Best Ontario Tenant Insurance Quotes
Tenant insurance is on the rise in Ontario and the reason behind that is simple: it constitutes a safety net that provides renters with unparalleled peace of mind thanks to a wide range of protections.
With the right policy, you can embrace a worry-free lifestyle knowing that your belongings will be shielded against unforeseen events. Depending on your insurance plan, your belongings will remain protected even when you’re abroad.
Whether you went to the US for a working trip or if you’re sipping Mai Tais in the Bahamas, stolen belongings (like a personal computer or a mobile phone) won’t ruin your experience – as long as they’re covered by your tenant insurance.
In this article:
What does Ontario tenant insurance cover?
Factors impacting Ontario tenant insurance premiums
Discover Ontario: Interesting facts you should know
What Is NOT covered by Ontario tenant insurance?
Home insurance vs. Tenant insurance
How much is tenant insurance in Ontario?
How to get cheap Ontario tenant insurance quotes
How to choose my Ontario tenant insurance coverage
What are the best tenant insurance companies in Ontario?
Comparing Ontario tenant insurance quotes
FAQ about Ontario tenant insurance
By buying good tenant insurance, you’re taking a proactive step to safeguarding what matters the most to you, transforming your rental home into a safe haven, and enabling you to face the challenges life throws at you with nonchalant confidence.
Needless to say that some digging is required to find and compare the best rental insurance deals in Ontario. You can do the research and compare on your own, call insurance brokers, negotiate directly with carriers, or try YouSet.
Whatever you decide, we’ll be here for you each step of the way. Now, let’s take a deep dive into tenant insurance so you can make an educated decision about what kind of coverage you need in Ontario and how to get the best deal.
What is tenant insurance?
Tenant’s insurance is a form of property insurance that protects the insured from liability, loss, or damages to personal property. The policy may differ for each person and carrier, but there are a few standard coverages all carriers will offer.
Your policy can be tailored to your needs with a variety of optional coverages. Understanding the basics of tenant’s insurance and what it covers can help you protect yourself and your loved ones so you can live a happy, peaceful life in your rental home in Ontario.
This will ultimately provide a sense of tranquility that is invaluable, as such events may cause significant financial and emotional strain.
Wouldn’t it be awful if you had to cancel your much-awaited vacation abroad because your home was invaded and you needed the travel money to cover the things that were stolen? If only you had tenant insurance, you’d be able to carry on with your plans.
What does Ontario tenant insurance cover?
When it comes to Ontario tenant insurance, you will usually find two types of coverage: Standard and Additional (Optional).
Standard Ontario tenant insurance coverages:
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- Contents or personal belongings: one of the most important coverages, Personal belongings insurance is an integral feature of a good tenant insurance policy, protecting your hard-earned possessions against potential damage from insured events, like fire, theft, or water damage (depending on your policy). With this coverage, your belongings are insured wherever you may be – as long as you are temporarily away from your home, but not definitely.
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- Living expenses or additional living costs: if you need to temporarily relocate due to a claim, this will cover everyday living expenses, including hotel fees and food. It’s standard protection in every tenant’s insurance policy and provides an additional layer of security in the event of fire, water damage, or any insured event causing you to temporarily move out.
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- Liability: also a standard coverage in every tenant’s insurance policy, protecting you against potential lawsuits against third-party individuals who may get injured while visiting your property, or even when you cause accidental damage to someone else’s property. For example, if you forgot to turn off the hair straightener before leaving the house and it causes fire damage to your unit or your neighbor’s, you will be deemed financially responsible – with liability coverage, though, the insurance company will pay for the damages, to the extent of the value covered in your policy.
- Liability: also a standard coverage in every tenant’s insurance policy, protecting you against potential lawsuits against third-party individuals who may get injured while visiting your property, or even when you cause accidental damage to someone else’s property. For example, if you forgot to turn off the hair straightener before leaving the house and it causes fire damage to your unit or your neighbor’s, you will be deemed financially responsible – with liability coverage, though, the insurance company will pay for the damages, to the extent of the value covered in your policy.
Additional or optional Ontario tenant insurance coverage:
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- Identity theft: Helps you recover expenses related to identity theft, such as legal fees and credit monitoring services. This is important coverage as 97% of Canadians feel threatened by identity theft.
- High value personal items: Offers additional coverage for high-value items like jewelry, electronics, or artwork. If you have one or many items that exceed your policy coverage limit, make sure you add this additional coverage.
