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Apartment insurance
All you need to know about home insurance
When you buy your first home, whether it's an apartment or a house, you always need insurance. Visit professionals in the industry call it "apartment insurance". For a neophyte, the concept can be quite complex to grasp. That's why it's a good idea to be well-informed on the subject before taking any steps. This article provides some answers.
Why take out home insurance?
In Quebec, nearly 40 % of tenants are not insured. In other words, they expose themselves to various risks. It's important to know that insurance owner's home does not cover property. In the event of a claim, the tenant may be left out in the cold if he or she does not have home insurance. Indeed, this insurance policy is designed to help the tenant in the event of a problem. It's also a common mistake for tenants to mix their homeowner's and tenant's insurance policies. In fact, the two policies cover very different things.
The owner's home insurance policy covers all the property owned by the owner. The tenant's belongings are not covered by the insurance policy. To be insured, the tenant must take out a home insurance policy. to benefit from the same coverage as the owner.
It's also worth noting that the risks of not having home insurance are numerous. In the event of a problem, assuming responsibility for the damage can become a reason for the owner, his insurance company or those of other tenants may bring a claim against the uninsured tenant, but whose liability is engaged.
How can I subscribe?
Home insurance is not required by law, but being covered is particularly beneficial in the event of a problem. So how do you go about taking out home insurance? It should be noted that coverage must include all property, whether of "value" or not. And there are a few things you need to know about the terms and conditions.
Tenants' home insurance for double protection
First, there's civil liability. This policy covers all the tenant's property and any damage he or she may cause to others. In the event of a fire that affects everything in a building, the tenant will receive compensation for the destruction of his property. In the case of a simple incident, such as damage caused by a water leak from a neighbor's house, the tenant will also receive compensation. for all its assets as well as any expenses incurred as a result of the damage.
These are two fields of application for home insurance for the tenant. On the one hand, there's the property, and on the other, damage to property or bodily injury caused to others. Civil liability also covers the tenant's spouse and children. In the case of a shared tenancy, the broker should include the tenant in the contract. insurance.
What is tenant insurance?
Tenant's insurance covers you and your belongings when you rent your home (rather than when you own it).
Although many insurers classify tenant's insurance as home insurance, an important distinction is that apartment insurance does not cover the building in which you live. This is probably covered by your landlord's insurance.
For this reason, apartment insurance tends to be less expensive than home insurance.
Who should take out tenant's insurance?
Take a second to think about the total value of your belongings in the main room of your home.
Could you afford to replace all the important items if they were to disappear?
If you answered no, renter's insurance can be a good idea for you. It will cover your belongings against theft and damage, and offer useful additional benefits, such as third-party liability insurance.
That said, you must ensure that you can pay the monthly fee. This is usually between 15 and 30 $ per month, which works out at around 200 or 360 $ per year.
But sometimes you have no choice: some landlords require that tenant's insurance be included in the rental contract. If you sign this contract, you agree to take out tenant's insurance, and you'll have to comply with it or risk being evicted, except in Quebec.
FAQ Insuring your apartment
What is apartment insurance?
Apartment insurance is an insurance policy that covers damage or losses occurring in a rented or owned apartment. It can cover personal belongings, third-party liability, and sometimes additional accommodation costs in the event of a claim.
What's the difference between apartment and homeowner's insurance?
Apartment insurance, often referred to as tenant's insurance, covers the occupant's personal belongings and civil liability. Landlord insurance, on the other hand, covers the building structure and common areas, but not the tenant's personal property.
How do you determine the amount of coverage required?
To determine the amount of coverage, evaluate the total value of your personal belongings and consider the amount of liability coverage you require. It may also be useful to draw up a detailed inventory of your possessions.
How do I make a claim?
In the event of a claim, contact your insurer immediately to report the loss. Provide all necessary information and documents, such as police reports or proof of ownership and value of damaged or stolen goods.
