Victoria Financial information: The Truth About Rental Insurance
(NC)-Almost four million Canadians rent their primary dwelling, according to a 2006 census by Statistics Canada. Whether they know it or not, renters and homeowners have one major thing in common: they both have a lot to lose.
Fires, thefts or break-ins are never expected. Many renters would be surprised at how much they risk losing without proper insurance - both in their personal belongings and personal liability.
"Many tenants mistakenly believe that insurance for rental units is the landlord's responsibility," says Henry Blumenthal, vice president, TD Insurance Home and Auto. "It's not. For renters, having insurance just makes sense. Not only does it provide peace of mind, but it will also help them find their financial footing in times of crisis. Rental insurance is also very affordable with policies costing as little as $20 per month and even cheaper when combining this product with your automobile policy."
Choosing the right policy for a given lifestyle is important, and speaking to a professional will help determine an individual's needs. Here are some questions renters may consider before choosing a policy:
- What is covered by my policy?
- How much coverage do I need?
- If there is a break-in and something is stolen, will insurance provide coverage to replace it?
- Am I protected if something happens to me while I am out of my apartment?
- What happens if someone gets injured in my residence?
- Are items found in my storage locker covered?
For renters, the threat of losing valuable personal belongings or being liable for injuries is a common concern. For more information about rental insurance, please visit www.tdinsurance.com or call 1-888-791-5346.
- News Canada