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You don’t own the building, but you own what’s in it. Make sure your belongings are protected. Your landlord may cover the insurance on your rental unit, but that doesn’t mean you’re protected from personal loss. In the event of damage, how much would it cost you to replace your clothing, furniture, electronics, or jewellery? If it’s more than you’re prepared to spend, you need tenant insurance, a low-cost option to protect your belongings.

What's Covered

Tenant insurance (or renters’ insurance) is designed specifically for people who are renting or leasing the place they live in. A standard tenant insurance policy provides coverage for:

Coverage for all of the things you’ve brought with you or accumulated while living in your rental space. This includes your clothing, furniture, electronics, jewellery, and equipment.

Financial protection in situations where you are found legally responsible for accidental bodily injury to another person or damage to their property. For example, if a visitor is injured in your unit, or if you accidentally cause damage to a neighbouring unit, this coverage can help with medical expenses, legal fees, repair costs, and potential settlement awards.

If your unit becomes uninhabitable due to a covered loss, this coverage helps cover the reasonable increase in living expenses you incur, such as hotel or rental home charges, restaurant meals, and other necessary costs you wouldn't normally face while living in your rental.

Optional Coverage

Standard insurance policies cover the most common risks. Optional insurance endorsements can enhance your coverage, depending on your specific needs.

Earthquake endorsement

Most standard tenant insurance policies exclude damage caused by earthquakes. Earthquake endorsement provides crucial coverage for your personal belongings in the event of an earthquake, protecting you from potentially catastrophic losses.

Sewer back-up endorsement

Sewer backup coverage often isn’t included in standard tenant policies, but it can be added as an endorsement. This coverage protects you from loss or damage to your personal belongings caused by water from a sewer, drain, sump pump, or septic system, which can cause significant and costly damage.

Increased special limits

If you have high-value items in your home, you’ll want to be sure your standard tenant insurance covers the replacement cost. There are usually limits to specialty belongings, such as art, jewellery, collectibles, or costly sport equipment.

Overland water endorsement

Coverage for water sources from outside the home, such as excessive rain, overflowing rivers, spring run-off, or melting snow, is often not covered in a standard policy. Overland water coverage protects your belongings from damage caused by these specific water events, adding an important layer of protection against flood-related losses.

Economical offers a range of policy options for your unique needs and budget.
Talk to a broker about your options.