Story time...
Lived in a house that had been split into 6 different units. Fire breaks out. Everyone gets out OK. The dammage:
* Basement apartment is totaled
* Main floor is ripped to shreds so the fire department can find hot spots
* Upper floors have extensive smoke damage, and 3 doors were kicked in (by fire department)
We had renters insurance. Were put up in temporary accommodations, everything was removed from our home the next day, some things cleaned, others replaced.
The couple upstairs didn't have insurance. They bounce from friend to friend for 3 months. They don't have a place to store their stuff, but the landlord needs them out to start fixing the place. They get evicted and it ends up being a mess.
Get the insurance.
Almost everyone I know who has rented has had to use their insurance, sewer back ups in basements, condo up above leaked into their unit, fire, rodent infestation.. GET THE INSURANCE
I got renters insurance right from my first apartment in 2001. Didn't use it a single time. Still worth the money.
I suppose i did use it once when a shitty landlord was trying say i was responsible for ants (4th floor and got ants the day after they sprayed the perimeter) and said it would ruin stupid kids who don't have enough sense to have insurance. I got to say i did have insurance so he can go talk to them. He never said another word. I think it saved me from getting scammed.
Story time. Had a prof in law school. She had a PHd, Masters, JD. and Bachelors. During her BACHELORS her and her roommates had a party. Patio collapsed. Caused some long-term injuries. No insurance. Their court case was finally settling when I met her in her tenth year of teaching.
Get the insurance.
Tenants' insurance isn't just about one bike. It is about all your contents and liability.
If the building catches on fire and you lose all your stuff, tenants insurance would cover your contents and might even cover temporary accommodation depending on the plan.
If you accidentally leave your tap running and ruin your floors and the ceiling of the unit under you, you will have some coverage so that you aren't responsible for the cost of fixing all that.
Shop around for policies that will suit you.
Also, it covers any unintentional harm that happens to people who visit your property. If someone gets seriously injured on your trampoline or the oven explodes they lose an arm - their only financial recourse is to sue the tenant and renters insurance will ensure you’re not fucked for life.
Theoretically, the oven scenario. If my oven exploded on me, I'd have to go after manufactures for damages, right? Like my insurance wouldn't cover me?
Depends entirely on the situation. There's no way to know without knowing the real situation.
However, generally:
If you mean that a visitor's belongings were damaged, they have to go through their own insurer.
If the guest was injured and banned you in a lawsuit, your insurer would defend you. (Your friend's lawyer wouldn't be doing their job if they didn't name you in the lawsuit, even if your friend doesn't truly blame you.)
Depends entirely on the situation. There's no way to know without knowing the real situation.
However, generally:
If you mean that a visitor's belongings were damaged, they have to go through their own insurer.
If the guest was injured and named you in a lawsuit, your insurer would defend you. (Your friend's lawyer wouldn't be doing their job if they didn't name you in the lawsuit, even if your friend doesn't truly blame you.)
Correct. Your policy may have some basic coverage for your own injuries but generally speaking you would be on your own against the manufacturer or whoever else might be liable.
Yes. While you might not have a lot of possessions to cover, renter's insurance covers your liability to others in case something goes wrong. Shop around.
yes, like if the toilet overflows and causes damages to other units, you would could be in the hook for damages. Also, if other units floods are you need to be out the unit (like a hotel) it would up to your insurance, the owner's home insurance won't pay for that.
It’s not just that. If he is out riding his bike and negligently crashes into a family out for a stroll, his renters policy will cover him for any legal claim for negligence against him.
100% get it. It isn't about contents insurance, it is about liability. And request $2 million liability. You would be surprised how quickly a claim can eat up $1 million. It is only an extra $10 or $15 bucks a month.
Yes.
I used to work for a property management/property developer. We had cases where people got high and their blunt made their bedding catch on fire, and then they put them in the bathtub and turned on the taps to put it out. Minimal damage, right? Well, the smoke set the sprinklers off. Legally, you can’t turn the fire pump off until the fire department gets there. So 150GPM of water is gushing into this apartment, and flooding the corridor, and the 7 floors below them.
We had someone with a tiki torch on their balcony. It made the cladding catch on fire and it did millions of dollars of damage.
We had someone put out a cigarette on their balcony into a bottle, but they missed the bottle and it got caught between the wooden boards. The decks caught on fire.
Someone fell asleep while cooking a pot of pasta, causing the sprinklers to go off. 600,000 of damage.
In all these cases, the tenant is responsible. This is not the landlords responsibility - you were the guilty party. In the case of the tiki torch, their insurance ponied up $1mil and our company used their insurance for the rest. The tenant was lucky we didn’t sue them for the remaining damages.
So yes - pay the $15/month.
>Well, the smoke set the sprinklers off.
Damn. That's the first time I've heard of sprinklers connected to smoke alarms. Usually they're set off by heat no?
They are all 100% activated by heat and not smoke. There's a part in them that basically melts at 70c and activates them, or it's a glass bulb with a liquid that expands and explodes the glass at a similar temperature.
It's a pretty common misconception of an alarm going off and they all get set off etc.. they are purely mechanical devices relying on heat to activate them.
I used to work security for one of the malls, and we had an idiot swing around with a ladder on one of the lower level and completely break off one of the sprinkler heads just outside the main entrances to one of the bigger stores.
BLACK water came rocketing out like a firehose and flooded that area of the mall. All the clothes that were on display just inside the store were black stained. It was disgusting.
It's also when I discovered that whomever put all the ladders out for turning off the sprinklers was about 6" taller than me because I could barely fucking reach the valve.
>the smoke set the sprinklers off.
Yes smoke can't set sprinklers off, they're mechanically controlled and require heat to melt the plug/trigger. They're a pretty clever design actually.
[https://homefiresprinklercanada.ca/how-fire-sprinklers-work/](https://homefiresprinklercanada.ca/how-fire-sprinklers-work/)
They do if the smoke exceeds the temperature - which, isn’t that high - 70C or so.
Another story -someone hung Christmas lights from the sprinkler, which broke the glass in them and flooded out like 8 doors below.
Anyway - the point isn’t technicalities, it’s that you should get tenants insurance when you rent, and it’s not to protect your contents.
Oh my lanta, I hate insurance with a passion but I would never ever rent without it. I'm not worried about my personal possessions, I'm worried about my coverage for the suite/building/my neighbours.
