How Much is Tenant Insurance in BC?
19 Nov 2020 Insurance Products
While tenant insurance is not mandatory in BC, it is important to keep in mind that your landlord’s insurance will not cover your belongings. If you are unsure how much tenant insurance is in BC and whether or not you can afford coverage, the dedicated team from Mountainview Insurance can help you find the right tenant insurance policy for your unique needs and budgetary requirements.
How Much Does Tenant Insurance Cost?
Tenant insurance, also known as renter’s insurance, tends to be a very affordable option in BC; however, the cost of your insurance policy will vary, depending on the type of coverage you require and whether or not you choose to purchase extended coverage options. Since a basic tenant insurance policy will have specific limits set for the types of items that can be covered, adding on extra coverage will help ensure that any valuables that you have beyond what is covered in a basic plan will be covered under the extended plan.
What Does Tenant Insurance Cover?
Basic tenant insurance policies are made up of three key types of insurance:
Contents Insurance
Contents insurance works to provide coverage for any items that are stolen or damaged due to a natural disaster. Without this type of insurance policy, tenants would have to pay to replace the contents in their rental property out of pocket.
Third-Party Liability Insurance
In the event that someone is injured while in your rental property or you cause damage to another unit in the building, third-party liability will protect you from being sued or having to pay for damages, including medical bills.
Additional Living Expenses
Additional living expenses will cover the cost of having to pay for necessary living expenses in the event that your rental property is damaged and you have to leave for a period of time. This type of insurance will cover the cost of food and accommodations within reason.
What is Not Covered by Tenant Insurance?
It is important to keep in mind that most tenant insurance policies will not provide coverage if you decide to sublet your rental space. If the person that you are subletting to does not carry their own tenant insurance, then you will be subletting to them at your own risk.
If you would like to learn more about how much tenant insurance is in BC, or if you are interested in their tenant insurance products, please contact Mountainview Insurance at 604-557-0255 or by filling out a contact form on their website.
