Insurance Bureau of Canada Reminds Students To Buy Tenant Insurance

Toronto, ON (Sept. 2, 2016) – As students across Canada get ready for university and college, Insurance Bureau of Canada (IBC) reminds them of an important item that’s often overlooked: tenant insurance.

“Tenant insurance is a good investment that provides peace of mind,” says Kim Donaldson, Vice-President, Ontario, IBC. “Even if you’re renting on a temporary basis, it will help protect you and your belongings in the event of loss or damage.”

IBC’s top 10 reasons for students to buy tenant insurance:

  • It’s easy. Talk to your parents about their coverage. You may be covered under their policy. In many cases, you can get coverage right over the phone. Call your insurance representative. All you need is a list of your belongings and an estimated value of expensive items to ensure accurate coverage.
  • It’s affordable. Tenant insurance will generally cost less per month than your daily coffee runs.
  • It protects your stuff. From furniture to expensive laptops, insurance will protect it.
  • You own more than you think. Many people are surprised to realize how much stuff they actually have and how expensive it would be to replace all of it at once. When buying insurance, keep an updated record of everything you own. Taking pictures or video of your belongings also helps.
  • It covers additional expenses after a loss. If a fire occurs in your apartment, you will need a place to stay temporarily. Insurance will cover additional expenses that are necessary and reasonable expenses while your apartment is being repaired.
  • It protects you if you damage someone else’s property in your building. Tenants are responsible for the harm they cause to any neighbour or part of their building. Tenant insurance will help cover the damage.
  • It protects you if you cause someone harm in your building. Tenants are potentially responsible for unintentional harm they cause others who live in their building or visit their unit. Tenant insurance helps cover the costs associated with this type of claim.
  • It protects you if there is a lawsuit related to your rental unit. A standard tenant insurance policy provides coverage, including defence costs and potential settlements, for lawsuits by a third party.
  • You can’t afford not to have it. If something did happen, it would be a financial strain to replace all of your belongings, plus cover the cost of damages to the apartment and potential lawsuit fees. Your lease likely requires that you carry tenant insurance.
  • It would make your parents proud. Taking this responsible step as you leave home will earn you points with your parents and give them peace of mind.

About Insurance Bureau of Canada

Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.

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SOURCE: Insurance Bureau of Canada