- Sewer backup coverage protects you if water backs into your property from a floor drain, septic tank, sump, or from sewage system.
- Overland water protects your personal belongings against damage caused as a result of the rising or overflow from a stream or body of water, such as rivers and lakes.
- Ground water protects your personal belongings against damage caused if water accidentally enters or seeps into the building through walls, foundations, basement floors or other means.
- Above-ground water protection, as the name suggests, covers damage to your property caused by water entering from above ground. This coverage is especially important with tenant’s insurance policies if your unit is on the top floor, or for example, if you accidentally leave the window open and it causes damage to your personal belongings.
Types of coverage
The type of coverage is also an important decision: all-risks and named perils.
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- All perils: all of your content is covered (except those specifically excluded).
- Named perils: covers only specifically stated perils
We advise you to get All risks coverage, and as a matter of fact, at YouSet we’ve chosen to offer only All risks because we want to make sure our users get the best possible coverage. We don’t offer Named perils.
Also, there are two typical ways to get paid under most policies: cash value or replacement cost. It’s the insurer’s right to determine whether an article will be repaired or replaced.
The Insurance Bureau of Canada recommends: “Read your policy carefully to determine your exact coverage. Ask your insurance representative about a policy that pays for the full cost of replacing what you’ve lost.”
Factors impacting Ontario tenant insurance premium
Getting the best quotes for your needs should also take into consideration where you are living. We made this guide to help you understand what are the most important aspects when it comes to finding the best tenant insurance in Ontario.
Year and type of construction
The older the property is, the riskier they are due to age and maintenance, making premiums more expensive. Concrete buildings will have more affordable premiums, as they have a lower risk for fire propagation.
Do not assume that all new buildings are made of concrete, though – the world’s largest residential project made of timber is in Canada and it’s quite new. Wooden buildings will add a few extra loonies to your premium.
High-density areas and size of the building
The more people living in an area, the more accidents are likely to happen, increasing the insurance premium for high-density neighborhoods.
For the same reason, buildings with more apartments will increase the insurance premium because of the higher population density inside that building, and higher chances of accidents, fires, and other damages.
Distance to fire hydrant and firefighter station
Yes, that’s correct – and it makes sense. The distance your rental apartment is from the fire hydrant and/or the firefighter station will affect the insurance premium. The farther you are, the costlier it will be due to the increased risk of the fire spreading to other units. A big building with many apartments in densely populated areas, and far from the hydrant will have a steep premium increase.
Ontario population and density
With an average density of approximately 15.3 people per square kilometer, Ontario’s density is 2.5x higher than Quebec’s (approximately 6.2 people per square kilometer).
Half of the land area of Ontario is thinly populated, as it comprises the Canadian Shield. This further elevates the density in metropolitan areas. As a comparison, the six larger metropolitan areas in Ontario have a 34.4% higher population density than the six larger metropolitan areas in Quebec.
These are the most densely populated metropolitan areas in Ontario:
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- Toronto – 3,087.8/km2
- Ottawa – Gatineau – 1,945.1/km2
- Hamilton – 2,049.2/km2
- Kitchener – 1,763.8/km2
- London – 1,728.2/km2
- Oshawa – 2,102.4/km2
A greater population density is associated with a higher risk of accidents, leading to costlier insurance premiums in urban areas. So, if you’re relocating from a less densely populated city to a more populated one, bear this in mind when sourcing quotes for rental insurance.
Flooding risk in Ontario
Flooding is the most costly natural hazard in Ontario, as recognized by the province itself. Windsor-Essex is the most flood-prone region in Ontario, with the insurance premiums to prove it. Last year, Rates.ca, an insurance comparator website, ranked Windsor as the second costliest city in Ontario for home insurance, with an annual premium of $2,111, almost double than in the province’s cheapest place, Ajax.
So much that currently, 10% of residential homes in Canada are considered uninsurable for basement flooding. Also, the occurrence of flooding has led to a decrease in both the selling price of homes and the quantity of properties listed for sale in the impacted area.
Some insurance companies might even deny policies on some areas with the highest risks of flooding.
You can see a flood risk map here.
Ontario wildfire regions
While Ontario may be more recognized for its urban areas, the province also possesses extensive wilderness, particularly in the Northern region. This can lead to significant wildfire risks during dry seasons.
The areas of Kenora, Fort Frances, and Red Lake are particularly prone to wildfires. The Ministry of Natural Resources and Forestry provides real-time information on current forest fire situations in Ontario.
