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Are You Renting Your Home? Here’s Why You Need an Insurance Broker in Vancouver

by admin

With the ever-rising cost of home ownership in Metro Vancouver, many people find themselves renting. While tenants may not have the same responsibilities as landlords when it comes to things like landscaping or roof repairs, they are responsible for quite a few things as a renter. Arguably, one of the most important things is obtaining tenant insurance. If you’re renting in metro Vancouver, here’s how working with an insurance broker in Vancouver can help you protect your belongings, stay on budget, and prepare for the future.

Wait a minute. Doesn’t my landlord have insurance?

While your landlord may lend you their tools, have you over for a BBQ, or even share space in their garden, unfortunately, these courtesies cannot extend to sharing insurance. It’s a common mistake to assume that because your landlord has home insurance you will then be protected within that policy. Unfortunately, it’s not that simple. As a tenant, your space and your belongings are legally separated from the homeowner’s things in the world of insurance. For example, if there is a break-in and both you and your landlord are victims of theft, the landlord’s home insurance will not cover your stolen goods. As a tenant, it’s essential to understand the legal thresholds between your landlord’s coverage and your own. The best person to help you navigate the ins and outs of these complicated relationships is a qualified insurance broker in Vancouver. Our expert brokers here at Prime can walk you through the areas in which your landlord’s coverage will not extend to you as the tenant. Moreover, a broker can help you weigh policy options, compare pricing, and assess where you may be vulnerable legally or financially.

What if I don’t own anything valuable?

Although you may not feel any of your personal belongings have any considerable monetary value, ask yourself this question. If they were all stolen tomorrow, could you get by? If you’re not sure which of your belongings are worth insuring, it’s best to consult an insurance broker in Vancouver to determine what coverage may be appropriate for your possessions. However, it’s important to remember that tenant insurance protects far more than just your electronics, clothing, and collectibles. Tenant insurance can also act as liability insurance. Remember how we said your space and belongings are legally separate when you are renting? The same is true in the world of liability and fault. If you have a guest over for tea or a raucous game of ping-pong and they injure themselves on your rented property, you could be liable for any medical bills or claims. Building a comprehensive tenant insurance policy covers a great deal more than just what’s on your shelves. It protects you from devastating financial loss in the event of a legal claim against you.

What if I am forced to leave? Does my insurance come with me?

Tenant insurance can protect you both in and out of your home. For example, if you are forced to leave your home because of unforeseen circumstances such as flood, fire, or other damage, then the right policy can cover the cost of your living elsewhere (think accommodation and food) until your home is once again inhabitable. This is known as additional living expenses coverage.

If you’re renting in Metro Vancouver, reach out to a trusted Prime insurance broker in Vancouver today to protect yourself and your belongings with the right tenant insurance policy.