SHARE THIS ARTICLE
Your rented home or apartment houses your family, your belongings, and on occasion, your friends and guests. If something were to happen at your property, resulting in loss or injury, you could be held responsible or face major financial loss even though you don’t own it.
Thankfully, there’s tenant’s insurance. It protects you and your things so that in the event of a covered loss, you won’t have to foot a major bill. If you’re a Manitoban looking to protect your personal property while renting a home or apartment in Winnipeg or beyond, then tenant’s insurance is for you.
Even though you don’t own your rental, you still need to protect both yourself and your belongings while you live in it. Tenant’s insurance protects the contents of your apartment or other rental property against common forms of loss, like fire, burglary, and liability claims. It ensures that, if something were to happen in your rental, you — and your belongings — would be protected and covered.
Tenant’s insurance protects you in the event of:
Tenant’s insurance includes Contents Coverage, Personal Liability Coverage, and funding for additional living expenses.
Contents Coverage: Use the funds from your Contents Coverage to replace your stuff if it gets damaged or stolen. (Note: Contents Coverage is subject to your policy deductible.)
Personal Liability Coverage: If you were negligent and that negligence resulted in losses for yourself or others in your unit or building, Personal Liability Coverage would protect you against any lawsuits filed. You can secure Personal Liability Coverage up to $1 Million or $2 Million.
Additional Living Expenses: Coverage for Additional Living Expenses gives you access to funds that you can use if you’re unable to stay in your rental property due to an insured loss, like a fire.
You can purchase tenant’s insurance in Manitoba for as little as $15/month, depending on your policy limits.
If you’re considering purchasing tenant’s insurance in Manitoba and not sure how much coverage you’ll need, consider the following:
The content limit you choose is the maximum financial support you would receive if your property were to be damaged or stolen. Do not sell yourself short on this! Pick a limit that will help you recover financially, and get you back to the same situation you were in at the time of loss.
We see far too many people underinsure themselves on this. Take our advice: get the coverage you truly need. It will be well worth it!
Opt for sewer backup coverage to protect yourself against any sewer backup losses. With sewer issues, in particular, remember that damage could easily occur to neighbouring suites. Without the right insurance, you could be deemed financially responsible for making any repairs.
Be sure to pick a deductible amount that’s well-suited to your needs. A range of deductibles is available, from $500 to $1000 or even higher. Take the time to consider your financial situation, and choose the deductible that works best for you. If you’re unsure, talking to an Insurance Consultant is a great option!
If you keep certain specific high-value items in your rented property — things like jewelry and tools — make sure to schedule them onto your policy with special limits, to ensure that you have adequate coverage so that you’ll receive the right funding to replace them post-loss.
Yes! As a Winnipegger or Manitoban who rents, you should always secure tenant’s insurance, for two major reasons:
Without tenant’s insurance, if you were to accidentally or inadvertently cause damage to your rented property, or if someone got hurt in your unit, you could face:
Considering that tenant’s insurance is so affordable and easy to secure, there’s really no reason to leave yourself open to these significant risks!