Tenant insurance policies often include coverage for wildfire damage, but always check with your insurer to confirm the details – especially if your rental home is in one of the areas mentioned above.
High-risk dog breeds in Ontario
When it comes to pet ownership and specifically dogs, certain breeds are classified as ‘high risk’ due to their potential to cause harm.
In Ontario, the Pit Bull Terrier, Staffordshire Bull Terrier, American Staffordshire Terrier, American Pit Bull Terrier, and any dog that appears substantially similar to any of those breeds are considered high risk and are subject to restrictions under the Dog Owners’ Liability Act.
It’s worth noting that these breed-based regulations are controversial and many animal experts encourage policies that focus on individual dog behavior rather than breed. If you own one of these breeds, it may impact your ability to secure rental insurance or may increase your premiums.
Important: never misrepresent the breed of your dog. It’s preferable to have your policy rejected upfront, allowing you to find an insurance provider who accepts your breed of dog, rather than facing the risk of claim denial later on due to owning a breed that’s not covered.
Discover Ontario: Interesting facts you should know
With 38.3% of Canada’s population, Ontario is the most populous province in the country.
Ontario is incredibly diverse, with over 200 ethnic origins reported by its residents. This multiculturalism has influenced every aspect of life in Ontario, from food to music, arts, and events. Toronto is known as one of the world’s most multicultural cities.
The province of Ontario celebrates this diversity through numerous cultural festivals like Toronto’s Caribbean Carnival, the Chinese Lantern Festival, and the RBC Bluesfest in Ottawa.
The cultural influence also extends to Ontario’s housing market and rental spaces, creating diverse living communities with different habits and social rules one should get acquainted with.
Did you know these 3 fun facts?
World’s Longest Freshwater Beach: Wasaga Beach in Ontario is the world’s longest freshwater beach, spanning over 14 kilometers on the southern end of Georgian Bay.
World’s Highest Hydraulic Lift Lock: The Peterborough Lift Lock, located on the Trent Canal in the city of Peterborough, is recognized as the highest in the world with an impressive rise of 19.8 meters (65 feet).
The invention of Insulin: one of the biggest medical breakthroughs, Insulin was discovered at the University of Toronto in 1921 by Frederick Banting and Charles Best. A monument at the university honors their achievement.
What is NOT covered by Ontario tenant insurance?
Understanding what is covered and what isn’t is crucial when it comes to Ontario tenant insurance, as it will help you plan properly and also save time and frustration from filing an insurance claim for something that isn’t covered. Here are some key points to consider:
- You don’t own the building itself, thus it’s typically not covered. That should be part of your landlord’s insurance.
- High-value items usually have coverage limits, unless you buy them additionally. Example: your policy may only cover up to $5,000 even though you lost a painting worth $83,000 in a fire.
- Some natural disasters like earthquakes may not be covered depending on your insurance policy. They may or may not be offered as additional coverage.
- Wear and tear for belongings is seldom covered by insurance. The coverage is intended to protect you from unexpected events – like theft or disasters.
- Car damage. Even though eventual belongings may be covered by your policy, in the event of a car theft there will be no coverage for the vehicle itself.
- Pests or infestations, such as bed bugs or termites. There is no coverage either for dealing with them or for eventual damages to your possessions.
- Losses caused by the tenant’s intentional acts or negligence.
- Flood: flooding in Canada has been historically problematic when it comes to insurance. Even though we’re closer to a National Flood Insurance Program, most renters’ insurance policies generally won’t cover flooding. Depending on your location, you may be able to add it to your policy as an additional coverage.
- Damage caused by some dog breeds that are considered “high risk”. It can change depending on the location and policy – for instance, the dangerous American Pit Bull Terrier which is prohibited in Manitoba and Ontario. Some insurance companies even ask specifically for that kind of dog in their questionnaire.
Remember, this is a list of examples. Please review your policy or your contract to ensure you fully understand your coverage terms.
Home insurance vs. Tenant insurance
We’ve been talking about Ontario tenant insurance for a while now, but you might be asking yourself what exactly it is and what’s the difference between tenant insurance and home insurance – and it’s really easy to understand.
Home insurance is designed to protect the physical structure of a home and the building itself. In the unfortunate event of a fire, home insurance will cover damages to the actual building – the walls, the ceiling, and the structure.
But it doesn’t make sense for a renter to buy insurance for the building when the owner is responsible, right?
What makes sense for a renter is to protect their personal belongings, such as furniture, appliances, gadgets, and even clothing.
