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ImpactAssurance Protects Tenants with Insurance in Quebec
Renting is a great, affordable alternative to buying a home, and a great step to living maintenance-free while you save up money for a house. In Quebec, no one is required to purchase tenant insurance, but it can be a great help to preserving our peace-of-mind in the event of liability claims or if something happens in our unit which would damage or destroy our personal possessions. See, Quebec tenant insurance is often overlooked since too few of us know the total value of our possessions. We’re too easily under the assumption that nothing will ever happen to us. But we can never know. Tenant insurance – or renter’s insurance – protects Quebec renters for a small, practically negligible price.
In Quebec, renter’s insurance protects you when life is unpredictable. Your insurance should be comprehensive, yet affordable, to give you peace-of-mind and protect you from loss or damage to your personal belongings. A good tenant insurance policy can also provide living expenses if you should be forced to evacuate your unit while repairs are being completed.
What Your Standard Quebec Renter’s Insurance Policy Covers:
Renter’s insurance policies are different from home insurance policies because they neglect to include the property insurance component. As a renter, you are not responsible for your physical unit, nor the common areas, nor the actual building. That responsibility falls solely to the landlord. Your renter’s insurance policy in Quebec typically will include:
Personal Property Coverage
Your tenant insurance includes coverage for your possessions, whether they’re currently in your unit or traveling with you to work or anywhere else in the world. This includes your clothes, furniture that isn’t original to the unit, clothing, appliances, electronics, etc. Some high-value belongings, like fur collections or antiques, may require the purchasing of a special rider to be included in with your coverage.
Third-Party Liability Coverage
In the event of your negligence causing bodily injury or property damage to someone else, the third-party liability component of your coverage kicks in to cover you from any resulting repair, replacement, injury, or lawsuit costs. Tenant insurance is typically solely comprised of this coverage and personal property coverage, as these items are the most required as part of a tenant insurance policy.
Additional Living Expenses Coverage
Should you find yourself in a situation where you are forced to evacuate from your home due to an insurable peril which has caused your unit to be temporarily uninhabitable, your tenant insurance in Quebec may cover you. It can include coverage for costs such as temporary living arrangements, food, clothing, etc. – anything that is necessary.
Quebec Renter’s Insurance Rates & Calculations: How it Works
We prioritize your satisfaction above all else. As such, we believe it is for your benefit that you understand how your rates for renter’s insurance are calculated. It is based on risk: the likelier you are to make a claim, the higher you’ll find your rates. Due to the absence of property insurance, you may find tenant insurance is far more affordable than home insurance:
- Your geographical location
- The overall value of your personal property
- Your financial history
- Your claims history
- …and more!
ImpactAssurance understands many people’s hesitance to purchase tenant insurance in Quebec due to the added cost and the absence of any mandatory regulations. However, as far as insurance policies go, tenant insurance tends to be one of the least expensive options. It’s a small price for huge protection – less than a few takeout coffees each month!
How much does it cost to buy tenant insurance in Quebec?
Tenant insurance in Quebec can cost you as little as $12/month. A base policy with no supplementation is very inexpensive, and most standard options will range into the $25-$50s. If you already have a policy, Impact is confident it can get you a lower rate. Start with a quote.
Why is it important to have tenant insurance in Quebec?
Because it will cover your personal property if disaster strikes. Too few people know how expensive their property can be cumulatively and if something happens, such as a fire or a storm event, they’d be left on the hook to pay the costs out-of-pocket. Tenant insurance saves you from that responsibility.
When is it mandatory to carry tenant insurance in Quebec?
The province doesn’t require you to carry tenant insurance, but a landlord may include a clause in their lease which requires you to carry some form of insurance. If you are a landlord, this is a good thing to do to ensure that your tenants won’t come after you to recoup any lost costs after a disaster.
What insurance should I have as a tenant?
The base coverage should be sufficient for most tenants, but you can supplement it with any eligible endorsements, like earthquake coverage, flooding insurance, a rider for high-value items, and more. Be sure to consult with your broker about what they advise.
Does my tenant insurance in Quebec cover stored belongings?
Depending on the policy, your tenant insurance in Quebec may cover belongings in storage. However, you may need to purchase an add-on for an increased premium to include belongings in storage. Discuss with your broker if you keep any possessions in a warehouse or storage facility.
What isn’t covered by my Quebec tenant insurance?
As with any policy, tenant insurance may not cover perils that are not named in your policy, intentional actions, civil unrest, government activities, damages due to wear-and-tear, criminal activities, and so on. For clarity on what is covered and what isn’t, go over your policy’s fine details with a broker.
How can I keep my rates for Quebec tenant insurance low?
Tenant insurance in Quebec is already relatively inexpensive. However, if you want ways to reduce your rates, consider the following tips:
- Choose a higher deductible, as this will directly lower your insurance rates.
- Slash any unnecessary coverage. Do an assessment of the total value of all the items you own in your home to gauge their replacement cost and adjust accordingly.
- Ask about eligible discounts. You may qualify if you are an older individual, are a member of a certain group, etc.
- Take care of your unit. Do your regular maintenance to avoid having to make a claim.
- Bundle multiple insurance policies through a single provider. This may qualify you for a loyalty discount.