The back-to-school season has begun and many students have packed up and moved away for college or university. As parents and students finish off their to-do lists to complete the big move, now is the time to talk about an often overlooked but very much necessary coverage: tenant’s insurance.
“Tenant’s insurance is a must. It protects your belongings, provides liability protection and is very affordable,” says Ralph Palumbo, Vice-President, Ontario,
Insurance Bureau of Canada. “It’s important to expect the unexpected so as college and university students head back to school, IBC encourages students and parents to purchase tenant’s insurance.”
The IBC offers brokers these top 10 reasons to help convince clients to purchase tenant’s insurance:
1. It’s easy.
• Talk to your parents about their coverage. You may be covered under their policy.
• In many cases, you can get coverage right over the phone. Call your insurance representative. All you need is a list of your belongings and an estimated value of your expensive items to ensure accurate coverage.
2. It’s affordable.
• Tenant’s insurance will cost less in a month than daily coffee runs to the cafe.
3. It protects your stuff.
• From furniture to expensive laptops, insurance will protect it.
4. You own more stuff than you think.
• Many are surprised to realize how much stuff they actually have and how expensive it would be to replace all of it at once.
• When purchasing insurance, be sure to keep an updated record of everything you own. Taking pictures or video of your belongings also helps. (continued.)
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5. It covers additional expenses after a loss.
• If a fire occurs in your apartment, you will need a place to stay temporarily. Insurance will cover these necessary expenses while your apartment is being repaired.
6. It protects you if you damage someone else’s property in your building.
• Tenants are responsible for harm they cause to any part of their building. Tenant’s insurance is there to help cover the damage.
7. It protects you if you cause someone harm in your building.
• Tenants are potentially responsible for the harm they cause others who live or visit their unit. Tenant’s insurance would help cover the costs associated with this type of claim.
8. It protects you in the event of a lawsuit related to your rental unit.
• A standard insurance policy provides coverage, including defence fees and potential settlements, in the case of a lawsuit commenced by a third party.
9. You can’t afford not to have it.
• If something did occur, it would be financially straining to replace all of your belongings, cover costs of damages to the apartment and cover potential lawsuit fees.
10. It would make your parents proud.
• Taking this responsible step as you leave home will earn you points with your parents and give them peace of mind.