So while home insurance encompasses protection against structural damage, tenant insurance is tailored to cover the needs of a renter, ensuring tenants are protected against theft, fire, accidents, unforeseen events, and liability, among others.
Think about it this way: if the home you rented is caught in a wildfire, your rental insurance will cover the loss of your belongings, from your clothes to your furniture, curtains, and whatever you added to your inventory. But it won’t cover damages to the actual building, as it’s covered by the landlord’s insurance.
If the building gets completely burnt and you can’t live there anymore, rental insurance with additional living costs will get you covered until you find another place.
If you don’t have rental insurance, though, not only you will lose all your possessions but you will also need to find another place to live as soon as possible – and pay for everything from your own pocket. Ouch!
Here’s another case: your landlord has home insurance but you don’t have tenant insurance. If that same wildfire happens, the landlord will have coverage for damages in their building, but your belongings won’t be covered by the landlord’s home insurance.
Home insurance, which is the responsibility of the landlord, provides coverage for the physical structure of the building; Meanwhile, tenant insurance is relevant to the renter and offers coverage for personal belongings.
Ideally, the landlord has home insurance and the renter has tenant insurance. As a tenant, it is your responsibility to buy the appropriate tenant insurance policy for your specific needs.
Is tenant insurance mandatory in Ontario?
The answer is no. You are not obligated by law to buy tenant insurance, albeit landlords are allowed to require you to buy one in the lease agreement.
Even if that’s not the case, rental insurance is strongly recommended in Ontario as you won’t be covered by the landlord’s insurance.
How much is tenant insurance in Ontario?
The price of your Ontario tenant insurance premium will vary depending on many aspects, like:
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- Additional coverages
- High value personal items
- Building characteristics
- Neighborhood
- Value of belongings
- Value of the property
- Credit score
- Pets
- Number of people
- Claims history
- Liability limit
That being said, the average policy quote for Ontario in April, 2023 was $23.5/mo and it ranged from $12/mo to $50/mo. Tenant insurance pricing example:
This is just an example. You can request a personalised quote for free here – and it takes less than 4 minutes.
How to get cheap Ontario tenant insurance quotes
There are a few things you can do to get a discount on your premium and make your policy even more affordable:
- Bundle insurance products: Packaging your Ontario tenant insurance with other policies like auto insurance can lead to discounts. Ontario insurance companies often give a 20-25% discount! It’s the insurance world’s equivalent of a combo deal.
- Install safety systems: Monitored alarms and security systems can get you up to 5% discount for tenant insurance in Ontario. To get the discount, you must have a central station that protects your home.
- Pay annually: If you can manage it, paying your premium in a yearly lump sum can often result in discounts. If you opt to pay monthly, you will pay 2 to 4% more because of the interest.
- Stay claims-free: Insurance companies love low-risk clients. The longer you go without filing a claim, the more potential for a lower premium. Only file a claim if it’s really worth it.
- Improve your credit score: A good credit score means to insurers that you’re reliable, and this helps you secure a better rate.
- Increase your deductible: A higher deductible—what you pay out-of-pocket for a claim—can lower your premium. Just ensure you can afford it should you need to file a claim.
How to choose my Ontario tenant insurance coverage
Disclaimer: The information is provided for general informational purposes only and does not constitute insurance advice. If you’re seeking advice, we recommend speaking to one of our licensed insurance brokers.
For optimal coverage for your tenant insurance in Ontario, we suggest these values:
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- Contents (or personal belongings) – $30.000,00
- Liability – at least $1.000.000,00
- Additional living expenses: $5.000,00 (Average living costs for Ontario – $3,263.3)
You can go for a higher limit if your assets justify it, but think twice before buying insurance with limits lower than your actual needs as you might be left high and dry just when you need the most.
When it comes to Policy features, look for rental insurance policies in Ontario that protect you against these perils:
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- Fire
- Theft
- Vandalism
- Water damage
For extra protection, you can consider adding coverage against identity theft or high-value items.
You also should pay attention to the carriers, as there are several options to consider. At YouSet, we have high-quality standards and we work only with carriers that exceed those standards.
What are the best tenant insurance companies in Ontario
Since the whole purpose of tenant insurance is to provide financial stability and peace of mind, choosing a reputable carrier is paramount. So, when searching for the best tenant insurance in Ontario, assess the company behind the insurance policy to avoid bad surprises along the road.
