House insurance (cheapest?)

[mattjp1]

Hi everyone,

The property management where I'm moving-in asked me to pay for the house insurance.

I am surprised as other people I know do not pay it (landlord does).

Anyway, I am a bit lost between all insurance offers. Would someone know which company offers the cheapest rate?

Thanks
Mat

 

[scylla]

Hi everyone,

The property management where I'm moving-in asked me to pay for the house insurance.

I am surprised as other people I know do not pay it (landlord does).

Anyway, I am a bit lost between all insurance offers. Would someone know which company offers the cheapest rate?

Thanks
Mat

If you are renting, it's very strongly recommended that you get tenant insurance to cover your personal belongings and cover yourself from a liability perspective. Maybe that's what the landlord is referring to?

The landlord pays home insurance - this is different than tenant insurance. I would verify what you are being asked to pay.

 

[bimale4bipeople]

Hi everyone,

The property management where I'm moving-in asked me to pay for the house insurance.

I am surprised as other people I know do not pay it (landlord does).

Anyway, I am a bit lost between all insurance offers. Would someone know which company offers the cheapest rate?

Thanks
Mat

Sent you an DM for insurance agent..

 

[canuck78]

Tenant insurance should be quite low in cost but always a very good idea. It will protect you if there is a flood or fire in your apartment or the surrounding units and usually pays for hotel accommodation if you need to leave your apartment due to a problem in your unit. Good landlords insist on it to protect their tenants.

 

[NetMecca]

Try Desjardin. They have fairly low rates. Remember when it comes to handling claims you get what you pay for and the difference in premium is often not worth the headaches when a claim should happen. I am with Intact.

 

[Jakev]

Hi everyone,

The property management where I'm moving-in asked me to pay for the house insurance.

I am surprised as other people I know do not pay it (landlord does).

Anyway, I am a bit lost between all insurance offers. Would someone know which company offers the cheapest rate?

Thanks
Mat

Square One- hardly 15 bucks per month

 

[links18]

Read your policy thoroughly. Cheapest might not be the best. Some policies deny benefits if you leave for four days and don't have someone check you premises daily. Hardly anyone realizes this until they have a claim denied and realize they have been paying premiums for nothing.

 

[mattjp1]

If you are renting, it's very strongly recommended that you get tenant insurance to cover your personal belongings and cover yourself from a liability perspective. Maybe that's what the landlord is referring to?

Thank you. Yes I checked and apparently we are only required to have an insurance for our personal belongings.

I appreciate the landlord's attention, honestly I was not aware of it, but how is that compulsory? Tenants should be the ones to decide whether they want their personal belongings to be covered or not?

 

[mattjp1]

OK so I am required to get an insurance for my personal belongings only. Landlord is already covered for events like a fire, floods etc.. but does this over the landlord only, or let's say there is fire, my belongings were burnt, do I get reimbursed or the landlord only gets reimbursed for the damages to his buildings?

In this case, I suspect I have to get an insurance to cover my belongings for all kind of events, also including floods, fire, theft etc..?

Just trying to understand how it works, so I don't "double cover" my items if not necessary. Anyway I am a new comer and don't have much to insure.

 

[scylla]

Thank you. Yes I checked and apparently we are only required to have an insurance for our personal belongings.

I appreciate the landlord's attention, honestly I was not aware of it, but how is that compulsory? Tenants should be the ones to decide whether they want their personal belongings to be covered or not?

It's an absolutely horrible idea to go without tenant insurance. This means NONE of your personal belongings are covered at all (this includes furniture, clothes, computers, everything). If there's a fire or a flood or someone breaks in and takes your stuff - you're not covered AT ALL. Your landlord's insurance only covers the physical property - nothing you own is at all covered by the landlord's insurance. Consider what would happen if you lost absolutely every single thing you own in a fire. Where would you be if none of that's covered? How easily could you recover?

It's not that expensive to get the coverage. Please just do it.

 

[scylla]

Just trying to understand how it works, so I don't "double cover" my items if not necessary. Anyway I am a new comer and don't have much to insure.

There's no 'double coverage'. Either you purchase tenant insurance or you're not covered at all.

 

[mattjp1]

It's an absolutely horrible idea to go without tenant insurance. This means NONE of your personal belongings are covered at all (this includes furniture, clothes, computers, everything). If there's a fire or a flood or someone breaks in and takes your stuff - you're not covered AT ALL. Your landlord's insurance only covers the physical property - nothing you own is at all covered by the landlord's insurance. Consider what would happen if you lost absolutely every single thing you own in a fire. Where would you be if none of that's covered? How easily could you recover?

It's not that expensive to get the coverage. Please just do it.

I certainly agree, though I still believe it should be up to the tenant to decide whether they want to have their personal effects insured or not.

Thanks all - I didn't know what to check but I'll focus on the "personal effects" part of the quote.

 

[canuck78]

The landlord can require it in their lease. If something happens tenants usually turn to the landlord expecting the landlord to put them up in alternate accommodation, replace items, etc. Many are unaware that they need insurance. If you don't want to get insurance you can rent with someone else.

 

[scylla]

I certainly agree, though I still believe it should be up to the tenant to decide whether they want to have their personal effects insured or not.

Landlords have the right to require tenant insurance as part of the conditions of the lease.

 

[fsarosh]

I myself works as an insurance professional. Let me clarify one thing here. Your landlord will have their own insurance and you will have your own. There will be no overlap between the two policies as the landlord's policy will cover him and your policy will cover you. An example: If there is theft in your apartment and you loose your personal stuff, your landlord's policy has nothing to do with it. Similarly, if there is any damage to the elevator, storage area, lobby in your apartment building then you and your policy has nothing to do with it.
Your policy as a tenant will mainly cover you for the following:
1- Your personal contents (example: furniture, clothing, electronics and jewelry (check your company if they have a special limit for jewelry)
2- Additional Living Expenses: If there is loss/damage in your unit and you are unable to live in it for a short period and move out somewhere temporarily, then it will cover that expenses like hotels, temporary rental location etc.
3- Liability: If there is a loss to any person or any neighboring units because of your fault and they sues you for their damage then your liability coverage will protect you for that.
I am sure the above will clarify what is covered.
Please note that this is not a legal or official opinion and insurance rules/laws varies from province to province and with different companies.

With regards to the best company, visit www.kanetix.ca because they deals with multiple insurance companies at the same time and they will connect you with the best company offering the best rate.