With a population of over 730,000 people, Mississauga is one of Canada’s fastest-growing cities. The place is a perfect combination of urban and rural living and offers a quality lifestyle for everyone. Being the closest suburb to Toronto, the city is perfect for families to raise kids in the suburbs while still being close to the metropolitan.
Because of all its charm, Mississauga has gained such a good reputation that more and more people are moving in the city. This has caused a high demand for rental properties in the area and an increase in rental prices this 2020.
So if you’re thinking of residing in Mississauga, good for you! You’ll surely fall in love with the city. But since the rental market is tough, you must ensure that you’re getting the best deals and protecting yourself as a tenant. How do you do this? By investing in tenant insurance in Mississauga.
What is Tenant Insurance?
We all know that homeowners have several ways to safeguard themselves in case of mishaps, but tenants do not always have that security. It can get difficult to protect yourself against unforeseen events like theft, burglaries, damage to the property, etc. All these situations not only add to mental stress but can also create a major dent in your bank account. This is where renters insurance comes in.
Tenant insurance helps renters be more secure about their future by protecting them against future problems due to unexpected events that occur within the rental property.
What to Look for in Tenant Insurance in Mississauga
More and more renters around the globe are leaning towards securing their premises by opting for reliable and reasonably priced tenant insurance. But not all tenant insurance providers offer the same services and benefits. To help you decide, we’ve listed down some of the coverage you must look for in a renter’s insurance:
- Loss or damage to a tenant’s possessions as a result of theft, fire, water damage, wind and vandalism.
- Liability coverage in case a visitor incurs injuries on the property. (Note: It will still depend on the circumstances leading to the injury that would determine whether the homeowner or the renter is liable to pay for the costs.)
- Compensation for other living arrangements made in case the rented property becomes uninhabitable due to loss or a claim.
- Covers damage caused by a credit card or bank card stolen from the premises.
- Covers food that may have gone bad as a result of an electrical power surge that caused a fridge or freezer go breakdown.
Aside from those listed above, it’s also critical that you find a tenant insurance provider who offers flexible and customizable packages tailored to your needs.
Cost of Renter’s Insurance
The cost of tenant insurance greatly depends on the type of property you’re renting as well as your package. There are also some other things to consider.
Though a renters insurance policy can cover high-end value items like collectibles, jewelry, watches etc., it will have a limit as to how much the policy covers. You will need to opt for a custom contract if you would like the insurance plan to cover specific high-value items.
This endorsement of high-value items will likely have a separate deductible that will be added to your insurance costs. Needless to say, the cost of your renter insurance would majorly depend on how much coverage you purchase for your belongings. Essentially, the more stuff you have to insure, the more costly the insurance will be.
You can get free quotes and even purchase your insurance online in under 5 minutes. We offer a wide range of plans that will take into account the value of your possessions and your coverage preferences to help create a custom solution for your renter insurance.
Common Misconceptions Regarding Tenant Insurance
According to a report by the Insurance Bureau of Canada, more than half of all tenants are uninsured. This is mainly due to the lack of accurate information regarding the costs and coverage of tenant insurance.
To help you make an informed decision, here are some of the most common “myths” we’re going to straighten out:
- The property owner is responsible for all damages: This is one of the most common misconceptions that could result in hefty costs for the renter. A property owner is only responsible for his property, any other damage will need to be fixed by the renter.
- Renter’s insurance is very costly: A renter’s insurance is calculated based on your insurance requirements; which means it would be extremely customizable to the value of your belongings, where you live and the type of building you reside in. Experts believe that renters insurance is cheaper than the cost of replacing specific items each year. Our tenant insurance policies start as low as $17 per month!
- Renter’s insurance in Mississauga will cover all natural disasters: While some natural disasters like windstorms and lightning are covered, others like earthquakes aren’t automatically included however can be added to your policy.
- It will take care of pesky creatures damaging your property: If you have been letting the little termites build their home in hopes of getting the damage covered then you may be in for more surprises than the little creatures had in store for you! Renters insurance in most regions does not cover any damage caused by pests, bugs, rodents and other types of vermin that may creep into your property.
Before You Buy Renters Insurance
It is highly suggested that you do your calculations before you go insurance shopping. Make an inventory list of all your belongings and do a calculation of the total worth of all these contents. Having this number will help you gain a better understanding of your renter insurance needs as well as help find the best deal based on your assets and requirements.
Let Us Help and Guide You!
We at Insurance Hero strive to provide the best insurance package for your needs. We even offer a combination of renter insurance and auto insurance to help lower your insurance costs and offer a hassle-free service that is customized to fit your requirements.
What are you waiting for? Get a tenant insurance in Mississauga and start living comfortably in the city. Be in touch with Insurance Hero today!