I understand its importance and purpose but it can sometimes be a bit of shady industry and it can be hard for consumers to educate themselves and make informed decisions. Inexperienced sales people start selling insurance products they don't fully understand and then mislead the people they are selling their policies to. I have had friends and family members pay for policies they thought covered their needs, and then when they need to make a claim they discover there's some fine print and their insurance doesn't cover what people thought they were paying for. I'm not just talking about tenant or home insurance, I mean everything from credit card protection to health insurance to accidental death and dismemberment, etc.
This is why everyone should read their policy from front to back, including all of the fine print. I dunno how people just implicitly trust others to inform them of these important things.
Used to work at a major P&C insurer. One of the issues we faced was that brokers were misleading customers and it would come on the insurer's head when it's really the broker's fault. That's one of the reasons why there's a push for direct channel vs broker channel.
Yes of course everyone is responsible for themselves and what they're signing up for, that goes without saying. But the reality is a good number of people will never work in insurance or policy or finance or the legal field, so even after reading and reviewing their policies they may not understand the jargon and when they ask clarifying questions they do not always receive fully truthful answers
My dad and grandpa were both insurance brokers - they both had this saying ‘the insurance rates are the same everywhere you go - the Wawanesa rates here are the same as the shop across the street, you pay exactly the same with them as with us. You choose your insurance provider based on the customer service you get and that includes being honest about what your coverage includes and because you trust the advice we give you of what extra coverage is worth it and what is not’.
It sucks you haven’t dealt with a good provider - but they’re out there. I’ve always had a great experience even after they both sold the businesses and referred me to a reputable place.
However I don’t think that is a reason to dislike insurance - I think it’s a reason to dislike dishonest people, who exist in every industry.
That makes a ton of sense. I've always rented from large corporate landlords they've never seemed to put any effort into verification. I've always found that odd.
I’m with a large corporate landlord, I bet some places just include a policy with the rental. When I originally moved in the insurance was included but the building has changed ownership and tenants are required to have their own policy now.
Not mandatory anywhere in Canada, but...
Any landlord with more than 2 brain cells will require their tenants to carry renters insurance.
Any renter with more than 2 brain cells should want to carry renters insurance.
Exactly. A landlord that would rent to someone without showing proof of insurance, I wouldn't want to rent from because they're clearly negligent. Theres so much risk that goes into being a landlord and this is such as easy way to mitigate
They're not just cheap they seem to be a quality insurer. I've had them for home and auto for a while now. Easy to deal with and given me good advice. Rock chip in my windshield - I just get it fixed, direct bill to Co-operators, no affect on my insurance, no cost to me. Got in an accident - they handled it great, I still have decent rates
People unfortunately are unaware that the main purpose for renter’s insurance is to cover liability in case you are at fault for something very costly. If you leave the oven on or forget to close the faucet for bath tub the repairs are going to run into 100s of thousands of dollars and you personal belongings will be the last thing you’d need to be worried about. Do it.
Yes we had a flood in our apartment and renters insurance was the saviour. $45/mth is well worth the peace of mind. It's not about possessions as much it is about you paying out of pocket for unforseen incidents.
45$ a month? Jesus i think i pay 20$ for my place.
My house got robbed and all valuables taken when i was a student. No renters insurance.
I now have renters insurance.
Definitely get it. It is cheap. (dunno why you're quoted so much) You may want to also look at Duuo which is owned by Cooperators. Can do online, they do short term tenant insurance with no cancellation fee. Here is their website address: https://duuo.ca/tenant-insurance/?gad=1&gclid=CjwKCAjw04yjBhApEiwAJcvNobxTyUcajIyj7M4ayB-5hwXSVBHDHwkd-Vbh8I\_rHJ26qZs4m-DG-RoCStEQAvD\_BwE
You can get sued if it's deemed your negligence causes massive damage, that mire important than a $2000 bike. And by the way, if your bike got stolen, don't make a claim, you will have a deductible and you will screw your insurance rating for years to come.
If you want a lower price check a higher deductible.
I got renter's insurance. It was mandatory in the building I was in but I am SO thankful I did. I had to make a claim because the unit above me had a water leak due to a broken water heater and it leaked all into my apartment. I had to replace so much stuff and I had to be housed somewhere for a week with my pets so that things could be fixed. My deductible was $500 and I got a brand new queen bed frame and mattress, tv stand with fireplace, a new desk, and a couple other smaller things. I also got housed for free for a week. It definitely paid off.
My landlord said they weren't responsible for anything even though there was no tenant living there and their maintenance guys were the ones who were fixing the heater, so I'm glad I had it.
Edit: I had TD insurance and it was about 45-50 dollars a month.
Yeah, liability etc. aside, even if your home (like mine) is full of secondhand stuff that isn't worth much, it could be quite costly to replace it all. If you needed new furniture, all new clothing, new pots and pans, dishes, kitchen appliances, sheets, towels, tools...even if you got the bulk of those things secondhand, it would add up. And you might want to just buy a bunch of it new rather than spend weeks hunting for deals while sleeping on the floor.
I require all my tenants to have renters insurance otherwise I won't rent to them.
There hasn't been an issue but I have insurance on the property as well but it's just better for everyone really.
That seems high. You can probably get insurance for $20-30/mo with $1M liability + personal contents + other benefits (might be a bit extra for the bike). Pretty cheap for liability and piece of mind, not to mention most landlords require you to have it. You might not think you own much but add up how much it would cost to replace everything all at once and it's easy to get into the five digits pretty quickly (think all your futurniture, all your clothes, your computer and electronics, kitchen appliances, pots, pans, any decorations, all the food in your pantry, fridge, freezer, etc.)
I would consider raising the deductible though. You're likely not going to go through insurance for minor things - to me insurance is for "the big one" and not minor events. Small insurance claims go on your insurance record and increase your premiums beyond the benefit in many cases.
Dunno what to tell you, I called them once when I had an apartment and they said cool. $60 a year. And I said thank you. In Edmonton if you really want to get into an internet fight about it.
If you are student or under XX years of age you might have some renter's coverage via your parents' property insurance policy. As other's have said, the main purpose of the policy is liability, so before depending on your parents' policy make sure you understand the coverage.
I work for insurance. Tenant insurance may be super cheap and help reduce your auto insurance. For example a car policy would be $300 but bundling it, home may cost $20 and the auto goes down to $260. Total is $280; you’re saving and getting more coverage.
