When tenants should insure their new home

Couple adultes couchés sur divan

Moving into a new home is an important—and very exciting—step. When planning a move, it’s easy to forget or overlook certain best practices, such as taking out tenant insurance. But whether you live in an apartment, a rental condo/house, or any other type of rental unit, good insurance is key to enjoying your home with peace of mind and protecting what matters to you.

Will you be taking possession of your apartment soon, or perhaps you already have? Now that the children have left the nest, do you plan to sell your family home and go back to renting? Situations like these are the perfect opportunity to learn more about tenant insurance and get the right coverage to meet your needs. Read on to learn more.

Why get tenant insurance? 

Why insure your apartment in the first place? Did you know that your landlord’s home insurance doesn’t cover your personal property or civil liability? It covers their property—the building, including permanent fixtures and fittings (cabinets, walls, floors, etc.)—and their civil liability. To protect your personal property and civil liability, you need your own home insurance. Read on to find out what tenant insurance covers.

Civil liability insurance 

When you take out tenant insurance, you automatically benefit from civil liability insurance. This coverage is essential because it protects you from the financial consequences of any civil liability you may incur as a result of bodily injury or property damage you may unintentionally cause to others, subject to the applicable conditions, limitations, and exclusions. What’s more, if you’re sued for damages covered by your policy, your insurer can defend you at its own expense.

For example, your civil liability insurance would cover you if someone tripped on a rug in your apartment and hurt themselves, or if you forgot to turn off your bathtub faucet and caused water damage to the apartment below. Civil liability coverage gives you real peace of mind!

Property insurance 

Tenant insurance is the only way to protect your personal property against certain risks. It insures your belongings against damage caused by events such as fire, theft, or water damage, subject to the coverage, conditions, limitations, and exclusions set out in your policy. It could compensate you for the loss of your personal property, such as furniture, clothing, and electronic devices damaged or destroyed during one of the previously mentioned events.

Good to know: Tenant insurance covers your personal property even if it’s temporarily outside your home. If your property is stolen from your car, in the event of a covered loss, your home insurance—not your car insurance—will compensate you, according to the conditions, limitations, and exclusions of your policy. That’s why it’s so important to have this kind of insurance, even if you’re a tenant!

Additional relocation expenses 

Tenant insurance also covers your additional living expenses if you’re the victim of a covered loss that makes your home uninhabitable. If you’re unable to live in your home as a result of a fire or water damage, your insurance could help you pay for some of the expenses associated with temporary accommodation, such as the cost of a hotel room.

Endorsement for property subject to a limit in your policy 

Do you have property in your home such as works of art, e-bikes, jewellery, video games, or collections of items? Since they may be subject to a limit on the amount payable, you can add an endorsement to your home insurance policy to ensure they’re covered at their fair value in the event of a covered loss.

Bike insurance 

Is your bike your preferred means of transportation or is cycling your favourite sport? Your bike is undoubtedly very valuable to you. Keep in mind that in the event of a covered loss, it’s usually covered by your tenant insurance. However, in the case of theft, some policies limit the amount payable. To increase the amount, you can add specific coverage for your bike to your tenant insurance policy.

When should you take out tenant insurance? 

In short: the sooner the better. Start comparing offers as soon as you’re thinking about moving into a new home. There are many advantages to shopping around for tenant insurance early on. Among other things, you’ll be able to take the time to draw up a good inventory of your personal property, so you’ll be adequately covered in the event of a claim.

As soon as you sign the lease

Generally speaking, it’s best to buy tenant insurance when you sign your lease. This will ensure you’re covered from the very start of your contract or the day you move in. If you contact a damage insurance representative when you sign the lease, you can set the day you want as the effective date of your policy. Getting it done early gives you peace of mind even before putting up the first pictures in your new home.

As soon as you move in

Your tenant insurance should be in effect on the day you move. It’s better to plan ahead, but getting insurance at the last minute is better than not getting any insurance at all. Important! In Quebec, July 1 is a statutory holiday for many insurers. Keep this in mind if you’re moving on that date!

As soon as possible if you’re already a tenant

Lastly, if you’re reading this and you’re already a tenant but don’t have home insurance, get some immediately. No matter how long you’ve been living in your home, it’s never too late to take out tenant insurance and protect your personal property and civil liability.

Tenant insurance isn’t expensive 

Did you know that you can insure your home with Promutuel Insurance for only $15.95 a month? With a deal like this, there’s no excuse not to get tenant insurance, especially now that you know more about the benefits of this valuable coverage that can save you a lot of hassle.

So, are you ready to move into your new home with peace of mind? Request a tenant insurance quote online or contact one of our damage insurance representatives today. Start packing!