Renting Peace of Mind

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.

As a landlord:

• 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