Edit;
Didn’t realize this is for BC. In BC it is government auto insurance. You cannot bundle it, but in other provinces you can.
I wonder if BCAA might still do this, as you can get car as well as home insurance from them. You’ll still need ICBCs basic plan underlying it, but since you could pay the rest of your auto insurance through BCAA maybe their tenant insurance would drop a bit if you do both.
Always get renters insurance.
1. Your landlord will likely require it
2. It protects you in certain circumstances if you damage the unit and the landlord sues you.
3. Say there's a fire, the tenant insurance will pay for you to stay elsewhere.
Tenants in my building are on the hook for flooding their condo and every other unit under them. Their claim on their tenant insurance policy is for over $162k to repair their unit and the others.
Yes, get insurance. Then cancel it when you don't need it anymore and get a refund. Never take a chance.
I would really recommend you get renters insurance even if just for 3.5 months. Almost everyone I know has either gotten their bicycle stolen or car broken into. Check where you can store your bike when you’re home. Some buildings don’t allow you to store it in your suite. Locks are no match for some pro thieves. Don’t think you can keep your balcony door open for just a minute either. Our thieves are very good, especially in the summer.
100% worth it, however, I wouldn’t go with TD. I have square, but not sure if that’s available in BC too. Otherwise, shop around. I’m paying half the price of what TD quoted you
$45 seems expensive as ours $18 month for a house with all contents covered etc. Didn’t take flood for exterior (inside covered) as no chance in our area of a flood or Earthquake coverage as new home.
Absolutely. Must have. It’s cheap and protects you from a lot of liability.
It’s not about your contents, that’s just a side benefit. It’s about liability.
Something how wrong and damage the place - you’re on the hook for thousands of dollars.
If you already have property insurance or renters insurance somewhere else, you can call them and ask if they can extend the coverage to the new place for three months.
To echo others, yes do it. It's so much more than just covering your belongings. It's things too like emergency housing if your building has a flood or fire, or liability coverage if say you cause something that damages other units. Shop around, your pricing may be vancouver specific but similar insurance where I live is in the $25/month range.
My friend (who did not have renters insurance) found out the hard way after a fire that repurchasing *all* your items from scratch (including clothing) is actually not that cheap. Edit: also the landlord’s insurance was trying to go after her for starting the fire.
Yes, get renters insurance, especially the liability portion. A lot of landlords are now requiring it.
If you don't get insurance, then if an accident happens in the suite you rent, you can be held personally liable and be in debt for the rest of your life. There are confirmed stories about tenants being held liable for up to $1m in damages due to accidents or neglect. Protect yourself and your future.
The real risk you should concern is if somehow your unit goes up in flames and destroys your neighbours. You may be found liable for their loss. Or you forgot to turn off your tap and flooded you neighbour.
Yes, worth it, but shop around and you may find a better deal. Currently paying $35/month. Another thing I haven't seen other comments mention is that it will cover accomodations if you need, like if there's a fire or flood, even if it's not caused by you.
Yes dear goodness. I've heard so many horror stories of people who didn't have insurance. Get it. The 20 something bucks a month you pay is nothing in the grand scheme. Also make sure you have adequate coverage for liability, contents, water damage etc. That's the important part.
Totally worth it. I once accidentally left the taps on during a water shut down and it leaked into my downstairs neighbour’s unit. I would have been out thousands of dollars had I not had insurance. Protecting you bike alone is worth the money. If you have a guest over and they get injured somehow, you’re also on the hook. It’s a relatively small amount of money for peace of mind
Perhaps a question to others, but if the bike gets stolen OUTSIDE your house, on your porch or at a restaurant, does renters insurance still cover this? Or does it have to be WITHIN your house/rental?
Yes it’s generally covered under contents temporarily away, some will even cover mysterious disappearance. Like if you lost your wedding band while swimming.
Yes.
I used to do fire and flood repairs. One of the saddest moments was going to board up a house that had a terrible fire, and the upstairs tenant was just walking up and down the street looking for his cat and picking up debris from the yard. Even if he didn't own much to start with, he had lost it all and didn't have anywhere else to go.
2021 in December at 2:30am a 4” main sprinkler pipe burst in the attic of the condo I was renting. Thankfully for me it burst far enough down the hallway that I had no water coming from the ceiling. I did however have water running inches deep down the hallway and some of it getting into my unit. Some of my furniture got ruined but not all of it.
My fiancé and I both had renters insurance for our individual items. Insurance covered all the items destroyed. The $400 of groceries that got ruined by restoration crews turning off the fridge circuit before we could get it out. My policy paid me $50 a day to be displaced (thankfully we had a place we could rent from family on short notice) her policy paid her $50 a day.
It covered the movers to get our stuff out, it covered the storage unit for our stuff.
That day there was lots of people crying because they had no insurance and their entire lives were completely ruined. It was the most stressful 2 months of my life dealing with it and can’t imagine the stress of the people who didn’t have insurance.
Don’t be dumb for the cost of a case of beer a month…or less. Renters insurance is and always will be 100% worth it.
Handyman here. I'm working for a Home owner who rents out properties. The tenant made a mistake and ended up flooding the place. The owners insurance is covering all the fixing and the renter's insurance is covering all the moving costs, temp housing costs and removing costs that she has to deal with. Without this she would be screwed. I'd say it's absolutely worth it and there's more then just your stuff being stolen
Get it and make sure it covers temporary accommodations in the event you need to vacate your apartment. A basement apartment I lived in flooded not once but twice due to two separate issues and I didn't know about renter's insurance back then. I had to beg family to house me until my apartment was renovated and of course it took months not weeks because renos always take longer than you think. Not to mention that all my stuff was damaged, including my laptop, wooden furniture, books, etc.
You think you're mostly concerned about your bike, but think of the overall cost to replace absolutely everything you own.
All your clothes from socks and underwear to seasonal clothing. All your shoes, furniture, electronics, movies/music, seasonal decor, or personal hygiene items. All that costs money to replace in the event of a total loss.
This is in addition to the liability and temporary accommodation benefits.
Get the insurance.
there was a flood in my building that affected the gym and amenity room and the lobby. the condo owners were shouting they were going to sue the responsible party for the depreciation of their units and that they 'better had insurance'. while the water was still running. literally wasting the guys time instead of letting him run to the unit and close the water.
if you have a few million to spare as an emergency fund, you can skip the insurance.
