Roommates and Home insurance- it Makes Sense!

In response to Alberta’s economic climate, many people have changed up their living arrangements recently; be that opening their doors to a roommate, or renting instead of home ownership to cut costs.  It’s important to consider the value of a tenant’s/renter’s insurance policy to protect yourself and your belongings in the event of a fire, flood, burglary, etc. Most people are unaware that their landlord’s coverage *does not* cover a renter’s belongings.

(Taken from Canadian Underwriter March 2017)

A survey indicates that most renters in Alberta, Ontario and British Columbia have home insurance, a recent Canadian insurance survey found.
The Vancouver based firm recently surveyed over 1,500 renters in British Columbia, Alberta and Ontario.

More than a third (35%) of Alberta renters do not have home insurance, while 46% and 43% in British Columbia and Ontario respectively did not.

The survey did not state how the survey was conducted or what the margin of error was. The firm suggested that 41% of renters surveyed from all three provinces did not have home insurance.

The survey was conducted because of a recent uptick in enquiries about roommate insurance.

With the high cost of rent, it makes sense that most renters have roommates for financial reasons, However, it is surprising how many renters (and their roommates) go without home insurance given the increased risks faced when living with unrelated persons.

Some policies for renters are available for as little as $15 a month.

Renters need a home insurance policy to protect their belongings, cover extra expenses if their homes are damaged and can’t be occupied, and pay amounts for unintentionally injuring someone else.

All it takes is one major loss event to realize the value of covering your contents and liability as a renter. Contact the professionals for a comprehensive quote for tenants insurance (and any other coverage) at Action Insurance Group today at 403-457-1000.

 

Source: Canadian Underwriter