With a multi-billion-dollar project like the light-rail line and other new infrastructure work in the pipeline, Ottawa is rapidly emerging from the shadows of Toronto and Montreal and creating a strong identity of its own. The city boasts a structured fit for both the history and development books. With its beautiful UNESCO World Heritage canal and multicultural society, Ottawa is a strong contender for the highest standards of living in the country, including flexibility.
This year, there’s been a 4.5% decrease in the number of properties sold in the city as residents are switching to rental properties. Based on a report by Prism Economics and Analysis, this shift towards rental properties in Ottawa has resulted in an increase of 11.3% in house rents and a 7.8% increase in apartment rents. This bodes well for property owners, but what does this mean for tenants?
If you are renting out a place in Ottawa, you want to ensure your best interests are protected. Save yourself the headache and financial burden caused by unforeseen circumstances, like theft or property damage, with the help of tenant insurance in Ottawa.
What is Tenants or Renters Insurance?
Tenant insurance can provide coverage for renters of a property, protecting them against unexpected events or ‘covered perils’ as they are often known. Homeowners have a lot of ways to secure themselves against unexpected events like damage to the property, theft, etc. But renters usually have to fend for themselves when an issue arises. But that doesn’t have to be the case!
We at Insurance Hero ensure that renters are equally protected against such damages. Our tenant insurance policies can include coverage against loss or theft of personal valuables, flood water damage or weather-related damage to the property, and even hotel bills should you need to move out of the property due to damage.
Tenants Insurance Coverage
Personal Property
This is the repair or replacement cost of your personal belongings like electronics, furniture, gadgets, and even clothing against theft, break-ins, or other forms of damage. Items that are inside your house, as well as those in your front and backyard, can be covered by the tenant insurance in Ottawa.
Liability Coverage
In case of accidental damages or injuries occurring within the property, we want to make sure you are protected. These unforeseen events could create a major dent in your pocket without insurance, so having an affordable tenant insurance policy will provide a soft cushion against these costly and unexpected liabilities.
Additional Living Expenses
If your rented property is not accessible due to a natural disaster (windstorm, tornado, torrential downpour) or if there is some kind of damage to the property, you will need to relocate until the problem is resolved. Paying for the repairs as well as your temporary accommodation could cost an arm and a leg. But you could get both these covered under your tenant insurance plan and not have to worry about racking up debt. By doing so, you can focus on more important things, and especially, people.
We’ll Take Care of Your Car Insurance Too!
As if all the aforementioned points are not good enough, we’ll unload you of another responsibility. Now you won’t need to worry about paying your monthly auto insurance separately, because we can bundle that with our tenant insurance. By doing so, you can save up on time, stress, and money!
We offer economical packages that are designed to make your life easier and safer, so you and your family can be better insured against curveballs that life throws your way.
What are you waiting for? Get an Ottawa tenant and renters insurance plan best suited for your needs. Be in touch with Insurance Hero for an online quote!
