How to Get Renters Insurance in Canada
If you’re renting a property in Canada, having renters insurance is a smart step towards protecting your possessions and safeguarding against potential liabilities. This article provides some vital steps on how to get the right renters insurance coverage.
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Understanding Renters Insurance
Before we delve into the process of securing renters insurance, it’s crucial to understand what it covers. Renters insurance in Canada encompasses three main aspects:
Personal Property: This covers the cost to repair or replace your personal belongings that could be damaged due to fire, vandalism, or theft.
Liability: It protects against accidental damage or bodily injury caused by you to others.
Additional Living Expenses (ALE): If a disaster makes your rental property uninhabitable, ALE covers the extra costs you would incur.
APOLLO offers tenant insurance starting at just $11/month.
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Steps to Get Renters Insurance
Step 1: Assess Your Coverage Needs
Before searching for insurance, make a list of your valuables, such as electronics, furniture, and personal items. Assess their value to estimate how much coverage you might need.
Step 2: Start Shopping Around
Get quotes from several insurance providers. You can do this online or by contacting them directly. When comparing, consider factors like the premium, deductible, coverage limits, and the provider’s customer service reputation.
Step 3: Review and Understand Your Policy
Once you’ve found a suitable insurance provider, they will provide you with a policy document. Read it carefully to understand the specifics of your coverage, exclusions, deductibles, and claim procedures.
Step 4: Make the Purchase
If you’re satisfied with the policy, you can proceed with the purchase. You might have the option to pay the entire premium upfront or spread it out monthly.
Step 5: Keep Updating Your Policy
It’s essential to keep your policy updated. If you acquire new valuables, upgrade your policy to ensure their coverage. Similarly, if you no longer own certain items, you can notify your insurer to adjust your coverage.
Looking for tenant insurance? APOLLO offers effortless policies for renters across Canada. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
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Get the protection you need in minutes with custom Tenant Insurance from APOLLO.
Originally published June 30, 2023, updated August 25, 2023
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