As a renter, you might think that your landlord’s insurance policy will protect your belongings in case of a fire, theft, or other disasters. But that’s not the case. A landlord’s policy only covers the building itself—not your personal belongings. That’s where renters insurance comes in. In this blog post, we’ll answer some common questions about renters insurance so that you can decide if it’s right for you.
What Does Renters Insurance Cover?
Renters insurance in Ottawa is a type of property insurance that covers your personal belongings in case of damage or theft. It also provides liability coverage in case someone is injured while on your property. Most policies have three main types of coverage:
- Coverage for your personal belongings (contents coverage)
- Coverage for additional living expenses if you have to move out of your apartment due to damage from a covered event
- Liability coverage
How Much Does Renters Insurance In Ottawa Cost?
The average cost of renters insurance in Ottawa is $25-30 per month or $300-$360 per year. The actual cost, however, will vary depending on the value of your personal belongings, the amount of coverage you need, and the deductible you choose.
You can also get discounts on your premium if you bundle your renter’s insurance with another type of insurance, such as auto insurance.
Is Renters Insurance Required?
No, renters insurance is not required by law. However, some landlords may require tenants to carry it as a condition of their lease agreement. Even if your landlord doesn’t require it, it’s still a good idea to have coverage in case something happens to your belongings.
Renter’s Insurance In Ottawa Is Recommended
Renters insurance is an affordable way to protect your personal belongings in case of damage or theft. It also provides liability coverage in case someone is injured while on your property. Most policies have three main types of coverage for your personal belongings. Even if you are not required to have it, having protection against potential disasters gives peace of mind at an affordable price.
Reviewing quotes from your provider is the best way to find the most comprehensive protection at the best price point for you and your family—protecting what matters most has never been more important or easy to do!
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin