Many lease agreements (including our own!) require you to hold tenant insurance throughout your tenancy, but even if your lease doesn’t mention tenant insurance, you should consider getting coverage anyway. For example, did you know?
- As a renter, your landlord’s insurance policy will not cover your belongings in the event of a fire, leak, theft, or damage.
- Tenants are responsible for any damage that they cause to their building and for any accidental injuries incurred by someone while visiting their property.
Without insurance, this can leave you on the hook for thousands of dollars of costs in the event of a loss. For these reasons, and more, tenant’s insurance is an absolutely essential part of being a responsible tenant.
The information in this guide should not be interpreted as insurance advice or legal advice and is provided for informational purposes only. Only a licenced insurance broker can advise you on insurance needs.
What is Insurance?
Insurance is a way to protect yourself financially by paying a company to cover certain risks, like accidents, damage, or theft. If something happens that’s covered by your policy, your insurance company helps pay for the costs. In general, you can purchase insurance for yourself (and your family) or for items that belong to you. You should always consider purchasing tenant’s insurance, even if your lease doesn’t require it.
There are a few words you might not recognize when you start researching insurance policies for the first time, such as:
- Liability: Responsibility for something, especially if it causes harm or damage. For example, if someone gets hurt on your property, you might be legally responsible — or liable — for their medical bills.
- Premium: The amount of money you pay regularly (monthly or yearly) to have insurance coverage.
- Deductible: The amount of money you have to pay out of your pocket for a claim before your insurance starts to cover the rest.
- Claim: A request you make to your insurance company to pay for something your policy covers, like fixing your car after an accident.
- Policy: The official contract that explains what your insurance covers, what it doesn’t, and how it works.
- Exclusion: Things that your insurance doesn’t cover. These are clearly listed in your policy.
- Endorsement: An addition to your insurance policy that changes or adds coverage, like extra protection for valuable items.
- Peril: A specific risk or event that could cause damage, like a fire, theft, or flood.
What is Tenant Insurance?
While every policy is unique, in general, tenant insurance can provide coverage across four broad areas. Your policy will explicitly tell you what is and isn’t covered. Your insurance broker will help you understand your policy. The four broad areas of coverage are:
| Your Belongings | Tenant Improvements | Personal Liability | Living Expenses |
| Tenant’s insurance can provide coverage for things that you own, like your laptop, clothing, furniture, dishes, cellphone, television, beds, pots and pans, and more. | If you got permission from your landlord to change something about your space (for example, changing a light fixture, installing a TV mount, or making any other changes), you have completed a “tenant improvement.” | Liability covers your actions (or inactions) and any damage that may be caused as a result. For example, if you leave something inside your oven that then causes a fire, the damage that is caused as a result would be your responsibility. | If something happens to your space and you aren’t able to stay there, your policy can cover the cost of alternative living arrangements over and above your normal costs during this time. |
| Why is this coverage important? | Why is this coverage important? | Why is this coverage important? | Why is this coverage important? |
| You need to have the right kind of coverage if you want to cover all of your belongings — your diamond necklace or high-end mountain bike might need specific, separate coverage. | Making improvements means that “liability” is nuanced. For example, if you install a new light fixture and it causes an electrical fire, who is responsible for the damage? | Without liability coverage, you may have to pay for damages you cause our of pocket. | If you have to leave your rental or can’t be in it for a period of time (even for a reason that isn’t your fault!), without this coverage you will have to pay for temporary living expense and accommodations out of pocket. |
You can also customize the insurance coverage you purchase to fit your unique lifestyle. Some add-ons to tenant insurance policies include (but aren’t limited to!):
- Identity theft coverage
- Special coverage for items such as gaming computers, bicycles, and other valuables
- Sewer backup (trust us, this is as gross as it sounds!)
Do I Need Tenant Insurance?
Tenant insurance isn’t usually mandatory unless it’s a condition of your rental lease agreement. This means many people can see tenant insurance as an unnecessary expense, especially when it results in them having less money to use for the things they enjoy.
The reality is that you might not be able to find the money to pay for emergency accommodations, property damage or replacing stolen items — and accidents can happen to any of us at any time. Without tenant insurance, the consequences can be scary. They range from being liable for thousands of dollars in costs, a total loss of your personal property, being left without a place to live, and potentially personal lability.
I Want to Purchase Tenant Insurance. Now What?
You can purchase tenant insurance from a licenced insurance broker or directly from an insurance company over the phone or online.
Student Housing Nova Scotia has partnered with APOLLO Insurance to provide a simple, affordable coverage option for our residents. This partnership offers a 10% discount on tenant insurance policies, as well as access to APOLLO’s price-match program. APOLLO provides an easy way to protect your personal belongings and liability. If you choose an APOLLO policy, your insurance information is automatically shared with us, removing the need for you to manually submit proof of coverage.
Remember – your tenant insurance policy is only designed to cover you.
Your roommates will need to purchase their own policy.