Is Tenant Insurance Mandatory in BC?
18 Jul 2019 Insurance Products
Knowing whether or not tenant insurance is mandatory in BC will help ensure that you are properly protecting your belongings. At Mountainview Insurance, they want to help you protect your worldly possessions from potential hazards, such as theft, fire, or floods. That is why they offer a selection of insurance products like tenant insurance.
Are You Required to Have Tenant Insurance in BC?
While having tenant insurance is not required by law in BC, some landlords may require renters to have tenant insurance as part of their lease agreement. Before signing a lease agreement, it is important to know exactly what has been agreed to, as well as to consider purchasing tenant insurance, even if it is not stipulated in the agreement.
Many renters, who are struggling to pay rent and their bills, decide to pass on adding the extra expense of tenants insurance; however, while tenant insurance may not be for everyone, it is important to keep in mind that you could be putting yourself at risk by not having it.
What Does Tenant Insurance Cover?
Even though tenant insurance policies tend to differ from company to company and from person to person, most tenant insurance policies come with:
Personal Possessions Coverage
Tenant insurance policies can provide coverage for a range of personal possessions, such as clothes, furniture, appliances, and electronics. In the event of a disaster that destroys your rental unit like a fire or flood, your tenant insurance can help replace any personal possessions lost due to a disaster.
Liability insurance helps protect you in the event that you accidentally cause damage to another tenant’s rental unit in your building. Your tenant insurance will help cover the cost of paying for expensive building repairs and possessions that were damaged as a result of the accident.
Displacement insurance can help cover the cost of paying for a hotel or other living expenses in the event that you are forced to temporarily leave your home due to a natural disaster, such as a wildfire.
If you would like to learn more about whether or not tenant insurance is mandatory in BC, or if you are interested in one of their insurance products, please contact Mountainview Insurance at 604-557-0255 or by requesting a quote on their website. Mountainview Insurance is proud to provide high-quality insurance products to clients throughout Abbotsford and the surrounding areas.