According to a recent survey of MTL Blog readers, 65% (1,530) of 2,351 respondents said that they did not have renters insurance. This means that nearly two thirds of the survey takers are not covered against common risks like theft and fire.
Statistics Canada reported that, in 2019 alone, there were 6,979 incidents of breaking and entering in Montreal. Thousands of people lose valuables and important possessions to burglary each year and, without the right protection, these break-ins can be very costly.
Despite what some renters believe, you're not necessarily protected just because the owner of the property you're renting has insurance. That's because each unit or address must have its own home insurance policy, so the renter needs tenant insurance and the landlord needs home or business insurance.
Luckily, there are a number of ways you can protect yourself. Created by the joint forces of La Capitale and SSQ Insurance, Beneva offers excellent and affordable tenant insurance coverage for as little as $15 per month. This covers both your personal belongings and work equipment, like your furniture, appliances, clothing, electronics, computer, bike and more.
Beneva's tenant insurance also covers liability* for any bodily injury or property damage you may unintentionally cause to others. Renters get to take advantage of this coverage because it's included in all home insurance policies.
Tenant insurance also allows you to be reimbursed for living expenses – like the cost of renting a new place – if the home or apartment you rent is damaged and you need to move out while it’s being repaired.
Tenants who are under 18 or are full-time students are usually covered by their parents' home insurance, but it's still a good idea to check with your parents to find out what their policy covers.
For just a few dollars a month, you can save yourself a lot of hassle. Visit Beneva's Tenant Insurance page and check out all your coverage options. You can even get a quote in less than three minutes.
This article was originally published in French on Narcity Quebec.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.
* If you unintentionally cause property damage or physical injury to another person, you have an obligation under the law to repair it. This often means large sums of money, which liability insurance protects you from having to pay. It also covers you if you have to defend yourself in court following the reception of formal notice involving your civil liability. We will take care of your legal defense, including covering court fees.
This article's cover image was used for illustrative purposes only.