Do I need Renters Insurance? Most lease or rental agreements have a provision that advises the Tenant to carry Renters Insurance to protect the tenant from any loss or damage. But statistics show that less than half of renters in Canada (42%) have Renters or Tenants Insurance.
In addition to covering the replacement cost of renters’ personal property and legal costs from lawsuits. Tenants insurance also includes an additional living expense coverage which pays a portion of your expenses incurred during repairs. Protecting the tenant and landlord with proper insurance is a smart purchase for peace of mind. Below we have listed 10 more reasons why Tenants should carry Renters Insurance.