Why do you need tenants insurance? We have all noticed the increase in costs in living in the lower mainland. In the past 20 years in Vancouver the average price for a single detached house has gone from $360,000 to $1.600,000. With that increase the average person can not afford to purchase a house and the number of people renting has increased but so has the rental prices due to the lack of rental housing. With the high price in the rental rates it should come as no surprise that most renters in BC do not carry tenants insurance.
This is an alarming statistic and if you are one that does not have tenants insurance it could cost you much more in the long run. The common conception is that it only covers your belongings and that could not be further from the truth.
Check out these reasons why you need tenants insurance:
PROTECT YOUR POSSESSIONS
Whether it be by fire, flood, or theft the cost to replace your possessions is not an insignificant one. Most people think of the big things like clothes, furniture and electronics which are indeed the big items that would cost the most, but think of your everyday items like towels, cooking implements and cleaning items. The cost to replace everything in your home would increase rapidly.
In the case of an accidental and unintentional bodily injury to another person your policy provides coverage for just such an incident. These types of accidents can and could include slips, falls and pet bites.
DAMAGE TO PROPERTY
If you accidentally damage the property of the building owner, like break a window or an accidental fire the cost of the repairs would be up to you. Whether the cost be just a few dollars or up to millions of dollars if a fire destroyed the building, having tenants insurance can protect you and your financial future.
LIVING EXPENSES DURING REPAIR
During the time that your home has incurred damages that would render it unlivable until repairs were made, the living expenses you would be covered by your tenants insurance. Just think of how much it would cost if you had to live in a hotel for even a couple of weeks, that would be difficult to deal with. A typical person would find this to be an expense they could not afford.
AMC Insurance is your one stop for all your insurance needs. To find out more, visit our website or call us today.