Do I Need Renters Insurance in Manitoba?
You just moved out of your parents’ house, and you do not own your own place yet. Awesome right! Feels amazing to be on your own. I mean, you no longer your have parents telling you what to do anymore… but wait. They keep telling me I need insurance. Doesn’t my property owner have that for the whole building if something happens. WRONG. Sorry to say guys but your parents are 100% right in this scenario.
What is Tenant's Insurance?
Tenant insurance assures that you are protected against the damage or loss of your personal property when you rent an apartment, house, or condominium. Your landlord will have insurance that protects the building itself, but this insurance WILL NOT cover your personal contents or belongings.
Tenant’s insurance protects you in the event of:
Accidental damage to the property you are renting
Any unintentional bodily injury to others that occurs at your rental
Damage or theft to your belongings worldwide
Any damage you inadvertently cause to your building or to surrounding units
The cost of alternative living arrangements if you cannot live in your rental because of a claim
What Does Tenant's Insurance Cover?
Tenant’s insurance includes Contents Coverage, Personal Liability Coverage, and funding for additional living expenses.
Contents Coverage: Use the money from your Contents Coverage to replace your belongings if it gets damaged or stolen.
Personal Liability Coverage: If you were negligent and that negligence resulted in losses for yourself or others in your unit or building, Personal Liability Coverage would protect you against any lawsuits filed.
Additional Living Expenses: Coverage for Additional Living Expenses gives you access to financial resources that you can use if you are unable to stay in your rental property due to an insured loss, like a fire.
SCENARIO 1- WITHOUT INSURANCE
The whole building goes up in smoke and is a total loss; you do not have tenant’s insurance. In this scenario, you may turn to the landlord’s insurance but would likely end up in a court dispute. This will leave you with zero coverage, legal fees and you will be left to replace your contents and personal belongings. On top of that, you will be required to find your own alternative living arrangements and incur the cost of this yourself. The insurance company will not help or assist whatsoever. This is NOT something you want to have to deal with.
SCENARIO 2 – WITH INSURANCE
Building up in smoke, total loss BUT you have insurance. In this scenario, tenant insurance will cover virtually all your belongings. Most policies provide coverage for electronics, small appliances, sporting equipment, furniture, clothing, glassware, makeup etc. AND you will not be left to incur the cost of alternative living arrangements due to a claim that has forced you out of your rented home.
What is the difference between Tenants Insurance and Renters Insurance?
Absolutely nothing. They are the same thing, simply different wording.
Renters are responsible for harm caused to the apartment and others who live there or visit. If someone slips and falls in your apartment you may be financially responsible for the cost of the injured individual’s pain, suffering and medical expenses. Your tenant insurance policy helps to protect if someone sues for accidental or unintentional injury in your rented apartment, house, or condominium.
Did you know, close to 2/3’s of those that rent in Manitoba DO NOT have insurance. AND it is common for a landlord to require you to have tenant’s insurance.
Only 43% of renters nationwide have insurance.
How Much is Tenants Insurance in Manitoba?
You can purchase tenant’s insurance for as little as $15.00/month, depending on your policy limits and add-ons.
Things to consider if you are looking to purchase tenants’ insurance.
Content Limits – this is the maximum financial support you would receive if your property were to be damaged or stolen. Pick a limit that will help you replace your belongings, and not leave you in a position to be at a monetary loss due to the claim. Our suggestion. Just do a quick walk around your apartment and take a mental note of your belongings and consider add in additional living expenses in the event of a claim. That should be the magic number for Content Limits.
$1800-bedroom furniture and linens
$1000-Makeup (yes, we cover makeup )
$2500-computer, TV, electronics
$4000 – kitchen and other furniture/small appliances