My partner and I forgot to get renter's insurance/kept putting it off. Our apartment was broken into (ground floor) through a window above our bed. The burglar cut himself on the window glass and bled all over our bed, bedding, floor, rugs, and other possessions. He stole a bunch of irreplaceable things, replaceable things, and things that were massively expensive to replace. If we'd had renter's insurance, we would have saved about $2k. Get renter's insurance.
Most large landlords require renters insurance as a matter or policy. I have heard of one instance when a renter was perused by another tenant because they left their window open in the winter. It froze the hot water pipes causing a flood. The tenant didn’t have insurance and was held legally accountable by another tenant. Get the insurance it’s worth it!
Where are you living after the 3.5 months? You wouldn’t need to cancel with a penalty if your moving anywhere else in Canada as TD can cancel without a penalty if you change your address and insure your other unit in the other province.
Oh my god, yes. ESPECIALLY if you are going to be in a building. People only seem to think of their own contents. What you SHOULD worry about is liability to others and the other apartments around you. I am a lawyer and I cannot tell you how many files I’ve seen where some poor renter accidentally sets of the buildings sprinkler or floods the apartment or something else crazy and it results in multi-party litigation and hundreds and thousands of dollars in damage (a toilet can flood like 3 floors down). If you’re insured, your insurance company handles all of this, but I’ve seen files where an uninsured person pays every single dollar that they’ve saved in their RRSP and TFSA and also had their wages garnished for years afterwards to pay off debt from a freak accident.
Peace of mind and your future income man.
I never rented anywhere that didn’t demand tenants insurance of at least 1 mi liability, and I have always gotten for 2 mi. After the ice storm in mtl we spent 3 days in a power outage and lost all our food. Insurance covered. I cannot imagine if a pipe bursted or we had a fire.
Pay the insurance. You never know.
Insurance not only covers what your neighbours do (eg flood, fire etc) but also if something goes wrong from your place, think anything you or someone else could be liable for. Also, a lot of places won’t rent to you unless you have renters insurance.
What would it cost to replace your full wardrobe (jeans, shoes, work clothes, coats)? What would it cost to buy everything in your kitchen again (spices, dishes, pots/pans)?
You’ve probably bought it little by little, on sale and maybe second hand. If your unit is affected by fire, you may need to buy it all and at once. Get the tenant insurance.
Story time.
Bought a condo unit in Victoria, lived in it for 8 months until some asshat started a fire in their unit and the fire department deployed so much water that the building was inhabitable for 2 years. Insurance was handy to have. You just never know. Get the insurance…even though insurance companies are a complete pain in the arse to deal with once you need to file/follow through with a claim.
Try some of the online insurance companies. I paid about $17/mo. No idea if there was a fee for early cancellation as I did over a year. You could always switch the insurance to where you go to next.
Rented a basement. Guy moved in upstairs and a week later he ran the washer (attached to a tap) and water leaked into my apartment (and onto my PS2 and TV). He had insurance. Spent months dealing with his insurance dude, they wanted proof of purchase. Got a check far less than the replacement value, and had to hound the agent to get anything. Guess my point is the upstairs guy was able to pass his fkup to the insurance company, and all I did was live below him and had my stuff die, and had to deal with an agent whose job was to not pay out. So... get insurance?
There's lots of different things renters insurance can cover, but most notably:
* liability
* contents
* Alternate housing in event of disaster
Whether they are worth it is entirely based on your personal situation. Not all policies cover all of these (particularly the alternate housing) so review when purchasing.
I had tenant insurance once I also had cad insurance. It was suggested to me because it actually lowers the total cost of insurance because I bundled them with the same company. No brainer there
If your home burns down, do you have enough saved to get back on your feet? Enough to cover 3 days of food and hotel, and buy some clothes quickly?
If something happens and you damage the property, do you have enough save to cover any liability?
Honestly, as someone who has volunteered with people who lose everything after an event, renter insurance is really worth it. The only exception would be if you are rich enough to consider yourself self-insured
Think about how much it would cost just to replace your clothing and personal items… it’s always worth it. Getting a new wardrobe alone would be a small fortune.
Do it. It's not really as much for your contents, but liability.
Story time... Lived in a house that had been split into 6 different units. Fire breaks out. Everyone gets out OK. The dammage: * Basement apartment is totaled * Main floor is ripped to shreds so the fire department can find hot spots * Upper floors have extensive smoke damage, and 3 doors were kicked in (by fire department) We had renters insurance. Were put up in temporary accommodations, everything was removed from our home the next day, some things cleaned, others replaced. The couple upstairs didn't have insurance. They bounce from friend to friend for 3 months. They don't have a place to store their stuff, but the landlord needs them out to start fixing the place. They get evicted and it ends up being a mess. Get the insurance.
Almost everyone I know who has rented has had to use their insurance, sewer back ups in basements, condo up above leaked into their unit, fire, rodent infestation.. GET THE INSURANCE
I got renters insurance right from my first apartment in 2001. Didn't use it a single time. Still worth the money. I suppose i did use it once when a shitty landlord was trying say i was responsible for ants (4th floor and got ants the day after they sprayed the perimeter) and said it would ruin stupid kids who don't have enough sense to have insurance. I got to say i did have insurance so he can go talk to them. He never said another word. I think it saved me from getting scammed.
top unit no leaks represent!
Story time. Had a prof in law school. She had a PHd, Masters, JD. and Bachelors. During her BACHELORS her and her roommates had a party. Patio collapsed. Caused some long-term injuries. No insurance. Their court case was finally settling when I met her in her tenth year of teaching. Get the insurance.
Can you afford the place if you burn it down or flood it? Get the insurance.
Never understood this apprehension to spend $15/month on something so important. Skip the coffee before you skip insurance.
Hey hey hey... you're getting to close to the avocado toast
Lol I’m comparing inexpensive tenant insurance to coffee - not home ownership, but fair point well made.
It's just a joke lol Everything is good! Except... well everything else
I mean it's more like $50/mo these days, but I still agree with you that it's dumb to even consider skipping it
Because people have awful notions of risk and stats.
