Since you don’t own your rental, buying insurance may not be the first item on your to-do list when moving into a new unit. However, unlike home insurance, policies for tenants don’t cover the actual property that you’re renting. Read on to learn about five of the most common tenant’s insurance claims scenarios that every renter should be aware of.
Tenant insurance helps protect you and your finances in a number of other ways, including:
Providing you with liability coverage in case of injury
Replacing or repairing damaged or stolen personal belongings
Covering living expenses if your unit becomes uninhabitable
Of course, having a policy in place is essential in protecting your belongings, personal property, and finances. Just as important, however, is understanding what your insurance covers you for.
When the unexpected happens, it’s crucial to know what you can file a claim for. Below are five common claims scenarios that you are covered for with APOLLO’s Tenant’s Insurance.
A fire starts in your building and the blaze makes its way to your unit. As a result, all of your personal belongings, including your clothing, furniture, and electronics, are either completely destroyed or badly damaged.
Due to the contents coverage included in your renter’s insurance, you won’t have to pay out-of-pocket to replace or repair these personal items.
After ordering a new television from Amazon, it gets delivered to your front doorstep – only to be stolen before you receive it. Not only do you not have your new television, now you have to pay for another one.
Fortunately, your tenant’s insurance includes contents coverage, which helps you pay to replace this expensive item.
While having a party at your unit, one of your friends slips on your wet kitchen floor and gets hurt. After being rushed to the hospital, they learn that their arm is broken. They now have medical bills to pay, which you are responsible for since the accident took place on your property.
With insurance that offers liability protection, these expenses are covered.
A water pipe that runs through your unit bursts, causing flooding and substantial damage to your living space. As a result, you need to find emergency accommodation while your unit is being repaired.
Your landlord’s policy does not cover the costs of these additional living expenses – but your renter’s insurance does, potentially saving you thousands of dollars.
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A thief breaks into your rental property’s garage. After stealing your bike, they also break into your car and take your laptop and gym bag. Replacing your bike, laptop, and the contents of your gym bag is quite expensive, as is repairing the broken window of your car.
But, since you have contents coverage included in your renter’s insurance, the replacement and repairs of your belongings are covered.
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Interested to learn about other common claims scenarios? Check out APOLLO Magazine’s previous articles in this series:
APOLLO’s Tenant’s Insurance is a policy designed specifically for renters. It provides you with peace of mind that your personal property will be covered in the event of theft or damage. This type of insurance also protects you and your finances in the event of a liability claim, should someone get hurt on your rental property.
Key features include:
Tailored coverage: Flexibility to pick and choose coverages that meet your needs, such as:
Special Limits, including bicycles and e-bikes, computers, fine arts, and more
Mysterious Disappearance and Sewer Backup included in Enhanced Package
Overland Water coverage included in Premium Package
Coverage for roommates: Available for up to three unrelated roommates or families sharing a unit
Contents coverage: Up to $150K
Deductible: Up to $2.5K
APOLLO offers effortless tenant insurance designed to protect renters across Canada. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.
Originally published August 15, 2022, updated September 17, 2024
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