Whether you’re generating extra income by renting a room or portion of your home – or renting in order to save up for your first home purchase – there are lots of things to think about. When doing so, don’t forget to keep in mind the role that insurance plays in keeping you protected.
- Inform your insurance broker in writing before your new tenant/student moves in. Failure to do so may void your home insurance policy.
- Your policy only covers your property, contents and personal liability for yourself, spouse and dependents – not your tenant’s or boarder’s
As a tenant, renters insurance:
- covers the replacement of your items in case of loss
- covers transition costs like food, shelter, moving expenses after the insured incident
- protects you and your family from lawsuits in case any damage or harm to the building, guests or other building residents is blamed on you
- some landlords will request to see a copy of your insurance as part of their policy requirements
For more information on the Residential Tenancy Act click here.
Information courtesy of the Insurance Bureau of Canada