It’s common to be swayed by low prices or well-known brand names. However, opting for a cheap policy from an unreliable carrier or a subpar policy from a reputable carrier can become a headache: you might waste your money or even get unfair claim denials. Worst-case scenario? You may discover that you have no coverage when you need it the most.
YouSet offers only pre-vetted carriers that provide a satisfactory customer experience at affordable rates, with solid finance backgrounds. These are the factors we consider when evaluating carriers:
- Licensing: don’t even think about buying from a carrier without a license to operate in your area. Big no-no. Here’s the list of licensed carriers in Canada.
- Price: it’s probably the most relevant aspect people want when searching for Ontario tenant insurance, so we put time and effort into getting the best deals.
- Customer service: we prefer companies who provide great support in all channels, especially online. Also, making the claim process easier and smooth goes a long way.
- Transparency: all representatives of the carrier must answer questions and handle claims fairly and swiftly. We keep track of the satisfaction of our users regarding their carriers, online reviews, and overall experiences.
To find and compare the best carriers, we do our due diligence: we ask customers for feedback, read all the reviews, and establish a good relationship with the carriers by letting them know our customer’s needs and expectations. Here are a few of the insurance companies we work with:
Intact – with more than 4 million customers and 24/7 local claims service, Intact is a great carrier and one of our vetted partners. The company’s foundation dates back to 1809 when it was known as Halifax Insurance Company. It’s currently Canada’s largest property and casualty insurance provider, with solid finances and affordable prices for Ontario rental insurance. Intact is part of Intact Financial Corporation, which also includes subsidiaries such as belairdirect.
Economical – in 2021, Economical went public and became Definity Financial Corporation. With transparent financials that anyone can quickly get on their website, it’s a strong option for tenant insurance in Ontario thanks to affordable policies and innovative customer experience. Economical is part of Definity Financial Corporation, which also includes subsidiaries such as Sonnet.
Promutuel – with a surprisingly fresh and modern look, this nearly bicentennial company was founded in 1852, they provide affordable Tenant insurance in Ontario starting from as little as $12.95/mo. Bonus points for transparency, as they clearly state the discounts you can get from alarm systems, leak detection, and bundles.
Travelers – with an impressive workforce of 12,000 Claim employees, Travelers is committed to exceptional services and sustainable initiatives. With interesting additional coverages such as housing improvements and renters’ medical payments, it’s both a solid and flexible choice for Ontario rental insurance.
L’Unique – founded in 1978, L’Unique is an established insurance carrier in Canada that offers a complete line of policies, including Ontario tenant insurance. Their 24/7 assistance service is available to all customers in the event of a loss. L’Unique is part of Beneva, Canada’s largest mutual insurance company, which also includes subsidiaries such as La Capitale and SSQ Insurance.
Comparing Ontario tenant insurance quotes
We won’t sugarcoat this: getting a quote for rental insurance in Ontario can be a quite tedious and time-consuming process.
First, you need to research and compare the various insurance companies and check their websites to request quotes. You will have to fill out a lengthy form on each of those websites, providing personal information, property details, and coverage requirements.
Most insurance companies don’t offer online quoting tools – this means you might also need to call them and spend several minutes answering questions. Can you imagine a better way to spend your Tuesday night? We can. At least a dozen.
Then, you have to compare each quote and coverage to see which is the best one for you. Sometimes, that’s not so easy to do because they change names and try to hide important information in the fine print.
Multiple iterations of this process will be required to obtain different quotes from different insurers with different coverages.
If you don’t want to do that, you have three options: ask an insurance broker to help you out, use an online insurance comparison tool, or use an insurance marketplace such as YouSet.
Insurance broker
If you go with an insurance broker, here’s how it will usually go:
- You’ll need to handle everything over the phone. Most brokers don’t have websites or online quoting tools.
- They work with two or maybe three insurance companies, so they don’t compare the prices of multiple companies, limiting the possible offers.
- Some brokerage firms are financially supported by insurance companies, and they will try to sell their “parent” products.
In a nutshell, finding an insurance broker that can get you quotes from plenty of carriers is not an easy task.
Online insurance comparison tool
Online insurance quoting tools will give you an estimated insurance policy price in exchange for your contact information. However, most of these tools are just lead generators that will put you on the radar of a third-party insurance broker or insurance company that wants to sell their own products.
Those tools will sell your info to multiple companies, and they will all contact you. Some within a few minutes and some within a few days.
Insurance marketplace
If you don’t want that kind of nuisance, you can try YouSet, an innovative marketplace that is changing the way Canadians research, compare and buy insurance.
