Best Renters and Tenants Insurance in Sudbury

Get The Best Tenant and Renter Insurance in Sudbury

With a steadily increasing population, the city of Greater Sudbury has become the unofficial capital of Northern Ontario. It is the biggest city in the area and serves as a retail, educational and healthcare hub to the approximately 600,000 people in the northern regions of Ontario. Sudbury itself has a population of over 160,000 people living in its city.

Located roughly 400 km north of Toronto and close to 500 km east of Ottawa, Sudbury is one of the largest municipalities in Canada by area. Home to over 300 freshwater lakes and untouched forests, Nickel City is a harmonious blend of the urban and the natural.

Since its origins as a mining town, Sudbury has evolved and diversified its economy, with opportunities in financial services, government work and healthcare. It is also quickly becoming one of Canada’s hottest locations for film and television production.

With Laurentian University, Cambrian College and Collège Boréal in the area, Sudbury is continually attracting new students, researchers, and other new residents from around the world. This leads us to the issue of housing.

Growing Housing Demands in Sudbury Ontario

Like most of the rest of Canada, the real estate market in Sudbury is steadily increasing. Average residential sales prices are rising every year. An increasing number of people are actively looking to rent apartments, condos, and homes in Greater Sudbury. Rental rates in Sudbury increased by 5.6 percent in 2020 while the vacancy rate remained at 2.1 percent – meaning a high demand for rental units.

Unfortunately, along with an increasing population and housing market in Sudbury, we’ve also seen an increase in the crime rate. And with severe ice and snow storms causing property damage in the winter and wildfires in the summer, people who rent in Sudbury are exposed to more and more risk every year.

Having a renter’s or tenant’s insurance policy is the only way to feel protected as a tenant in Sudbury. If you’re thinking about renting in Sudbury, or are already doing so, here are the basics of renter’s insurance – an affordable way to protect your possessions.

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What is Renter’s/Tenant Insurance?

As you might’ve guessed, a renter’s/tenant insurance policy covers your personal property in case of events such as:

  • Fire
  • Flood
  • Vandalism
  • Burglary / theft

Unfortunately, a lot of renters in Sudbury, and many other cities, think that their landlords’ policies cover them in case of a catastrophic event. That’s not the case.

We’ve all seen the same story on the news many times: a fire rips through an apartment building destroying the units and everything inside them, leaving the tenants temporarily homeless. Another sad similarity in all these stories is that, unfortunately, the tenants don’t have insurance and have to pay out of their own pockets to replace all their possessions and pay for a hotel until their unit is repaired.

Renter’s insurance is often the only way to protect a tenant from the overwhelming costs of trying to recover from a natural disaster.

What Does Renter’s/Tenant Insurance Cover?

Here is a list of some of the losses a renter’s / tenant insurance policy can cover in the event of a catastrophic event:

  • Clothing
  • Furniture
  • Appliances
  • Laptops and cellphones
  • Jewellery
  • Temporary housing costs

A renter’s / tenant insurance policy can also protect a tenant against lawsuits. If a person is injured in a tenant’s unit, again, it’s the tenant who is liable – not the landlord. Without renter’s / tenant insurance, a tenant is completely unprotected from the massive awards and settlements that could result from a lawsuit. A renter’s insurance policy can cover the following costs:

  • Legal costs to defend a lawsuit
  • A settlement or an award for damages against the tenant

Renter’s / tenant insurance can also cover damage to the unit or building caused by the tenant or guest of the tenant. If you rent a condo, house or apartment and accidentally cause a fire, flood or some other peril, you may not only be liable for the damage to your unit. You may be liable for all the damage caused throughout the building.

Instead of leaving yourself open to all that loss and risk, it’s worth looking into getting renter’s / tenant insurance, even if it’s just for peace of mind.

Sudbury’s Rental Property Coverage

Tailored rental property coverage based on your needs and budget for comprehensive protection you can count on! 

Can a landlord ask for tenant insurance?

Tenant insurance is not mandatory in the province of Ontario. However, your landlord may still require you to purchase this form of insurance coverage as a component of your lease agreement, as it provides assurance to both the homeowner and renter. 

Why is it important to have renters’ insurance? 

Contrary to what you may have heard, landlords are not responsible if something happens to your belongings that results from perils such as fires, severe storms, theft, or vandalism. With renter’s insurance, you can rest assured you won’t pay out of pocket for damages or liabilities that occur on the rental property.

 

How Much is Renter’s Insurance in Sudbury?

The cost of a renter’s insurance policy in Sudbury starts at $15/month but will depend on each tenant’s own specific circumstances and includes the following factors:

  • How much coverage you need/want
  • The area of Sudbury you live in
  • When your unit was constructed
  • Value of your possessions
  • Claim history

Interested in learning more? We invite you to get a quote 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.

InsuranceHero.ca is an independent insurance brokerage and we work with all the leading insurance companies in Sudbury Ontario and Canada to get you the best value for your coverage.

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