6 Things Every Renter Needs to Know About Renters Insurance

January 1, 2018 4 min read
Things Every Renter Needs to Know About Renters Insurance

While renting comes with some great perks — like price, flexibility, and a landlord that takes care of building maintenance — properly insuring your space can be a bit confusing. If you’re wondering what’s covered, how liability coverage works or what happens if you need to relocate, read on! Here’s a list of six key things you should know about renters insurance.

1. Your renters insurance policy covers more than you think. 

Most people buy renters insurance to help cover the cost of replacing their personal belongings in the event of a break-in, fire, or flood. A lesser known, but equally important, feature of typical renters insurance is third party liability coverage. This helps protect you if you’re ever found responsible for damages to your space or if someone is injured at your home. This coverage goes where you go, so you’re covered at home and away.

2. If your policy covers third party liability, it covers any damage to your landlord’s property. 

If your kid flushes your new watch down the toilet, that’s one thing. If they throw a ball through the window of the condo you’re renting, that’s a whole other can of worms. You could be held legally responsible if anyone in your household — including your kids, pets or partner — damages your landlord’s property. Third party liability coverage can help you pay for legal fees or necessary repairs.

3. You can be compensated if you’re forced to relocate. 

Fires, burst water pipes and natural disasters can make your rental property unlivable. Most policies will reimburse your living expenses, up to a certain amount, if you have to relocate while your suite or building is undergoing major repairs or renovations. Living expenses will cover all the costs that come with finding a new place to live, including meals!

4. You can determine how much coverage you need prior to buying your policy. 

One of the hardest things to figure out when choosing a policy, is how much coverage you need. This is largely because you need to assign a dollar amount to all of your stuff. While adding up big ticket items like electronics and sports equipment can be simple, deciding how much your clothes or art supplies are worth can be more of a challenge. You can simplify the process by using MIG’s Renters Insurance Coverage Calculator to help figure out what your possessions are worth.

5. It doesn’t cost a lot. 

Many people go without insurance because they’re worried about how much it will cost, but renters insurance is surprisingly affordable for the coverage you receive. An average policy with contents and liability coverage can cost as little as $20 a month, or roughly less than $250 a year. While this number can vary slightly based on where you’re renting and the value of your belongings, it’s a small investment for financial peace-of-mind if the worst should happen. For more information, check out our The Real Cost of Renters Insurance infographic.

6. You can buy it online in less than 5 minutes. 

Buying insurance doesn’t have to be a headache. From groceries to furniture, you can buy almost anything online these days — and insurance isn’t any different. With MIG’s Buy Online option you can get a quote and purchase the right policy for your needs in just a few minutes. You’re covered immediately and all of your policy documents are sent directly to your inbox.

There’s a lot of information out there about renters insurance and it can be overwhelming when you’re just trying to understand the basics. The important thing to know is that the average policy will protect your things, yourself and your lifestyle should an unfortunate event happen. Visit our product page to learn about MIG’s simple, buyer friendly renters insurance, or to get a quote, click here to get started now.

Written by

Alex Harms is part of our marketing team at MIG Insurance and she specializes in writing content to make insurance easier to understand for our clients. She obtained her Bachelors in Commerce (Hons.) at the Asper School of Business and worked with MIG as a broker during her studies and now fulltime in a Marketing & Operations role. She has taken on many tasks her at MIG but enjoys the challenge. Outside of work she enjoys spending time with her family as well as her dog Murphy, out at the lake which is their favourite spot!