YouSet is an automated platform that screens the market to compare Ontario tenant insurance quotes from multiple companies. The whole process takes less than 4 minutes.
If you like what you see, you can buy online – no need to talk to a salesperson. However, if you’d rather speak to someone over the phone and ask questions, our specialists are always happy to help.
YouSet has served over 150,000 satisfied users. Here are a few examples:
Claudio Cignola2024-04-23Very good service. Have been with them 5 years now and we get competitive pricing and great service. Thank youAndre Fafard2024-04-22Excellent et efficace et très rapideChantal Bechard2024-04-22Super rapide et de qualitéGeleia2024-04-19Bon service rapide et fiable
This allows you to get the best insurance quotes available in Ontario within minutes and with no hassle.
It’s a streamlined and convenient solution that will present you with multiple quotes from the most respected insurance providers, matching your specific needs. And you only need to enter your information once!
Should you choose to compare rental insurance yourself, there are several factors you need to carefully analyze:
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- Coverage options
- Limits
- Deductibles
- Policy exclusions
- Additional coverage options
With all that information in hand, you will need to weigh the price points and the overall value provided. Bear in mind that affordability matters, but if you don’t pay attention to the quality of the carrier, you may find yourself in a tight spot if you don’t have all the coverage you need or if the customer service is lousy.
The best way to avoid any problem when buying an insurance policy is by trusting YouSet. Thanks to the sheer volume of transactions we’ve facilitated over the years, we have a direct channel with our partners that allow us to provide not only the best quotes, but also the best experience by helping you each step of the way – from quote to buy, and beyond.
Long story short, YouSet is on a mission to build the most efficient and most loved insurance platform in Canada. We do so by leveraging our proprietary technology that manages thousands of different algorithms, combined with a team of insurance experts ready to answer your questions, help you with your claims, and more.
We’ll give you all the information you need for an educated decision, pointing you to the best insurance policies money can buy, with the perfect combination of coverage, affordability, and customer service.
Click here to get your quote in under 4 minutes – starting at 12$/mo!
Popular tenant insurance cities in Ontario
FAQ about Ontario tenant insurance
Can you cancel Ontario tenant insurance?
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- You can cancel at any time, and although some companies charge a fee for early cancellation they are relatively small. It’s usually a small fraction of the premium you would pay until the end of the contract.
Does Ontario tenant insurance cover Airbnb rentals?
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- Usually, it doesn’t. You should always first check with your insurance company to see if your policy covers it. Airbnb provides hosts with some form of protection, but there are still many gaps in coverage you could be responsible for. Also, there is specific insurance called “Short-term Rental Insurance”. Bear in mind you could void your existing tenant policy if you don’t notify your provider about home-sharing.
Do students need tenant insurance in Ontario?
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- Yes. But if you’re still dependent on your parents, your liability and belongings might be covered by their insurance if they have one. Ask them to double-check their policy, list your belongings, and inform the insurance company where you live. Attention: if you get a job, or lose your full-time student status by any other means, you will need to get your own insurance.
I live with roommates. Can we share the same policy in Ontario?
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- That will depend on the insurance company. Most allow up to two roommates under the same policy, which makes the insurance costs lower than buying separately. Make sure everyone lists their belongings properly and that your limits are enough for everyone.
How to file an insurance claim in Ontario?
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- Just in case you are ever in a pickle and need to make a claim, we have put together the ultimate toolkit to save you time when going through a claim process here.
What about landlord-owned appliances? Will my tenant insurance cover them?
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- No. Only appliances owned by the tenant itself will be covered. Appliances owned by the landlord will require a different policy at the expense of the owner.
What’s the difference between replacement cost and actual cash value?
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- The major difference is that replacement cost will pay for a replacement for a new one without any depreciation, while actual cash value will take into consideration the actual value of the item and take depreciation into consideration. Example: your personal computer was stolen. If it’s a replacement, you will get indemnification to get a brand new one whether actual cash value will indemnify you for the market value of your personal computer accounting for six years of depreciation. Pay attention when buying your policy as a replacement is usually a better choice.
What if I go on vacation? Are my belongings still covered?
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- Yes, all your belongings are covered regardless of where you are as long as you’re temporarily away. Even if you’re abroad. Example: you went on a 3-weeks trip abroad and your computer was stolen, you are covered. But if you move to another city permanently and your computer gets stolen in the first week, you are not covered. Thus, if you move permanently, make sure you get a new policy for your new rental home.
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