without adding unnecessary stress to your life. Here’s a guide to help you avoid the most common mistakes people make when choosing tenant insurance.

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1. Underestimating Your Coverage Needs

Many renters assume that tenant insurance only covers personal belongings. While protecting your couch and electronics is important, your policy can also include liability coverage (in case you accidentally damage someone else’s property) and additional living expenses (if you’re forced to leave your home temporarily due to a covered event).

What to Do Instead: Take a moment to evaluate what you truly need. Think about your belongings, your lifestyle, and the risks you want to cover. For instance, if you host guests often, liability coverage is a must.

2. Choosing the Cheapest Policy Without Checking Coverage Details

Price matters, but not at the expense of proper coverage. The lowest-priced policy might come with higher deductibles, limited coverage for high-value items, or restrictions on claims.

What to Do Instead: Balance affordability with adequate coverage. Review the policy carefully to understand what’s covered, what’s excluded, and what your deductible will cost in the event of a claim.

3. Failing to Consider Liability Coverage

Accidents happen. Whether it’s a burst pipe flooding your neighbour’s apartment or a guest tripping on your rug, liability claims can be expensive. Skipping this coverage could leave you responsible for hefty bills.

What to Do Instead: Look for a policy that includes personal liability coverage. All of APOLLO’s tenant insurance policies come standard with this coverage, and it’s worth the peace of mind.

4. Not Updating Your Policy as Your Life Changes

Your insurance needs today might not match your needs a year from now. Whether you’ve purchased new electronics, started working from home, or moved to a new city, these changes can impact your coverage.

What to Do Instead: Update your policy regularly to reflect life changes. With APOLLO, simply log in to the Customer Portal to make these changes in minutes online. 

5. Ignoring Deductibles

It’s tempting to go for a policy with a lower monthly premium, but those savings often come with a higher deductible. This means you’ll pay more out of pocket if you ever need to file a claim.

What to Do Instead: Strike a balance between your monthly premium and deductible. Consider how much you could afford to pay upfront in the event of a claim.

6. Overlooking Exclusions and Policy Limits

Every policy has exclusions—events or items it doesn’t cover. For example, some policies may not cover high-value items like jewelry or electronics without an additional rider.

What to Do Instead: Read the fine print. If you own valuable items, you should consider adding extra coverage for them.

7. Not Shopping Around for Options

Settling for the first quote you get can lead to overpaying or missing out on better features elsewhere. The tenant insurance market is competitive, and providers often have unique benefits.

What to Do Instead: Compare quotes from multiple providers. Look for perks like easy claims processes, 24/7 support, and customizable policies.

8. Delaying Getting Insurance Altogether

Some renters put off purchasing tenant insurance, assuming nothing bad will happen. Unfortunately, disasters like theft or water damage rarely come with a warning. Also, many landlords in Canada will require their tenants to have insurance for the protection of themselves and their lessees.

What to Do Instead: Don’t wait! Tenant insurance is one of the most affordable types of coverage, with policies often costing less than a coffee a week. Starting your coverage today can save you from major financial stress later.

APOLLO is Canada’s leading provider of tenant insurance, tailored specifically for renters and customizable to fit your unique lifestyle. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.

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