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In wake of an apartment fire not too long ago I questioned "Is rental insurance really necessary?" To put simply, the answer is "YES!" There are approximately 200 people without a home, without their possessions... So what happens now?

No matter what type of home you are renting home, tenant insurance is a must-have. It's the only way to protect your valuable personal property from theft, fire, and many other risks. Home insurance is something many people think of only when buying a house; they don't often connect it with renting an apartment, townhouse, or single family home.

Who Insures the House?

Tenants are not responsible for insuring the structure itself. Apartment buildings, duplexes and townhouses are all covered by a special type of policy. Single-family homes are also covered by a specific type of policy. As the owner of the building, the landlord is responsible for covering the building itself and everything that is a part of the building including fixtures, plumbing, and floor coverings. Tenants do not need to provide any sort of insurance for that portion of the premises. That doesn't mean, however, that they don't need a home insurance policy. What's important to note about the landlord’s policy is that it only covers what the landlord owns - it does not cover anything that you as the tenant own. It also doesn't provide you with any sort of liability coverage for injuries or damage. The landlord’s policy is designed only to protect the landlord's interests.

Insuring Your Property

Your personal property is not covered under the landlord's policy. That means that everything you own, from your toothbrush to your computer, has no coverage unless you provide it. What would happen if a fire destroyed everything in the home you are renting? Your landlord's policy would rebuild the structure, but it wouldn't replace anything belonging to you. The cost to replace everything you own could easily rise into the thousands. Most people could not afford to replace all of their personal property if it was all destroyed. A tenant policy is the only way to provide the coverage you need to make certain that you aren't left with nothing after a fire, theft, or similar incident. You can select the amount of coverage you need in order to replace everything from furniture to linens. Like a homeowner's policy, you can also add riders to the policy to protect valuable items such as jewelry, art pieces, or musical instruments. The property coverage on your tenant policy will protect your personal property anywhere you take it. That means if your camera is stolen while you're on vacation in Europe, you can file a claim to replace it. It will cover your property while in your car, which contrary to common belief isn't a coverage auto insurance provides.

Liability Coverage

Liability is another area that many people don't think about when they are renting. It has become so important, however, that some landlords are now requiring that their renters carry a tenant policy mainly so that they have liability. The liability coverage on a tenant policy will protect you from the same sort of problems that it would on a home insurance policy, including providing medical payments to anyone injured in your home. In addition to that, it provides coverage to protect you from lawsuits should you be found responsible for any sort of damage to the property itself. Like a homeowner's policy, that liability can be extended beyond your front door and protect you for special events like weddings and other possible negligence situations.

Every Renter Needs Coverage

In a world where lawsuits are all too common and unexpected things happen every day, every renter is wise to carry a tenant policy. Because they don't involve covering a structure, they are actually very affordable. The cost of the premiums is well worth the protection this type of policy can provide. Whether you are a young person on your own for the first time or a family renting a house, a tenant policy is the best way to protect yourself and your property.

Make sure your home is protected! Call for a quote today!

Crossroads Insurance

Reopening to the Public!

Effective Wednesday May 27th, 2020, our offices will once again be opening our doors to the public. We will also continue to perform transactions by phone, email and online.

The health and safety of our employees and customers is our top priority and we would like to ensure that safety measures have been put in to place to protect everyone.

We will continue to follow the guidelines set out by the Province of Manitoba and Health Canada. To ensure customer and staff safety, we have implemented the following measures:

  • We will be limiting the number of customers permitted in the office at any one time
  • We have markers placed to comply with physical distancing
  • We have installed protective shields on desks between the insurance advisor and customer
  • Hand sanitizer will be available upon entry to the office
  • The payment terminal will be disinfected in between uses
  • Each station used for a transaction will be disinfected in between customers
  • Further Increased frequency of cleaning and sanitizing

In an effort to minimize the amount of people in our offices at any one time, we will continue to have some of our staff work remotely.

We will continue to maintain reduced hours as follows: Monday to Friday 9:00am to 5:00pm, and Saturdays 10:00am to 4:00pm.

When visiting one of our locations, please respect social distancing both outside and inside the branch, and follow the directions on all signage.

If you are experiencing any COVID-19 symptoms, or have travelled outside the province in the last 14 days, please do not attend the office. We will be happy to help you over the phone, by email, or online.

There may be times when our team members are dealing with increased call volumes and walk-in traffic. Please be patient during this time. Please leave a voicemail and one of our Insurance Advisors will return your call as soon as they are available. You can also send your inquires by email, fax, and through our website.

Thank you for your patience as we work through this together. We will continue to monitor the situation closely and provide you with regular updates.

Please do not hesitate to contact one of our Insurance Advisors who are here to help and ready to assist you.

Your Crossroads Insurance Team