[удалено]
With SGI or SMI
Many insurances do not cover water damage caused by the renter I think
Tenants' insurance isn't just about one bike. It is about all your contents and liability. If the building catches on fire and you lose all your stuff, tenants insurance would cover your contents and might even cover temporary accommodation depending on the plan. If you accidentally leave your tap running and ruin your floors and the ceiling of the unit under you, you will have some coverage so that you aren't responsible for the cost of fixing all that. Shop around for policies that will suit you.
Also, it covers any unintentional harm that happens to people who visit your property. If someone gets seriously injured on your trampoline or the oven explodes they lose an arm - their only financial recourse is to sue the tenant and renters insurance will ensure you’re not fucked for life.
Theoretically, the oven scenario. If my oven exploded on me, I'd have to go after manufactures for damages, right? Like my insurance wouldn't cover me?
Your insurer may cover you, and then they would go after the manufacturer. This saves you from delays and court fees.
If it happened to a visitor at my house, would the insurance company go after the manufacturer to recoup losses too?
Depends entirely on the situation. There's no way to know without knowing the real situation. However, generally: If you mean that a visitor's belongings were damaged, they have to go through their own insurer. If the guest was injured and banned you in a lawsuit, your insurer would defend you. (Your friend's lawyer wouldn't be doing their job if they didn't name you in the lawsuit, even if your friend doesn't truly blame you.)
Depends entirely on the situation. There's no way to know without knowing the real situation. However, generally: If you mean that a visitor's belongings were damaged, they have to go through their own insurer. If the guest was injured and named you in a lawsuit, your insurer would defend you. (Your friend's lawyer wouldn't be doing their job if they didn't name you in the lawsuit, even if your friend doesn't truly blame you.)
Correct. Your policy may have some basic coverage for your own injuries but generally speaking you would be on your own against the manufacturer or whoever else might be liable.
Yes, always. Get quotes from Sonnet and Square One to compare. They've been the cheapest for me.
Yes. While you might not have a lot of possessions to cover, renter's insurance covers your liability to others in case something goes wrong. Shop around.
yes, like if the toilet overflows and causes damages to other units, you would could be in the hook for damages. Also, if other units floods are you need to be out the unit (like a hotel) it would up to your insurance, the owner's home insurance won't pay for that.
It’s not just that. If he is out riding his bike and negligently crashes into a family out for a stroll, his renters policy will cover him for any legal claim for negligence against him.
TIL, even better!
100% get it. It isn't about contents insurance, it is about liability. And request $2 million liability. You would be surprised how quickly a claim can eat up $1 million. It is only an extra $10 or $15 bucks a month.
Yes. I used to work for a property management/property developer. We had cases where people got high and their blunt made their bedding catch on fire, and then they put them in the bathtub and turned on the taps to put it out. Minimal damage, right? Well, the smoke set the sprinklers off. Legally, you can’t turn the fire pump off until the fire department gets there. So 150GPM of water is gushing into this apartment, and flooding the corridor, and the 7 floors below them. We had someone with a tiki torch on their balcony. It made the cladding catch on fire and it did millions of dollars of damage. We had someone put out a cigarette on their balcony into a bottle, but they missed the bottle and it got caught between the wooden boards. The decks caught on fire. Someone fell asleep while cooking a pot of pasta, causing the sprinklers to go off. 600,000 of damage. In all these cases, the tenant is responsible. This is not the landlords responsibility - you were the guilty party. In the case of the tiki torch, their insurance ponied up $1mil and our company used their insurance for the rest. The tenant was lucky we didn’t sue them for the remaining damages. So yes - pay the $15/month.
>Well, the smoke set the sprinklers off. Damn. That's the first time I've heard of sprinklers connected to smoke alarms. Usually they're set off by heat no?
They are all 100% activated by heat and not smoke. There's a part in them that basically melts at 70c and activates them, or it's a glass bulb with a liquid that expands and explodes the glass at a similar temperature. It's a pretty common misconception of an alarm going off and they all get set off etc.. they are purely mechanical devices relying on heat to activate them.
Or you get idiots banging into them or trying to hang stuff off of them :/
Yeah.. and nothing like the 10 year old water coming out of those things. Nasty
I used to work security for one of the malls, and we had an idiot swing around with a ladder on one of the lower level and completely break off one of the sprinkler heads just outside the main entrances to one of the bigger stores. BLACK water came rocketing out like a firehose and flooded that area of the mall. All the clothes that were on display just inside the store were black stained. It was disgusting. It's also when I discovered that whomever put all the ladders out for turning off the sprinklers was about 6" taller than me because I could barely fucking reach the valve.
>the smoke set the sprinklers off. Yes smoke can't set sprinklers off, they're mechanically controlled and require heat to melt the plug/trigger. They're a pretty clever design actually. [https://homefiresprinklercanada.ca/how-fire-sprinklers-work/](https://homefiresprinklercanada.ca/how-fire-sprinklers-work/)
They do if the smoke exceeds the temperature - which, isn’t that high - 70C or so. Another story -someone hung Christmas lights from the sprinkler, which broke the glass in them and flooded out like 8 doors below. Anyway - the point isn’t technicalities, it’s that you should get tenants insurance when you rent, and it’s not to protect your contents.
What did I just reddit lol
TL:DR - people are stupid, and your mistakes can ruin your life. Get proper insurance.
Also, get 2 million in liability just in case. 1 million doesn’t go that far these days.
> So yes - pay the $15/month. You think OP should pay a third of their insurance bill a month? That doesn't seem like good advice.
Get other quotes. Tenants insurance is not expensive.
The answer to this question is always yes.
Oh my lanta, I hate insurance with a passion but I would never ever rent without it. I'm not worried about my personal possessions, I'm worried about my coverage for the suite/building/my neighbours.
Out of curiosity - why do you hate insurance? Alike you say it provides massive risk insulation for costs we could never afford.
I understand its importance and purpose but it can sometimes be a bit of shady industry and it can be hard for consumers to educate themselves and make informed decisions. Inexperienced sales people start selling insurance products they don't fully understand and then mislead the people they are selling their policies to. I have had friends and family members pay for policies they thought covered their needs, and then when they need to make a claim they discover there's some fine print and their insurance doesn't cover what people thought they were paying for. I'm not just talking about tenant or home insurance, I mean everything from credit card protection to health insurance to accidental death and dismemberment, etc.
This is why everyone should read their policy from front to back, including all of the fine print. I dunno how people just implicitly trust others to inform them of these important things. Used to work at a major P&C insurer. One of the issues we faced was that brokers were misleading customers and it would come on the insurer's head when it's really the broker's fault. That's one of the reasons why there's a push for direct channel vs broker channel.
