does renters insurance cover wall damage

Common coverage add-ons, known as endorsements, include: You will also need to decide if your policy’s standard coverages meet your needs or if you want to purchase additional coverage.

It’s recommended that you purchase enough renter’s insurance to be able to cover the cost of replacing all your possessions if they are stolen, lost or damaged. The amount of coverage you will need depends on the value of your belongings and the kinds of accidents you wish to protect yourself from. ( Read more about the cost of insurance for renters here.) How much tenant insurance coverage do I need? “The best thing to do is shop around or talk to an insurance broker who can compare prices for you and find the coverage that suits your needs,” he adds. Insurance brokers and agents can help you find the best quote for the most coverage. So, if you’re renting a two- or three-bedroom apartment versus a one-bedroom, there are likely going to be more belongings to insure. “How old is the building you’re moving into? What’s the size of the rental? What is the total value of your personal items that you need to be insured? If you have a lot of stuff, the insurance will be more expensive,” says Karageorgos. The price of home renter insurance is determined much by the same questions as home insurance itself. Having a lot of insurable items and adding on extra coverage is what drives the price point to the higher end. Consider that price when looking for a rental, as you will want to factor it into your overall living costs. Tenant insurance rates vary across Canada, but standard rates fall at around $15 to $30 per month. Home insurance Renters insurance Condo insurance You will be leaving MoneySense.

So, for example, if your rent is $1,500 a month and you now have to pay $2,000 a month to stay in a hotel, your insurance will cover the additional $500 a month. The key word here is “additional.” This means it will cover anything above and beyond your regular expenses. You can always raise or lower the coverage amount based on your needs.Īdditional living expenses: If you have to leave your rental space while it’s being repaired, this coverage will pay for additional expenses, like hotel bills, meals and moving costs (also subject to limits). Be sure to confirm liability coverage with your policy. Most basic insurance policies cover $1 million to $2 million dollars in liability if a lawsuit is brought against you. Liability: Tenant liability insurance protects you if you’ve damaged property, or an accident occurs in your home, and someone is injured. In some cases, it may not cover all your valuable items (like jewellery and collections, which are subject to limits). Be sure to discuss what items are covered in basic content coverage before purchasing any policy. Watch: What is Tenant Insurance? What’s included in tenant insurance?īasic tenant or renters insurance policies typically include three different types of coverage:Ĭontents: This covers your personal items. “In the event that someone gets injured, or you’ve damaged something unintentionally, tenant insurance is there to protect you,” says Pete Karageorgos, director of consumer and industry relations at the IBC. Similarly, if someone slips and falls in your rental, financial responsibility falls squarely on you, not the property owner. If you cause a grease fire, for example, and there’s smoke damage to your apartment, your neighbour’s apartment and communal areas outside of your rented space, you’ll have to cough up all related expenses. Tenant insurance protects you against that too. But according to the Insurance Bureau of Canada (IBC), tenants are also legally responsible for property damages-accidental or otherwise-and for any injuries their visitors may suffer. In its most basic form, tenant insurance is coverage that protects you and your personal items if you rent your home.

Does renters insurance cover wall damage