tenants receiving keys

5 Ways Tenant Insurance Can Protect You When Renting

When it comes to renting an apartment, you might not think that you need tenant insurance since you do not own the property. A lot of Canadians would agree, as a significant amount that rent do not have tenant liability insurance. 

With that said, Canadian insurance companies paid out $41.5 billion in 2019. 

What if we were to tell you it actually benefits you to have insurance even if you are renting property? These are five of the reasons why. 


  1. Home Fires

    In Canada, this has become a bigger and bigger issue during the pandemic. When the pandemic first started from March to May of 2020, home fires saw a 333% increase

    Having insurance in this situation can help you protect yourself against any liability you might have from a fire, and it can also help you get the monetary value back from personal items that might be damaged or destroyed in a house fire. 

    This is especially a risk in the winter months when more people are using the heat, so if you are in an apartment, you may want to check if your heater is properly installed. If you have doubt, get insurance. 

  2. Theft

    Going off of recovering personal items, theft is another time when it can be a good thing to have insurance that you can rely on. This is because if someone breaks into your apartment and takes your stuff, you are unlikely to ever catch who did it if you did not witness it happen. 

    Say your laptop and TV get stolen, insurance can give you the monetary value of those items (up to a certain total amount) to get those items replaced, whereas, without insurance, you are eating that cost or not replacing the items. 

  3. Injury on Property

    Tenant insurance can also protect you if someone gets hurt on your property. Let's say you live in an apartment with stairs, and someone slips down them and breaks their neck.

    You are most likely going to be responsible for their medical bills if something in your apartment caused that injury. However, with insurance, that burden would be off of your shoulders. 

  4. Natural Disaster

    This may depend on your specific plan but you can be protected against damage to personal items or forced relocation because of a natural disaster. 

    Let's say there is a bad blizzard with the snow on your roof collapsing into your apartment. Then, that snow damages your laptop and a personal table you had for your place. 

    Tenant insurance could possibly cover this and allow you to recover the financial setback you may have with personal items because of it.  

  5. Relocation 

    This ties into the natural disaster point but it can also simply be because the property may have damage through no fault of your own such as mold, bad water pipes, no electricity, and more. Having insurance can cover the costs of possibly having to temporarily relocate. 

Get Tenant Liability Insurance 

These are just five of the main reasons why you need tenant liability insurance. Nobody likes to think about needing this but it is better to have it and not need it than need it and not have it. 

Are you ready to get tenant insurance in Winnipeg? Speak with the brokers at Hillis Insurance Agencies Ltd. today to find the right coverage for your situation.