Tenant Myths

Busting 5 Common Tenant Insurance Myths

This post is brought to you by one of our insurance partners Economical.

There’s a lot to think about when you’ve rented a new place, from where you’re going to put your fiddle-leaf fig tree to how you’re going to decorate your bedroom. Don’t let tenant insurance get lost in the shuffle.

When you’re shopping for tenant insurance, you’ll probably come across a lot of tips and information — but how much of what you read is actually true? Let’s break down five of the most common myths about tenant insurance.

  1. Myth: Your tenant insurance policy protects your roommates’ stuff, too. Reality: Tenant insurance protects the renter named on the policy, not everyone living in the space — each roommate needs their own tenant insurance policy to protect their stuff. Plus, did you know that tenant insurance protects more than just your belongings? Any coverage included in the policy applies only to the renter whose name is on it. This is why it’s so important for each roommate to have their own renter’s insurance policy.
  2. Myth: Your tenant insurance covers damage to the building you live in, like a broken window. Reality: When you’re a renter, your tenant insurance doesn’t cover any part of the building or structure you live in (but don’t own), including its windows, doors, walls, or any appliances or fixtures that belong to your landlord. If someone breaks in through your window and steals your belongings, your belongings themselves would be covered by your policy, but the broken window would be covered by your landlord’s insurance.
  3. Myth: “Loss of use” or “additional living expenses” coverage pays for the entire cost of alternate living arrangements when you have to leave your rental unit because of a fire or other event. Reality: Additional living expenses or loss of use coverage is designed to cover any additional expenses you incur because of an insured event, above and beyond your regular living expenses. This means if your rent was originally $900/month, but now you have to pay $1,100/month for an alternate place to stay, you’d be reimbursed for the additional $200/month. And if your apartment had a kitchen but the alternate space doesn’t, you’d be covered for additional food costs as they exceed your average grocery bill.
  4. Myth: Tenant insurance covers all of your belongings, including electronics and valuables. Reality: Your standard tenant insurance policy will probably protect most of your belongings, but there are certain big-ticket items that come with special limits or require additional coverage (e.g., electronics, sports memorabilia, jewelry, collectible items, computer software, and bicycles).
  5. Myth: You can buy tenant insurance after something happens, then make a claim right away. Reality: Like any other kind of insurance, you must have your renter’s insurance policy in place before something happens that requires you to make a claimopens a pop-up with definition of claim. Insurance won’t cover any incident that occurs before the policy was purchased, and you never know when the unexpected might happen. Contact your licensed insurance HMS brokeropens a pop-up with definition of broker to get your coverage in place before move-in day to be on the safe side.

These are just a few of the most common myths we hear about tenant insurance, but there are many more out there. Shopping around with the help of a licensed broker is a great way to make sure the information you’re getting is always accurate and up to date. Your broker can help you find the best coverage to suit your needs, and they’ll be there to bust any more myths that come up along the way.

Tugo Travel Insurance

TUGO: Travel Insurance FAQ For COVID-19 (Coronavirus)

At HMS Insurance we offer a number of different travel insurance options, which include coverages for emergency medical services, trip cancellation/interruption, baggage coverage, and more. One of our insurance partners Tugo has posted a frequently asked questions page directly relating to questions surrounding COVID-19 (Coronavirus), and its impact on their travel insurance product. Please note that this is specific to Tugo insurance products, and other travel insurance policies could differ (...)

Read more

Umbrella Coverage

Umbrella coverage: how does it work, and do you need it?

If you’ve ever heard the term “umbrella coverage,” your first thought might have been weather-related. But in the insurance world, umbrella coverage has nothing to do with actual umbrellas. So, what is umbrella coverage? How does it work? And who should buy an umbrella policy? We might not be able to help you track down your elusive umbrella, but we do have the answers to your umbrella insurance questions (...)

Read more

Commercial truck

Do I need commercial auto insurance?

Auto insurance is mandatory in most regions of Canada. But having an insurance policy doesn’t necessarily mean you have the right coverage. For instance, if you use your vehicle for business purposes, you may be required to purchase commercial auto insurance. Don’t worry though, it isn’t rocket science! There are three main factors that determine if you should consider purchasing commercial auto insurance (...)

Read more

Top reasons for home insurance to increase, and ways to save

Even if you’re a model customer with no claims, other reasons beyond your control could be pushing your premium up.Extreme weather events and catastrophes are more frequent. As forest fires, floods, storms, and other weather events become more frequent, they cause extensive damage, resulting in more costly claims. Municipal infrastructure is getting older. Outdated municipal infrastructure and a higher demand for water make sewer backups more frequent, resulting in more damage-related claims (...)

Read more

insurance increase

Top reasons for car insurance to increase, and ways to save

Even if you’re a model customer with no claims, other reasons beyond your control could be pushing your premium up.Fraudulent claims are increasingly common. Fraudsters who stage accidents to make money are causing rates to increase across the country. In Ontario, the Insurance Bureau of Canada reports that fraud costs an estimated $1.6 billion per year (...)

Read more

How to prevent a sewer back-up claim

The sound of running water can be soothing…unless that water is running somewhere it shouldn’t be, like your basement floor. Water damage is the leading cause of home insurance claims in Canada — and there are many ways unwanted water can end up in your home. One common cause of water damage is sewer backup, which happens when water begins to flow backwards into your home. Yes, this is just as unpleasant as it sounds. Not only does exposure to sewage pose a health hazard, but the clean-up process is extensive and costly (...)

Read more

Wood

How to safely use your wood burning fireplace this winter

After a day on the ski hill or an afternoon of shoveling, there’s nothing quite like warming up by a wood burning fireplace. To enjoy your fire with peace of mind, take the proper steps to protect your family and your home from potential hazards like chimney fires and accidental burns. If you’re using a wood or pellet stove, you’ll want to do some additional research so you’re familiar with how operate it safely. Otherwise, here’s everything you need to know to safely enjoy your wood burning fireplace and stay warm during the next polar vortex (...)

Read more

Rental Car Coverage

Rental Car Coverage. Do you need to purchase extra?

When you’re renting a car you never want to worry whether or not you have the right insurance coverage and if you will be properly covered in the event of a collision. But you also don’t want to feel like you are overpaying, or duplicating coverage you already have! The rental company’s extra coverage might make sense in some cases, however you may be covered by your existing car insurance policy, or even through your credit card — particularly if you will be renting the vehicle in Canada or the United States (...)

Read more