Discounts on Auto Insurance with Renters Insurance
August 29, 2021
Share:
If you’re already paying for an Auto Insurance policy, then you might be losing money by not having Tenant’s Insurance or Renter’s Insurance in Ontario.
These terms both mean the same thing; coverage for you and your stuff whether you’re living in a rental home, a condo, or an apartment. They are simply interchangeable terms.
So, here’s how you can save yourself money by getting Renter’s Insurance in Ontario: most insurers will give a 5% to 10% discount off your auto insurance when you buy a Renter’s Insurance policy. That means, instead of paying $250 every month in auto insurance, you could be saving $25. Some Renter’s Insurance policies can cost you as little as $18-$20 per month. Now that you’re sipping on a fancy $7 coffee you just bought with all the money you saved, let’s talk about what you can get with the Renter’s Insurance you’re basically being paid to have.
Here are 7 ways that you can save money (and hassle) by purchasing renter’s insurance.
1) Renter’s insurance comes with replacement cost.
You might not think your belongings are expensive but imagine if you lost everything in a fire and had to replace all of it tomorrow. It seems like a lot if you have to buy all your replacements brand new, doesn’t it? Thankfully, Renter’s Insurance policies in Ontario come with Replacement Cost. That means the insurance company will pay to replace your old stuff, with new stuff.
2) Safeguards your liability.
Anyone at any time can be hurt at your place. If the injury is serious, they can sue you for millions. Liability Insurance covers you and can even pay your court costs in the case of a lawsuit.
3) Provides additional living expenses if you must relocate.
Imagine that “fire scenario” that we discussed earlier. Now that living in your place isn’t an option, you’re stuck paying for a hotel until the damage is repaired or you can find another place to live. With Renters Insurance, those costs will be paid by your insurance until you can move to a new home.
4) Get smart advice from experienced experts.
You left the bathtub running and the water overflowed, soaking the walls, floors, and electrical. Your landlord isn’t just angry; they’re coming after you for the money to repair it. Thankfully with Renter’s Insurance, you’re covered.
A Renter’s Insurance broker will give you smart advice on how best to prevent scenarios like this. They will not only give you coverage, but also advise you on how best to avoid situations like this and how to prevent future ones.
5) Renter’s insurance builds your insurance history.
The longer you’ve had insurance, the more reliable your insurance company will think you are. It’s similar to why they give discounts on your auto policy if you get Renter’s Insurance. The more history you build, the higher your discount will be when you eventually buy and insure a condo or a house.
6) Protects your identity.
Renters Insurance policies in Ontario have coverage included to assist should you be the victim of identity theft. This is becoming a more common problem and can cost a fortune in time, headaches, and of course, cash.
7) Keeps your landlord happy.
This one will save you a lot of hassle. If your landlord requires proof of insurance, and you just haven’t got around to it yet- you can get cheap tenants’ insurance in a hurry here. You’ll be able to get a quote in seconds, and one of our experienced brokers will call you to finalize your policy.
If you want more information about renters’ insurance or tenants’ insurance, check out our click coverage page here, or watch our Renter’s Insurance video.
So, if you have car insurance your renter’s insurance policy could be free or heavily discounted. Allowing you to protect all your stuff and cover yourself if you damage your place or your neighbor’s place. It doesn’t matter if you have a rented house, rented apartment, or rented condo – Renter’s Insurance gives you the coverage you need to protect yourself and your family. You get to keep your life on track should you have a fire, theft, or any other type of problem.
