ECONOMICAL
SIMPLE
Everything you need to know about home insurance
In the case of a first home, whether it is an apartment or a house, you must always have insurance. Professionals in the sector call it “apartment insurance”. For a neophyte, the concept can be quite complex to grasp. Hence the interest in being well informed on the issue before embarking on any process. This article will give some answers.
Why take out home insurance?
In Quebec, nearly 40% of tenants are uninsured. That is to say, they expose themselves to various risks. It is important to know that the owner’s home insurance only covers the owner’s belongings. If claims occur, the tenant may be left behind if they do not have home insurance. Indeed, this insurance policy is intended to help the tenant in the event of a problem. In addition, mixing the landlord’s insurance policy with the tenant’s insurance policy is a common mistake made by the tenant. Whereas, these two contracts cover very different things.
The owner’s home insurance covers all the property he owns. It is therefore important to remember that the tenant’s belongings are not covered by the insurance policy. To be insured, the tenant will have to take out home insurance to benefit from the coverage in the same way as the owner.
It should also be noted that the risks incurred because of the lack of home insurance are numerous. In the event of a problem, the assumption of responsibility for the damage may become a reason for the landlord, his insurance company or those of the other tenants to file a complaint against the uninsured tenant, but whose liability is engaged.
How can I subscribe?
Having apartment insurance is not required by law, except that being covered is particularly beneficial in the event of a problem. So how do you take out home insurance? Note that the protection must include all property, whether it is of “value or not”. In addition, it is important to know a few things about the modalities.
Tenant home insurance, double protection
First of all, there is civil liability. This insurance policy covers all of the tenant’s belongings and any damage they may cause to others. In the event of a fire that affects an entire building, the tenant will benefit from coverage for the destruction of his or her property. For a simple incident such as damage caused by a water leak from the neighbour’s house, he also receives compensation for all of his damaged property as well as the expenses that the damage will have caused.
These are two areas of application of home insurance for the tenant. On the one hand, there is property and on the other, material damage or bodily injury caused to others. It is also important to know that civil liability also covers the spouse and children. In the case of a shared apartment, the roommate should be listed in the contract by the insurance broker.
What is tenant insurance?
Tenant insurance covers you and your belongings when you rent out your home (rather than when you own it).
Although many insurers classify tenant insurance as home insurance, an important distinction is that apartment insurance does not cover the building you live in. This is probably covered by your landlord’s insurance.
For this reason, apartment insurance tends to be cheaper than home insurance.
Who should take out tenant insurance?
Take a second to think about the total value of your belongings in the main room of your home.
Would you have the means to replace all the important objects if they were to disappear?
If you answered no, tenant insurance may be a good idea for you. It will cover your belongings against theft and damage, and provide you with useful additional benefits, such as liability insurance.
That said, you need to make sure that you can afford the monthly fee. This is usually $15 to $30 per month, which is about $200 or $360 per year.
But sometimes you have no choice: some landlords require the tenant’s insurance to be part of the rental agreement. If you sign this contract, you agree to take out tenant insurance and you will have to comply with it or you will be evicted, except in Quebec.
FAQ Insuring your apartment
Qu’est-ce que l’assurance appartement?
Apartment insurance is an insurance policy that covers damage or loss occurring in a rented or owned apartment. It can cover personal property, civil liability, and sometimes additional housing costs in the event of a claim.
Quelle différence entre l’assurance appartement et l’assurance propriétaire?
Apartment insurance, often referred to as tenant insurance, covers the occupant’s personal property and liability. Landlord insurance, on the other hand, covers the structure of the building and the common areas, but not the tenants’ personal belongings.
Comment déterminer le montant de la couverture nécessaire?
To determine the amount of coverage, assess the total value of your personal belongings and consider the amount of liability you want. It can be helpful to make a detailed inventory of your belongings.
Comment faire une réclamation?
In the event of a claim, contact your insurer immediately to report the claim. Provide all necessary information and documents, such as police reports or proof of ownership and value of damaged or stolen property.
