Tenant Insurance

[MAPearce]

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

That was my first thought .. Would I be covered if a flood , landslide , earthquake or any other "act of God" occurred??

We have 30 k " total loss" for 26 bucks a month but I'll have to check to see if it covers me in the event of a volcanic eruption.

[What_the]

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

Euphemism. Gotta love it.
And what the *bleep* does that mean? Lol

Insurance now is banking on the misfortune of others, using mathematics and statistics. Astute but dastardly.

[Tootsie]

RE: Post # 6 Forumdoug

Tenants Insurance is usually always more expensive than Home Owners Insurance as tenants are considered to be higher risk. At least that's what our insurance provider told us.

[TylerM4]

RE: Post # 6 Forumdoug

Tenants Insurance is usually always more expensive than Home Owners Insurance as tenants are considered to be higher risk. At least that's what our insurance provider told us.

Nope. Tennant insurance only convers your belongings, not the building. It's way cheaper as a result. Someone renting a basement suite or an apartment can get $20,000 worth of insurance for approx. $25/month.

If you are renting an entire building - you don't insure the building. You can't - you don't own it. That's up to the property owner to do that.

And while we are at it - if you are renting out your basement suite, or a room in your house or whatever - you also need insurance. Was a flat 10% premium when I did it. Otherwise, when the tenant burns the house down you've got no coverage....

[my5cents]

Nope. Tennant insurance only convers your belongings, not the building. It's way cheaper as a result. Someone renting a basement suite or an apartment can get $20,000 worth of insurance for approx. $25/month.

If you are renting an entire building - you don't insure the building. You can't - you don't own it. That's up to the property owner to do that.

And while we are at it - if you are renting out your basement suite, or a room in your house or whatever - you also need insurance. Was a flat 10% premium when I did it. Otherwise, when the tenant burns the house down you've got no coverage....

I guess it's semantics. But really based on "insured value" insurance on content for a renter vs insurance for a home owner, living in a home, per dollar of insurance, the renter insurance is way more expensive.

Yes, you have to be very careful with insurance and the use of the property. For example if you must leave your home unoccupied and don't have someone checking it very frequently you must add additional coverage and it is pricey.

[phasyluck]

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

I was only paying 13 a month when I was renting only 2 years back, stupid not to have it.

[kgcayenne]

Tenant Insurance: $20/mo
Owner's Condo Policy (incl covering strata's deductible and water damage) $23/mo
Homeowner's Package $79/mo

Tenants are wise to have it.

[Bpeep]

You can easily get overland water insurance amended to a policy. Just contact your broker.
You can insure anything- it merely comes down to economics.

[TylerM4]

You can easily get overland water insurance amended to a policy. Just contact your broker.
You can insure anything- it merely comes down to economics.

Easily get it - yes. Easily afford it - no. Have you looked into what it costs? Take your existing bill and add 50%....

The only people who buy are people who have a high likelihood of experiencing flooding - which drives the price up through the roof.

[Bpeep]

You can insure anything- it merely comes down to economics.