ECONOMICS
SIMPLE
How do I insure my rental property?
No less than 25% of Quebec tenants do not have a customized home insurance. Usually because they think that the property doesn't belong to them, they don't need to take out homeowners' insurance. But this idea is wrong, because home insurance is designed to benefit everyone.
Home insurance for tenants comes into its own in the event of incidents such as a fire, water damage to neighbors, theft of various belongings from the home, and so on.
For tenants, taking out a insurance The right tenant insurance gives you peace of mind in the event of a claim. No one is immune to fire, theft or vandalism, and in the event of a claim, replacing lost or damaged property can be costly. Even if the objects are not very valuable, having to replace clothes, CDs, household appliances and other items requires money. Expenses that put a strain on the household budget and that can be avoided with the right protection.
Legally speaking, the tenant is liable for all damage affecting the part of the building he occupies, including that caused to others, whether residents or even guests. Tenants are also liable for damage caused by their pets, and can even be prosecuted if they are absent during the incident.
Protection against damage
A tenant's home insurance policy provides tailored protection to cover both civil liability and the tenant's personal possessions.
Basic tenant's insurance generally includes personal property coverage in the event of fire, theft or vandalism, as well as third-party liability protection. The latter is required if the tenant or guests cause damage to the property, neighbors or building.
Such insurance can be supplemented by additional cover for personal property temporarily placed outside the home. homeThese include, for example, civil proceedings in the event of accidental bodily injury to others.
What about home insurance premiums?
For those concerned about the cost of this insurance, it should be said that renters' insurance costs just a few dollars a month. Of course, the amount of the premium varies according to the dwelling, the property covered, the type of heating, and so on. To save a little, it's a good idea to group your various insurance policies (car, renter's, etc.) with the same insurer to benefit from substantial discounts. Apartment insurance is a wise choice for dealing with unforeseen events and coping with the expenses generated by a possible claim without straining the household budget.
