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What You Need to Know About Renter’s Insurance in Kitchener

Kitchener is one of the most popular places to live in Canada. Not just in Ontario, but in the entire country. According to a recently released Stats Canada report, Kitchener-Waterloo-Cambridge was number one out of all Canadian metropolitan areas in population growth for 2018/2019 at 2.8%. Meanwhile, Canada’s overall population grew by half that number at 1.4% over the same time period.

Why Tenants and Renters are Choosing Kitchener

For anyone working or looking forward to working in the tech sector, this is not news. Long established as part of ‘Canada’s Silicon Valley’ or ‘Silicon Valley of the North’, Kitchener and the Kitchener-Waterloo area has long been polishing its reputation as a global destination for tech and innovation. With the foundation laid by the University of Waterloo, Wilfred Laurier University, Conestoga College and BlackBerry, Kitchener has attracted heavyweights in AI, drones, wearables and all things tech. And, of course, Kitchener is famously home to Google’s biggest Research & Development office in Canada.

Kitchener isn’t all tech though. It is gearing up to be a leader in health sciences as well. The city partnered with the University of Waterloo to establish a state-of-the-art health sciences campus. And with esteemed universities McMaster and the University of Guelph nearby, Kitchener-Waterloo-Cambridge is a magnet for post-secondary students from around the world.

Of course, Kitchener-Waterloo is more than just tech and research. It has a wealth of industries including finance, manufacturing and media. But despite all the development, Kitchener still maintains 3,000 acres of parkland, over 20 golf courses and several conservation areas.

With the affordability advantage over Toronto, it’s no wonder that Kitchener-Waterloo-Cambridge is the fastest-growing metropolitan area in all of Canada.

If you’re planning on moving to Kitchener and are looking to rent, or if you’re already renting a place in Kitchener, you need to continue reading this article. The information below is absolutely necessary for anybody renting their home.

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What is Tenant/Renter’s Insurance

A renter’s insurance policy is coverage for anyone who rents their living space: apartment, condo or house. It was created to protect tenants in case of unforeseen, and unfortunate, situations.

Property insurance for landlords generally covers the owner of a home, building or condo unit for the physical damage caused to the structure of that dwelling. Things like walls, plumbing and electrical, if they’re damaged because of a fire, burst pipe or a break-in, a property insurance policy can help the owner recover the costs of repair.

But it does not cover what’s inside the rental unit. That means that if you’re renting a place that suffers a break-in, fire, flood or other damage, and your valuable items become damaged or lost would have to be replaced or repaired by yourself. The following is a short list of valuable items that can be damaged:

  • Laptop
  • TV(s)
  • Jewellery
  • Camera
  • Phone
  • Clothing

A renter’s insurance policy can help cover the costs of your belongings if they are stolen or damaged after an event (usually called a peril) covered by the tenant or renter’s insurance policy.

There’s also the possibility that damage to your unit makes it unsafe to live in while it’s being repaired. Where will you live in the meantime? Can you afford to stay in a hotel indefinitely until the repairs are complete? That’s another reason tenants purchase a renter’s insurance policy, as it can cover your temporary living costs in such a scenario.

That’s the basic explanation of a tenant or renter’s insurance policy. There are other common risks tenants face that a renter’s policy can cover as well.

Risks Every Tenant Should Know about and Protect Against

The risks to your financial stability don’t stop at having to replace your valuables in case of fire, theft, flooding, windstorms, etc.

Did you know? If someone suffers a personal injury in your rental unit, you may be personally liable. If that’s the case, you could be named in a lawsuit costing you thousands in legal fees alone, never mind if the person suing you wins, or if your lawyer advises you to settle. A tenant or renter’s insurance policy can provide coverage for legal proceedings. That includes lawyer’s fees, awards and settlements.

The liability, unfortunately, doesn’t end there. For example, If you accidentally start a grease fire that spreads or overfill the bathtub and cause damage to your rental unit and/or others, you can also be financially liable for the damages. Much like a lawsuit, most people can’t afford such expenses. Tenant/renter’s insurance can cover your expenses should you be at fault for damages or injury.

How Much is Tenant/Renter’s Insurance in Kitchener?

The cost for a renter’s insurance policy starts at $15/month but depends on the amount of coverage, area of Kitchener you live in, value of your possessions and the amount of the deductible, among other factors. Generally the monthly cost is minimal – about what you’d pay for coffee in a week. It’s also nothing compared to what you’d pay to replace your valuables, or for damages you accidentally cause.

Interested in getting a quote? We invite you to do so from us in 2 minutes or less!

Our tenant insurance process is quick and simple. Though we recommend contacting our brokers for a quote with the suitable coverage for your need, our online system can help you purchase tenant insurance in minutes.

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