Tenant Insurance

Renting in Ontario is not without its risks, which is why tenant insurance is vital. While the province doesn’t mandate tenant insurance, your landlord almost certainly will.

The exterior of your rental unit, including communal spaces, falls under the umbrella of your landlord’s insurance. However, everything inside of your unit is excluded, leaving you vulnerable should your belongings become damaged or go missing.

Ron Johnston works with renters across Ontario, providing the top insurance products at affordable price points. Working closely with one of our experienced brokers, you can customize a bespoke tenant insurance policy to meet your individual needs.

To be approved for coverage under the contents insurance portion of your tenant protection, the type of damage must be included in your policy.

What Does Tenant Insurance Cover?

Whether renting or buying, home is home, and the Ron Johnston Insurance team understands how important it is to protect your home. Tenant insurance is designed to safeguard you from financial complications related to property damage, loss of belongings, or liability issues.

There are two main types of renter insurance policies – a standard policy and an extended policy.

Standard Tenant and Contents Insurance Coverage

Standard protection applies to any damage due to fire, wind, lightning, explosion, smoke, theft, or vandalism. It applies to:

• Contents Insurance: Standard coverage on a rented dwelling protects your belongings. From electronics to clothing to books, content insurance keeps you from paying to replace or repair the items you love.

  To ensure your belongings are safe and accounted for, we often recommend renters create an inventory list. It is also useful to consult with your insurance broker to determine that all your belongings are covered in full value. Some belongings, such as antiques, heirlooms, and artwork may require specialized appreciation and need extended coverage for full protection.

• Liability Coverage: As with most home insurance products, tenant insurance is not without some form of liability protection. Whether a cleaner slips and falls in your apartment, or a delivery person is bitten by your dog, liability protection ensures you are not held financially responsible.

Liability coverage covers the replacement of a third-party’s property, medical bills, and other damage incurred on your rented property.

Alternative Living Arrangements: During displacement caused by property damage, your tenant insurance pays for costs above your normal rent. If forced to move permanently, this protection will last until the time specified in your policy, or up until the amount specified.

Extended Tenant Insurance

On top of your standard tenant insurance, you can add extended coverage options to protect against unspecified perils. Depending on your location and type of rental, you may want to include protection, such as:

• Water Damage – If a pipe bursts, standard insurance is unlikely to cover water damage to your unit. An extended policy can protect you.
• Sewer – Depending on where the sewer issue originates, you may need sewer protection if a line backs up into your home and your belongings are damaged.
• Earthquake – While earthquakes are rare in Canada, they can happen. Earthquakes are not covered under the basic perils outlined in a tenant and content insurance policy.
• Flood – If you live in a high rise, a flood may not impact your life. If you rent a duplex near a lake, heavy rain could cause water to leak into your basement and damage your belongings.
• Home Business – A home business means extra contents to cover, which are not included in a general tenant policy. Speak to our brokers about business insurance.

Ron Johnston Insurance brokers have access to the best insurance products on the market. If you’re unsure which extended options are best suited to your rental and lifestyle, we can help.