How Much Tenant Insurance Do I Need?
When it comes to renting a home or apartment, having tenant insurance is essential for protecting your personal belongings and providing liability coverage. Determining the appropriate amount of tenant insurance can be a bit challenging, but with some careful consideration, you can ensure that you have enough coverage without overpaying for unnecessary protection. Here are a few key factors to consider when determining the right amount of tenant insurance for your needs:
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Value of Your Belongings
The first step in determining the amount of tenant insurance coverage you need is to assess the value of your belongings. Account for all the items in your rental property, as well as those you might bring with you temporarily, such as laptops or bicycles. Once you have a comprehensive list, calculate the total value of your belongings.
Liability Coverage
Tenant insurance also provides liability coverage, which protects you in case of accidental damage to your rented property or if someone gets injured while on the premises. Consider the potential risks associated with your lifestyle and the likelihood of accidents occurring. Assess the worst-case scenario and determine the amount of liability coverage you would need to protect yourself financially.
Additional Living Expenses
In the event of a covered loss, such as a fire or flood, tenant insurance can also cover your additional living expenses. This includes the cost of temporary accommodation, meals, and other necessary expenses. Consider the potential cost of such circumstances and factor it into your overall coverage needs.
Deductible
A deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible can lead to lower premium costs, but it also means you will have to bear a higher expense in the event of a claim. Assess your financial situation and choose a deductible that aligns with your comfort level.
APOLLO is Canada’s leading provider of tenant insurance, designed specifically for renters and customizable to your 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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Originally published August 18, 2023, updated September 12, 2024
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