Tenants’ insurance is an important aspect of renting. Tenants’ insurance protects you if there is a fire, flood, and/or robbery in your home. It should also cover the cost to replace your belongings and provide financial support to you and your family if you are not able to live in your home after the disaster due to damages in the home. It is also provides coverage for any property damage or bodily injury where you might be negligent or the one that caused the issue.
There are many different tenant insurance policies, premiums and variables when looking into any type of insurance. Here is a list of questions you should ask when meeting with an insurance broker:
- What am I covered for?
- Contents coverage? – how much?
- Legal liability? – how much?
- Additional Living Expenses if I cannot stay in my place due to damages? – how much?
- How much is the deductible?
- Can I increase or decrease my deductible during the term of the insurance?
- What should i do to ensure that i have proof of all my contents?
- Take pictures?
- Keep receipts?
- What do I do in case I need to make a claim? Who do I contact?
The monthly cost of your tenant insurance policy will depend on the answers to these above questions. The range can be anywhere from $15-$50/month. Tenants’ insurance is available through most insurance companies and brokers. The best way to find a provider is to simply type in ‘tenant insurance Winnipeg’ into google and you’ll have a list of companies to choose from.
For more information about how to rent a place in Manitoba you can also check out the New Journey Housing booklet HERE