Renter's insurance is often overlooked, yet it can save you a lot of hassle in the event of an unforeseen event. Although it's not always mandatory, it is highly recommended.
It's an insurance policy that primarily covers:
In Quebec and most provinces: it's not required by law.
However, the landlord can require it in the lease. They have the right to ask you for proof of insurance.
Without insurance, you'll have to pay out of pocket to replace your belongings in the event of theft, fire, or water damage.
If you cause damage (e.g., a kitchen fire, a poorly sealed drain), you may have to reimburse the building or neighbors for the damage.
In the event of a major disaster, insurance will cover your temporary relocation costs.
On average, between $15 and $30 per month, depending on the value of your belongings and where you live.
Discounts are possible if you bundle it with car insurance, for example.
Do business with a reputable insurance company. Check that the coverage includes: personal property, liability, and relocation. Compare several quotes to get the best rate.
In summary
Renters' insurance is a small expense that offers great peace of mind. Although it's not required by law, it quickly becomes essential when an incident occurs.
➡️ Continue to read: 7. How to Manage a Dispute with Your Landlord
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