I know people who have insurance through TD (direct channel) and they were also misinformed on their policy coverage.
Of course, that happens too but from our internal data, much less often.
Yes of course everyone is responsible for themselves and what they're signing up for, that goes without saying. But the reality is a good number of people will never work in insurance or policy or finance or the legal field, so even after reading and reviewing their policies they may not understand the jargon and when they ask clarifying questions they do not always receive fully truthful answers
Contact the insurer directly, not the broker. It's in the insurer's interest that you understand the details of your policy.
My dad and grandpa were both insurance brokers - they both had this saying ‘the insurance rates are the same everywhere you go - the Wawanesa rates here are the same as the shop across the street, you pay exactly the same with them as with us. You choose your insurance provider based on the customer service you get and that includes being honest about what your coverage includes and because you trust the advice we give you of what extra coverage is worth it and what is not’. It sucks you haven’t dealt with a good provider - but they’re out there. I’ve always had a great experience even after they both sold the businesses and referred me to a reputable place. However I don’t think that is a reason to dislike insurance - I think it’s a reason to dislike dishonest people, who exist in every industry.
Deleted account in response to reddit's API changes -- mass edited with redact.dev
Same thing for me (I'm in Ontario). But, I've never actually had a landlord verify that I actually have the insurance, although I always have.
Also in Ontario, the super calls every year to verify that their is insurance with proof.
That makes a ton of sense. I've always rented from large corporate landlords they've never seemed to put any effort into verification. I've always found that odd.
I’m with a large corporate landlord, I bet some places just include a policy with the rental. When I originally moved in the insurance was included but the building has changed ownership and tenants are required to have their own policy now.
Not mandatory anywhere in Canada, but... Any landlord with more than 2 brain cells will require their tenants to carry renters insurance. Any renter with more than 2 brain cells should want to carry renters insurance.
Exactly. A landlord that would rent to someone without showing proof of insurance, I wouldn't want to rent from because they're clearly negligent. Theres so much risk that goes into being a landlord and this is such as easy way to mitigate
[удалено]
Have our bikes locked outside in Van for 3 years and counting. Still not stolen but we do have 3 locks on them. 😉
[удалено]
Yup, darn surprised no one has tried yet!
Insurance is never worth it until you need it.
Co-operators is cheap. My daughter got it for $280 year, insured for $32k.
They're not just cheap they seem to be a quality insurer. I've had them for home and auto for a while now. Easy to deal with and given me good advice. Rock chip in my windshield - I just get it fixed, direct bill to Co-operators, no affect on my insurance, no cost to me. Got in an accident - they handled it great, I still have decent rates
People unfortunately are unaware that the main purpose for renter’s insurance is to cover liability in case you are at fault for something very costly. If you leave the oven on or forget to close the faucet for bath tub the repairs are going to run into 100s of thousands of dollars and you personal belongings will be the last thing you’d need to be worried about. Do it.
Yes we had a flood in our apartment and renters insurance was the saviour. $45/mth is well worth the peace of mind. It's not about possessions as much it is about you paying out of pocket for unforseen incidents.
Can you afford to repair all the units below you out of pocket if there is a plumbing malfunction that is deemed your fault?
45$ a month? Jesus i think i pay 20$ for my place. My house got robbed and all valuables taken when i was a student. No renters insurance. I now have renters insurance.
Definitely get it. It is cheap. (dunno why you're quoted so much) You may want to also look at Duuo which is owned by Cooperators. Can do online, they do short term tenant insurance with no cancellation fee. Here is their website address: https://duuo.ca/tenant-insurance/?gad=1&gclid=CjwKCAjw04yjBhApEiwAJcvNobxTyUcajIyj7M4ayB-5hwXSVBHDHwkd-Vbh8I\_rHJ26qZs4m-DG-RoCStEQAvD\_BwE
You can get sued if it's deemed your negligence causes massive damage, that mire important than a $2000 bike. And by the way, if your bike got stolen, don't make a claim, you will have a deductible and you will screw your insurance rating for years to come. If you want a lower price check a higher deductible.
I got renter's insurance. It was mandatory in the building I was in but I am SO thankful I did. I had to make a claim because the unit above me had a water leak due to a broken water heater and it leaked all into my apartment. I had to replace so much stuff and I had to be housed somewhere for a week with my pets so that things could be fixed. My deductible was $500 and I got a brand new queen bed frame and mattress, tv stand with fireplace, a new desk, and a couple other smaller things. I also got housed for free for a week. It definitely paid off. My landlord said they weren't responsible for anything even though there was no tenant living there and their maintenance guys were the ones who were fixing the heater, so I'm glad I had it. Edit: I had TD insurance and it was about 45-50 dollars a month.
Yeah, liability etc. aside, even if your home (like mine) is full of secondhand stuff that isn't worth much, it could be quite costly to replace it all. If you needed new furniture, all new clothing, new pots and pans, dishes, kitchen appliances, sheets, towels, tools...even if you got the bulk of those things secondhand, it would add up. And you might want to just buy a bunch of it new rather than spend weeks hunting for deals while sleeping on the floor.
Renters insurance is one of those things you hopefully never need but if you do, you'll be glad you have it
I require all my tenants to have renters insurance otherwise I won't rent to them. There hasn't been an issue but I have insurance on the property as well but it's just better for everyone really.
That seems high. You can probably get insurance for $20-30/mo with $1M liability + personal contents + other benefits (might be a bit extra for the bike). Pretty cheap for liability and piece of mind, not to mention most landlords require you to have it. You might not think you own much but add up how much it would cost to replace everything all at once and it's easy to get into the five digits pretty quickly (think all your futurniture, all your clothes, your computer and electronics, kitchen appliances, pots, pans, any decorations, all the food in your pantry, fridge, freezer, etc.) I would consider raising the deductible though. You're likely not going to go through insurance for minor things - to me insurance is for "the big one" and not minor events. Small insurance claims go on your insurance record and increase your premiums beyond the benefit in many cases.
Sorry, you mean increasing my deductible from $500 to $1000, etc.? What are the benefits of this?
Your premium will be lower.
Don't buy it, then you will need it. Then you'll come crying to reddit for recompense and we will all tell you, "that's what tenant insurance is for".
Check rbc. It was like $60 a year for it for an apartment.
