Renter’s Insurance

"In Mississauga, many tenants trust the experienced brokers at Able Elite Team to find them the best renter’s insurance quotes. If you are unsure what specific coverages are best for your particular situation, we will also happily advise."

For many people in Mississauga, renting housing is becoming an increasingly appealing option over owning a home. Real estate has been a sellers’ market for a while, making a home purchase not as attractive an investment as it once was. One of the benefits of renting is that it is cheaper. But of all the costs you can avoid by choosing tenancy over homeownership, insurance shouldn’t be one of them.

If you are renting a condo, apartment, or a house in the suburbs, you will need renter’s insurance just as a homeowner would need home insurance. Otherwise known as tenant insurance, renter’s insurance covers personal belongings you keep in your rented property. It also covers your personal liability for injuries or damage to property that your visitors may suffer while on the property.

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Buying Renter’s Insurance Is More Important Than Many Tenants Realize

Despite its importance, many tenants do not even know renter’s insurance exists. Many of those that do either think it’s too expensive or they just don’t see its value and, thus, don’t prioritize it. Others are of the mistaken belief that the landlord’s home insurance policy also covers their belongings.

To be clear, the landlord’s insurance policy only covers the actual building structure, its fittings, outbuildings, and any belongings they keep on the property. And even with that said, if you are found to be at fault for any damage to the actual building and the landlord’s property, their insurance company can sue you and claim that you cover the cost of the damage and any associated liability. You would avoid such headaches if you had your own insurance.

Other situations where your tenant insurance policy would pay out include additional living expenses if you were forced to seek alternative accommodation in the event your rented property became unlivable. It is also worth reiterating that your renter’s insurance will also cover civil liability claims that can be made against you if someone got injured while on the property.

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Renter’s Insurance Can Be Quite Affordable

Contrary to popular belief, tenant insurance is generally quite affordable. More so when you set it against the potential loss you would suffer if your property was destroyed in a fire or similarly destructive disaster. That said, the amount you will pay in premiums depends on quite a few factors. For the same factors, renter’s insurance policies don’t usually have the same terms and coverages.

It is advisable to know beforehand what specific coverages you wish for your insurance policy. All-risks insurance policies will be the most comprehensive as they cover your belongings against all known risks, except for explicitly stated exclusions. Just as important is to make sure that your policy has personal liability cover for injuries and damage to property other people may suffer while on your rented property.

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The total cost of your renter’s insurance policy is a factor of the amount of coverage you seek.

Another important coverage to consider is for additional expenses if a situation at your rented apartment forced you to seek temporary accommodation or even a permanent move. Where coverage for your belongings is concerned, insurers have different terms on whether they will pay the replacement cost or the actual cash value of the items at the time they were damaged or lost.

When all is considered, the total cost of your renter’s insurance policy is a factor of the amount of coverage you seek. Typically, tenants’ insurance policies also come with exclusions. To avoid the shock of rejected claims, ask your insurer what specific risks the policy will exclude coverage for.

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Where To Buy Tenant Insurance In Mississauga

In Mississauga, many tenants trust the experienced brokers at Able Elite Team to find them the best renter’s insurance quotes. If you are unsure what specific coverages are best for your particular situation, we will also happily advise.

Able Elite Team is a leading insurance brokerage in Mississauga. We work with Canada’s leading insurers and will find you the renter’s insurance policy with the best coverage for your property and any personal liability claims that may be made against you. Contact us for the lowest quotes in town.

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