Bring the right rental coverage home
Whether you rent an apartment, townhome or a house, tenant insurance can help cover the things you love. With our advice, we’ll help you get the ideal coverage for your belongings, liability and more.
UNDERSTANDING THE TENANT ESSENTIALS
The coverage that renters care about
Many renters think they are covered by their landlord’s insurance. But this is simply not the case. As a renter, you need tenant insurance to protect yourself and your personal belongings. In fact, many landlords require it. Coverage for renters typically includes the following:
Personal property
This provides protection for losses or damage to personal belongings in your rental unit like furniture, electronics, appliances, or clothing when there’s an incident such as a fire or theft.
Personal liability
This coverage provides protection for the costs of a lawsuit if you accidentally cause damage to your landlord or neighbour’s property, or if someone is injured while visiting your rental unit.
Additional living expenses
If you’re unable to live in your rental while it is being repaired, this coverage can provide financial assistance for accommodations such as a hotel or another rental unit.
Water damage coverage
If a burst pipe or appliance leak caused water damage to your belongings, this can help cover your costs.
Replacement cost coverage
This restores damaged or lost possessions to their original condition or helps you purchase comparable replacements. Depreciation is not included when calculating the payout.
Guest medical protection
If a guest is injured in your rental suite, this coverage can help cover reasonable medical expenses.
ADDED PEACE OF MIND
Consider these additional coverage options
There are two optional coverages available to renters that cover specific causes of damage.
Earthquake coverage
The optional coverage is recommended for those who live in earthquake-prone areas. If there is an earthquake, it covers the costs of replacing or restoring your damaged personal property.
Sewer backup coverage
For those living on lower floors, this optional coverage can pay for damages caused by backup of water through sewers and drains. If you live on a higher floor, this may not be a concern.
NAVACORD ADVANTAGE
The benefits of choosing Navacord for tenant coverage
Navacord helps renters across Canada select the right tenant insurance policy with confidence.
Partnering with Canada’s leading insurers, Navacord provides tenant insurance with variable limits, deductibles, and optional add-ons to suit your needs.
Our tenant insurance experts are available to answer any questions you have and recommend the right policy for where you live.
If you need to make a claim, our in-house claims team can support you at every step. We’ll work to resolve your claim as efficiently and fairly as possible.
Learn from our tenant insurance experts
Your landlord’s insurance will not cover your personal property you brought into the home nor would it cover those additional expenses should you be faced with being forced out of your home due to a mass evacuation or loss. Your comprehensive tenant insurance policy is personal to protecting you.
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FAQs for today's tenants
The cost of your tenant insurance depends on the location, age and type of the building you live in, as well as the distance to the nearest fire hydrant and fire station. The price is also based on your personal details like your insurance and claims history, along with the replacement value of your personal belongings. The specifics of your coverage such as the deductible, policy limit and any additional coverages you choose will also impact the cost of your tenant insurance.
Tenant insurance isn’t legally required in Canada, but many landlords today require it as a condition of your rental agreement, and they may request a copy of your policy. While your landlord’s insurance covers the building and their property, tenant insurance protects your personal belongings, such as your furniture, electronics, bike, and clothing. It can also provide liability coverage if you accidentally injure someone or damage their property.
Tenant insurance covers damages from accidental and unexpected incidents such as theft, vandalism, fire/smoke, hail or wind, and the impact of a vehicle or fallen tree. Special endorsements may be available and must be added to cover damage caused by an earthquake, sewer backup, and overland water (flooding).
General wear and tear as well as regular maintenance are not covered by tenant insurance. Damage that occurs naturally over time such as rust or corrosion, mould, slow seepage and leaks is also not covered. Similarly, damage caused by negligence or by insects and animals is not covered as well.
Tenant insurance will typically cover your family members. However, it does not automatically extend to your roommates. We recommend every roommate has their own tenant insurance policy because if your roommate files a claim, it could affect your future premiums.
