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Why You Need Renters Insurance

June 1, 2017

We all know that insurance is a grudge purchase because of its intangibility, but you don’t realize how valuable it is until you actually need to use it.  Renters insurance is just important but somewhat forgotten by many people; many renters fail to purchase insurance.  It is estimated that 50% of Canadian renters don’t have a policy to cover them if an accident occurs.  The good news is renters insurance won’t break the bank; that being said, not carrying coverage is an unnecessary risk.  We will dispel some of the top myths about renters insurance.

My landlord has insurance so I am covered.

While your landlord will have insurance coverage

The upgrades I have made are part of the building so they are covered.


I don’t have many material things - I don’t need insurance.

It is easy to think that your possessions may not present a significant loss for you, but take an inventory of all your possessions and see how fast it adds up.  Even if you just had a phone and MacBook that were lost in a fire, a renters insurance policy will prove it’s worth multiple times over.

I'm very careful - I don’t need insurance.

Accidents happen to everyone,

Dog lover? Even the nicest dogs can have a moment of primal instinct; whether

I am buddy-buddy with my landlord, they will look after me if I have to vacate my apartment.

Your landlord isn’t responsible for paying living expenses while their tenants are displaced from their property if an insurance claim is being settled or repairs are being made. Your insurance policy will pay for living expenses for the time that you are not able to live at your insured property. You can see how quickly this could add up.  

Renters insurance is a simple, easy, and clear way for renters to achieve peace of mind and protect themselves and their possessions.

Get a quote and buy Renters Insurance online today.

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MIG Insurance