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Why do I need insurance if I am a tenant?

If the decision to insure the building is the owner’s, then the decision to protect yourself and insure your belongings with home insurance is yours.


Home insurance for tenants allows you to protect your belongings or protect yourself against having to pay compensation to third parties in the event of a loss. Tenants’ insurance is not mandatory but it would be risky to go without.

Type of coverage

Specified risks

You question the relevance of buying insurance because:

  • You have a limited budget
  • You only have old furniture
  • You have few valuables

Choose specified risk coverage. It will provide protection at a lower cost, and will cover the insurable risks identified on the policy, such as fire and theft.

All perils

You want complete coverage in the event of a loss because:

  • You have high-quality furniture and appliances
  • You own many valuables
  • You are erratic and clumsy

Choose all perils coverage. It will provide protection against most unforeseeable (accidental and sudden) events that may cause damage to your belongings. These events include: fire, theft, vandalism and certain types of water damage (broken pipes or dishwasher overflow). This type of insurance also protects you in the event of accidental breakage, such as water spilled on a computer, or mysterious loss, such as lost baggage while traveling. However, regular wear and tear and gradual damage are not covered.

Liability insurance

By taking out home insurance, you also benefit from liability insurance to protect you against involuntary bodily and material damages to a third party. As a tenant, you are legally liable for damages to your dwelling as well as for the safety of your visitors. Despite taking precautions, mishaps can still happen. You forgot to turn off the water and your neighbour’s apartment is flooded…your dog bit the mail carrier. If you are held liable for the loss, your insurance company will compensate the concerned parties and/or your landlord. If you don’t have this type of insurance, you will be responsible for paying compensation. Do you have enough money?

Risk protection

As an insured, you will also have risk protection that covers living expenses that will allow you to be relocated if your dwelling is subject to a covered loss and becomes uninhabitable. This protection also covers additional expenses you may incur, such as food and travel, in the event you suffer a loss.

Home insurance for tenants is essential!

With either type of insurance, you will have coverage for your belongings and liability at all times, any where in the world. You are covered if you lose your baggage or if you leave a candle unattended, causing a fire in a hotel room. The cost of coverage will depend on the particulars of your policy. Some losses will be fully covered, others will be partially covered. It is important to note that you will likely have to pay a deductible when filing a claim. The important thing to remember is to choose the best insurance coverage for you, the coverage that will meet your needs and allow you to forget about life’s unexpected events and sleep at night.

Looking for advice?

Your home is a big investment for you. Whether you own a house or a condo, one of our advisors can help you find the right home insurance for your needs.

Contact an advisor

Tools and advice

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  • Buying a Home | iA Financial Group
  • Clear snow off your property to reduce the risks of damage
  • Home insurance: the impact of work from home, school at home and renovations
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