So you’ve found the apartment of your dreams, and can’t wait to move in, but are not sure whether you should purchase renter’s insurance or not. When considering your assets, you may not believe they are of a large monetary value. When you add it all up, however, you might be surprised how much it would cost to replace your personal belongings in the event of a fire or theft. Here are some important things you need to know about renter’s insurance:
What Does Renter’s Insurance Cover: Most renter’s insurance at the basic level will cover your personal belongings that are within your dwelling in the event of various disasters, such as weather damage or fire. If the extent of damage is enough to force you to leave your home, some policies will even reimburse the cost of temporary living. Basic coverage also protects you in liability with amounts of up to $1 million in the event that someone successfully sues you for damage. Depending on the company you decide to purchase your insurance from, there may be many different options to choose from. If you are interested in learning more about renter’s insurance, the Insurance Bureau of Canada has a detailed article explaining why renter’s insurance is important, and what the benefits of purchasing it are.
Cost of Renter’s Insurance: The cost of renter’s insurance varies, depending on the company, but most insurance companies in Canada average about $200.00 per year, with many offering bundle packages if you own a car, or purchase life insurance. That amount works out to about $15.00 per month, so when compared with the amount it may cost you to replace items without the coverage, it is well worth the investment.
Shop Around Before Deciding: As mentioned above, depending on which company you choose to go with, you may be offered different packages. Before you make a decision about purchasing renter’s insurance, make sure you look at all the options and companies that offer it in your area. Some common companies that offer renter’s insurance include TD Canada, State Farm, and Sonnet Insurance.
Become Familiar with how to make a claim: In the event of accidental damage, you will be required to make an insurance claim. This is why it is important that you have all important information like phone numbers, who you need to speak to, and the information you will need to provide to make a claim.
So, regardless of whether you are a first time renter, or an experienced renter, tenant’s insurance is always a wise choice to ensure your belongings and apartment like the ones Medallion offers are covered in the event of a disaster. For more information about Medallion, be sure to check out the website at http://medallioncorp.com/site/