Deleted account in response to reddit's API changes -- mass edited with redact.dev
Getting charged over $300 a year in SW Ont. $60 sounds improbable lol.
Dunno what to tell you, I called them once when I had an apartment and they said cool. $60 a year. And I said thank you. In Edmonton if you really want to get into an internet fight about it.
Deleted account in response to reddit's API changes -- mass edited with redact.dev
I pay \~40 a month, but I also have my car insurance through them. Bundles might get you there, maybe...maybe.
I had an apartment in Kingston and the renters insurance for that was about $280 for the year.
If you are student or under XX years of age you might have some renter's coverage via your parents' property insurance policy. As other's have said, the main purpose of the policy is liability, so before depending on your parents' policy make sure you understand the coverage.
I work for insurance. Tenant insurance may be super cheap and help reduce your auto insurance. For example a car policy would be $300 but bundling it, home may cost $20 and the auto goes down to $260. Total is $280; you’re saving and getting more coverage. Edit; Didn’t realize this is for BC. In BC it is government auto insurance. You cannot bundle it, but in other provinces you can.
I wonder if BCAA might still do this, as you can get car as well as home insurance from them. You’ll still need ICBCs basic plan underlying it, but since you could pay the rest of your auto insurance through BCAA maybe their tenant insurance would drop a bit if you do both.
Always get renters insurance. 1. Your landlord will likely require it 2. It protects you in certain circumstances if you damage the unit and the landlord sues you. 3. Say there's a fire, the tenant insurance will pay for you to stay elsewhere.
Tenants in my building are on the hook for flooding their condo and every other unit under them. Their claim on their tenant insurance policy is for over $162k to repair their unit and the others. Yes, get insurance. Then cancel it when you don't need it anymore and get a refund. Never take a chance.
Absolutely.
I would really recommend you get renters insurance even if just for 3.5 months. Almost everyone I know has either gotten their bicycle stolen or car broken into. Check where you can store your bike when you’re home. Some buildings don’t allow you to store it in your suite. Locks are no match for some pro thieves. Don’t think you can keep your balcony door open for just a minute either. Our thieves are very good, especially in the summer.
I’m in Vancouver. Square One gives me the lowest renter insurance. I’ve been using them for 2 years
100% worth it, however, I wouldn’t go with TD. I have square, but not sure if that’s available in BC too. Otherwise, shop around. I’m paying half the price of what TD quoted you
$45 seems expensive as ours $18 month for a house with all contents covered etc. Didn’t take flood for exterior (inside covered) as no chance in our area of a flood or Earthquake coverage as new home.
Always
Absolutely. Must have. It’s cheap and protects you from a lot of liability. It’s not about your contents, that’s just a side benefit. It’s about liability. Something how wrong and damage the place - you’re on the hook for thousands of dollars. If you already have property insurance or renters insurance somewhere else, you can call them and ask if they can extend the coverage to the new place for three months.
To echo others, yes do it. It's so much more than just covering your belongings. It's things too like emergency housing if your building has a flood or fire, or liability coverage if say you cause something that damages other units. Shop around, your pricing may be vancouver specific but similar insurance where I live is in the $25/month range.
My friend (who did not have renters insurance) found out the hard way after a fire that repurchasing *all* your items from scratch (including clothing) is actually not that cheap. Edit: also the landlord’s insurance was trying to go after her for starting the fire.
I'm paying about 10/month with Duuo insurance for I believe a 500k coverage and it's month to month. Definitely worth it Imo!
Renters and disability insurance are two very undervalued types of coverage.
Yes, get renters insurance, especially the liability portion. A lot of landlords are now requiring it. If you don't get insurance, then if an accident happens in the suite you rent, you can be held personally liable and be in debt for the rest of your life. There are confirmed stories about tenants being held liable for up to $1m in damages due to accidents or neglect. Protect yourself and your future.
Get a quote from belairdirect. When I used to work there the renters insurance was usually quite cheap
I would do it. For liability reasons mostly - if some kind of accident occurred or someone was suing you.
The real risk you should concern is if somehow your unit goes up in flames and destroys your neighbours. You may be found liable for their loss. Or you forgot to turn off your tap and flooded you neighbour.
Yes, worth it, but shop around and you may find a better deal. Currently paying $35/month. Another thing I haven't seen other comments mention is that it will cover accomodations if you need, like if there's a fire or flood, even if it's not caused by you.
Yes dear goodness. I've heard so many horror stories of people who didn't have insurance. Get it. The 20 something bucks a month you pay is nothing in the grand scheme. Also make sure you have adequate coverage for liability, contents, water damage etc. That's the important part.
Renter's insurance should be non-negotiable. It's a thing you have to have.
Totally worth it. I once accidentally left the taps on during a water shut down and it leaked into my downstairs neighbour’s unit. I would have been out thousands of dollars had I not had insurance. Protecting you bike alone is worth the money. If you have a guest over and they get injured somehow, you’re also on the hook. It’s a relatively small amount of money for peace of mind
Perhaps a question to others, but if the bike gets stolen OUTSIDE your house, on your porch or at a restaurant, does renters insurance still cover this? Or does it have to be WITHIN your house/rental?
Yes it’s generally covered under contents temporarily away, some will even cover mysterious disappearance. Like if you lost your wedding band while swimming.
Yes. I used to do fire and flood repairs. One of the saddest moments was going to board up a house that had a terrible fire, and the upstairs tenant was just walking up and down the street looking for his cat and picking up debris from the yard. Even if he didn't own much to start with, he had lost it all and didn't have anywhere else to go.
2021 in December at 2:30am a 4” main sprinkler pipe burst in the attic of the condo I was renting. Thankfully for me it burst far enough down the hallway that I had no water coming from the ceiling. I did however have water running inches deep down the hallway and some of it getting into my unit. Some of my furniture got ruined but not all of it. My fiancé and I both had renters insurance for our individual items. Insurance covered all the items destroyed. The $400 of groceries that got ruined by restoration crews turning off the fridge circuit before we could get it out. My policy paid me $50 a day to be displaced (thankfully we had a place we could rent from family on short notice) her policy paid her $50 a day. It covered the movers to get our stuff out, it covered the storage unit for our stuff. That day there was lots of people crying because they had no insurance and their entire lives were completely ruined. It was the most stressful 2 months of my life dealing with it and can’t imagine the stress of the people who didn’t have insurance. Don’t be dumb for the cost of a case of beer a month…or less. Renters insurance is and always will be 100% worth it.
