Tenant Insurance

[W105]

https://www.castanet.net/edition/news-s ... htm#193983

I feel very bad for this Family, but WHY ?? didn't they have Tenant insurance ??

[Hmmm]

https://www.castanet.net/edition/news-story-193983-61-.htm#193983

I feel very bad for this Family, but WHY ?? didn't they have Tenant insurance ??

Because some people feel $50 a month is to much for something they may never need? Or they were going to, but didn't get a round tuit? Them square ones won't work the same.

I do feel bad they are this situation, but please, please, please, if you are reading this and don't have insurance buy it tomorrow. if you don't and you end up losing everything, go fund yourself.

[W105]

one can buy a basic tenant package for as little as $20 per mth (easy to find on google)

[Bsuds]

Well before we go bashing them for not having insurance it wouldn't cover this anyway!

"According to the Insurance Bureau of Canada, flood insurance is unavailable to homeowners in BC because it would not be cost effective. Generally, only those who live in high risk areas are willing to pay for flood insurance, which means that insurance premiums would be extremely costly for homeowners. Flood insurance would only be feasible for insurers if more people were willing to pay for it, thus smoothing out the mix of high and low risk policy holders, making it a more viable product for insurance providers."

[forumdoug]

one can buy a basic tenant package for as little as $20 per mth (easy to find on google)

Underwritten by a Canadian insurer or are policies underwritten and/or marketed outside of Canada directly to, or inclusive of, Canadians still legally valid? In which case, it, presumably, means a bit more on due diligence in terms of determining if the insurer is legally constituted and where it is regulated and by whom. :)

My grandma's tenant insurance for something like $10-15,000 in coverage costs $100 per year and I thought that was expensive if they can be had for $50 or even $20 per year. Hers is through Intact, I believe. :(

Cheers,
Doug

[forumdoug]

Oh nevermind, you said $20-50 per month? How much coverage is that? That seems expensive considering full house insurance packages are available for $70-90 per month at the lower end. :)

Cheers,
Doug

[Hassel99]

Well before we go bashing them for not having insurance it wouldn't cover this anyway!

"According to the Insurance Bureau of Canada, flood insurance is unavailable to homeowners in BC because it would not be cost effective. Generally, only those who live in high risk areas are willing to pay for flood insurance, which means that insurance premiums would be extremely costly for homeowners. Flood insurance would only be feasible for insurers if more people were willing to pay for it, thus smoothing out the mix of high and low risk policy holders, making it a more viable product for insurance providers."

Landslide is not flood, but alas landslide is excluded from vast majority insurance polices in Canada.

[Queen K]

I'm also thinking that a great many areas are not covered by any insurance, would Sunnybrea Road be one of them? It's a very isolated area, we've driven down that road many times.

[Bsuds]

Mud and water both require a separate rider which most people don't have because of the cost.

[JayByrd]

I'd been on my own for a couple of years before I knew tenant insurance was even a thing.

Sure, it was on me to educate myself, but if you don't know, you don't know.

[Bsuds]

I'd been on my own for a couple of years before I knew tenant insurance was even a thing.

Sure, it was on me to educate myself, but if you don't know, you don't know.

The first few years I was on my own I didn't have anything worth paying for insurance to cover.

[What_the]

Risk vs benefit. The entire concept of insurance is about profit for those that have excess capital. Maybe when farmers grouped together to look out for one another, sure, but in this day and age it's nothing more than profit for corporations that have stellar credit ratings and money in the bank.
Insurance is nothing more than preying on those that don't have capital or a means to cover "acts of God". surprisingly, not covered by insurance.

[kgcayenne]

The term used is no longer "Acts of God", it's now "Force Majeure"

[Bpeep]

Where a tenants policy pays off is when a tenant is displaced or held liable as a result of peril .
The value of a mdf chest of drawers, a worthless stained mattress and a tattered couch that smells like old cheese is secondary.

[kgcayenne]

You'd be surprised how quickly clothing items, toiletries, linens, cookware, table ware, etc. all add up pretty darn fast to at least $5000. Not to mention, insurance is required to help pay for accommodation after the emergency services run out.