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.
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.