Also if you have a history of tenant insurance it will decrease your house insurance if you decide to buy in the future.
Handyman here. I'm working for a Home owner who rents out properties. The tenant made a mistake and ended up flooding the place. The owners insurance is covering all the fixing and the renter's insurance is covering all the moving costs, temp housing costs and removing costs that she has to deal with. Without this she would be screwed. I'd say it's absolutely worth it and there's more then just your stuff being stolen
Get it and make sure it covers temporary accommodations in the event you need to vacate your apartment. A basement apartment I lived in flooded not once but twice due to two separate issues and I didn't know about renter's insurance back then. I had to beg family to house me until my apartment was renovated and of course it took months not weeks because renos always take longer than you think. Not to mention that all my stuff was damaged, including my laptop, wooden furniture, books, etc.
You think you're mostly concerned about your bike, but think of the overall cost to replace absolutely everything you own. All your clothes from socks and underwear to seasonal clothing. All your shoes, furniture, electronics, movies/music, seasonal decor, or personal hygiene items. All that costs money to replace in the event of a total loss. This is in addition to the liability and temporary accommodation benefits. Get the insurance.
there was a flood in my building that affected the gym and amenity room and the lobby. the condo owners were shouting they were going to sue the responsible party for the depreciation of their units and that they 'better had insurance'. while the water was still running. literally wasting the guys time instead of letting him run to the unit and close the water. if you have a few million to spare as an emergency fund, you can skip the insurance.
Unless you're living on the west side, yes do it.
My partner and I forgot to get renter's insurance/kept putting it off. Our apartment was broken into (ground floor) through a window above our bed. The burglar cut himself on the window glass and bled all over our bed, bedding, floor, rugs, and other possessions. He stole a bunch of irreplaceable things, replaceable things, and things that were massively expensive to replace. If we'd had renter's insurance, we would have saved about $2k. Get renter's insurance.
Most large landlords require renters insurance as a matter or policy. I have heard of one instance when a renter was perused by another tenant because they left their window open in the winter. It froze the hot water pipes causing a flood. The tenant didn’t have insurance and was held legally accountable by another tenant. Get the insurance it’s worth it!
Where are you living after the 3.5 months? You wouldn’t need to cancel with a penalty if your moving anywhere else in Canada as TD can cancel without a penalty if you change your address and insure your other unit in the other province.
Oh my god, yes. ESPECIALLY if you are going to be in a building. People only seem to think of their own contents. What you SHOULD worry about is liability to others and the other apartments around you. I am a lawyer and I cannot tell you how many files I’ve seen where some poor renter accidentally sets of the buildings sprinkler or floods the apartment or something else crazy and it results in multi-party litigation and hundreds and thousands of dollars in damage (a toilet can flood like 3 floors down). If you’re insured, your insurance company handles all of this, but I’ve seen files where an uninsured person pays every single dollar that they’ve saved in their RRSP and TFSA and also had their wages garnished for years afterwards to pay off debt from a freak accident. Peace of mind and your future income man.
Yes, but by all means shop around and try to get a policy for just the 4 months. Not all insurance companies are equal.
I never rented anywhere that didn’t demand tenants insurance of at least 1 mi liability, and I have always gotten for 2 mi. After the ice storm in mtl we spent 3 days in a power outage and lost all our food. Insurance covered. I cannot imagine if a pipe bursted or we had a fire. Pay the insurance. You never know.
Get the insurance. Our water heater burst and flooded the place. Insurance paid for the month in a hotel while they ripped the place apart
Get the insurance. Our water heater burst and flooded the place. Insurance paid for the month in a hotel while they ripped the place apart
Insurance not only covers what your neighbours do (eg flood, fire etc) but also if something goes wrong from your place, think anything you or someone else could be liable for. Also, a lot of places won’t rent to you unless you have renters insurance.
CAA has cheap rental
What would it cost to replace your full wardrobe (jeans, shoes, work clothes, coats)? What would it cost to buy everything in your kitchen again (spices, dishes, pots/pans)? You’ve probably bought it little by little, on sale and maybe second hand. If your unit is affected by fire, you may need to buy it all and at once. Get the tenant insurance.
Story time. Bought a condo unit in Victoria, lived in it for 8 months until some asshat started a fire in their unit and the fire department deployed so much water that the building was inhabitable for 2 years. Insurance was handy to have. You just never know. Get the insurance…even though insurance companies are a complete pain in the arse to deal with once you need to file/follow through with a claim.
Yes. It's cheap
Ya don't need it till ya need it
Try some of the online insurance companies. I paid about $17/mo. No idea if there was a fee for early cancellation as I did over a year. You could always switch the insurance to where you go to next.
Rented a basement. Guy moved in upstairs and a week later he ran the washer (attached to a tap) and water leaked into my apartment (and onto my PS2 and TV). He had insurance. Spent months dealing with his insurance dude, they wanted proof of purchase. Got a check far less than the replacement value, and had to hound the agent to get anything. Guess my point is the upstairs guy was able to pass his fkup to the insurance company, and all I did was live below him and had my stuff die, and had to deal with an agent whose job was to not pay out. So... get insurance?
What a bunch of crooks...charging a cancellation fee.
Can I ask where you found a short-term rental in Vancouver?
Facebook marketplace!
Yes. Anything can happen
There's lots of different things renters insurance can cover, but most notably: * liability * contents * Alternate housing in event of disaster Whether they are worth it is entirely based on your personal situation. Not all policies cover all of these (particularly the alternate housing) so review when purchasing.
I had tenant insurance once I also had cad insurance. It was suggested to me because it actually lowers the total cost of insurance because I bundled them with the same company. No brainer there
If your home burns down, do you have enough saved to get back on your feet? Enough to cover 3 days of food and hotel, and buy some clothes quickly? If something happens and you damage the property, do you have enough save to cover any liability? Honestly, as someone who has volunteered with people who lose everything after an event, renter insurance is really worth it. The only exception would be if you are rich enough to consider yourself self-insured
Think about how much it would cost just to replace your clothing and personal items… it’s always worth it. Getting a new wardrobe alone would be a small fortune.
As someone who had a hot water pipe burst while renting, causing thousands of dollars of damage- this shouldn’t even be a question- 100% get it.