My landlord doesn't require insurance, should I still have It?

Contents insurance is something most renters don’t place too high on their list of priorities when moving in to a new place. Financially it’s a cost they can do without, and many don’t purchase insurance because their landlord doesn’t require them to have it. But we’re here to explain why forgoing renters insurance is not the best decision, and with the recent devastation of the Alberta wildfires, it's even more reason to see why renter’s insurance is actually needed. Sure we know it's hard to pay out of pocket for something that is a “just in case” kind of product, but next time you’re kicking back on the couch – look around and ask yourself “can I financially afford to replace everything I see here?” Renters insurance is not expensive; having to fit $20/month for a policy in a budget may seem like a drag, but having it available at a time of loss, when you lose everything can end up being the best financial choice you ever make.

Know what you’re buying – We breakdown the 6 main coverages here:

Contents Coverage:

  • When renting a home, your landlord’s property insurance doesn’t cover any of your belongings in case of fire, theft or damages.
  • With a renters insurance policy, your personal property will be protected while you are away from home, if your contents were stolen out of your car or even while traveling.
  • If the rented home where to catch fire, burglarized or even vandalized all of your contents would be covered up to the policy limit.

Personal Liability:

  • If an incident were to happen on the rented premises that you were held legally responsible for, this coverage would kick in to pay damages. A great example of this is if you were to accidently leave your bathtub running and caused substantial damage to the unit or units connected to yours.
  • Includes coverage for your legal expenses and loss of income while preparing your legal defense if you are in a situation where you are being sued for unintentional harm that causes bodily injury or you have caused property damage to your building or someone else.

Additional Living Expenses:

  • You will be reimbursed for the cost of maintaining a comparable standard of living following a covered loss that exceeds the insured's normal expenses prior to a loss. Such as the increase of a monthly food bill due to having to eat at restaurants or having to stay in a hotel until the repairs have been completed.
  • You would also be covered under your own policy if something happens through no fault of our own. For example: If the tenant above you doesn’t carry any insurance and floods his unit along with yours, this would kick in to provide other living arrangements while the damage was being repaired if the unit was uninhabitable.

Identity Theft:

  • If your identity is stolen, this coverage will help pay legal fees, help you re-obtain documents (passports, driver license, etc.), reimburse you for time off work, and much more!
  • This coverage helps not only you but also others living in the same household financially if anyone’s identity is stolen. For example: your Spouse, relatives and any person under 21 in your care.
  • Identity theft expense coverage comes with no additional premium, and any claim under this coverage will not affect your claims-free status – meaning your insurance policy premiums will not increase if you use this coverage. There is also no deductible when you use this endorsement.

Sewer Backup/Water Extension:

  • This coverage is automatically included on all Nuera policies, and covers you for up to your entire content limit.
  • You will be covered for damage to your contents from water that escapes from sewer, storm drain, drain, sump or septic tank.
  • Sewer back up can lead to destruction of your valuables and without having coverage this could leave you at square one and having to replace all of your items out of pocket.

Discounts You Can Expect:

  • We offer online exclusive pricing, so many discounts are already built in!
  • Year’s claims free: The more years of history you have without a claim, the cheaper it will be. But don’t worry – we’re competitively priced for people who have never had a policy as well!
  • hen the time comes along where you decide to enter the buying market to purchase your first home, you can expect your property insurance to have a cheaper and more affordable premium due to having years of renter’s insurance history on your record.

The responsibility is yours

  • Even if your landlord doesn’t require a policy as part of your lease, it is well worth the investment to buy a policy anyways. And with Nuera, all of our policies are buy-online and paperless; we email you a copy of your policy immediately after purchase so you don’t have to wait to get paper in the mail. Speak to a live advisor if you have any questions, or get a quick quote online.

Considering insurance with us? Let us help you decide.

Submit your information and any questions and we will send the answers you need to make the right decision on a policy.